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Arbitrum Transfers $59 Million Worth of Unclaimed Tokens to Treasury

The Arbitrum Foundation has recently reported a transfer of 69 million uncollected ARB tokens to its treasury, half a year following its March airdrop.

Valued at $59 million, these tokens constitute 0.69% of Arbitrum’s entire supply of 10 billion. It’s worth noting that, based on data, a significant 7% of the total airdropped tokens were left unclaimed.

Back in March, Arbitrum had initiated an airdrop event, during which community participants were granted substantial rewards for engaging with the smart contract. This initiative took place amidst a brief downtime of their website.

Within a matter of hours after the initiation, an impressive 42 million ARB tokens were staked, as indicated by data from Nansen. This rapid engagement involved around 23,000 distinct wallets, which constituted only 3% of the wallets eligible for the event.

Out of the vast pool of 625,000 eligible wallets, a significant 445,000 of them received a relatively modest sum, with fewer than 2,000 ARB tokens from the airdrop.

With this recent transfer of unclaimed tokens, the Arbitrum treasury’s coffers have been substantially enriched. It currently commands a staggering approximate of $3 billion in governance tokens.

A governance vote saves the day

The airdrop came with a stipulation that tokens needed to be claimed by September 24; otherwise, they’d be locked away indefinitely.

Ahead of this deadline, in August, a proposition came forth from a community member known as “yoav.eth.” Alongside two other governance matters — specifically, sequencer gas fee reimbursements and L1 core governance timelock — a vote was put forward.

The crux of this vote, labeled as “Updating the airdrop distributor fee sweep address to the DAO Treasury’s address”, was to determine the fate of unclaimed tokens from the airdrop. The proposal suggested redirecting these tokens to the DAO Treasury. The community was overwhelmingly in favor, with a near-unanimous 99.9% supporting the motion, effectively designating the treasury as the final repository for any unclaimed tokens.

Community bolstering efforts record success

Layer 2 scaling solutions for Ethereum have witnessed fierce competition recently, with numerous upgrades and soaring adoption metrics throughout the year.

Arbitrum, much like its counterparts Optimism and Base, has seen a surge in user activity over the past fortnight. This uptick can be attributed to the unveiling of Arbitrum Odyssey, a program designed to foster deeper community involvement.

Participants in this initiative can look forward to rewards in the form of non-fungible tokens (NFTs) and an elevated likelihood of receiving airdrops. This is part of Arbitrum’s broader strategy to augment and refine the NFT ecosystem on its platform.

Further growth in Arbitrum’s user base is anticipated as the Rari Foundation has tabled a proposal. This proposition revolves around integrating the network, and it aims to capitalize on the enticing NFT incentives that are in the pipeline for Arbitrum.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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