Arbitrum – a leading Layer-2 scaling solution for Ethereum – started distributing its governance token (ARB) on April 25th.
The airdrop is part of the platform’s roadmap, which designated 1.13% of the overall 10 billion token supply for qualified DAO projects.
- According to the latest data, Arbitrum has distributed over 90 million ARB worth $120 million to 125 DAO wallets.
- Treasure DAO was the top receiver with 8 million ARB, while 60 other DAOs pocketed at least 75k ARB each.
- Arbitrum-based decentralized exchange GMX is also expected to receive 8 million ARB but has not been airdropped so far.
- Other prominent projects under the top 15 receivers are SushiSwap, Balancer, Aave, and DODO, with 4.25 million ARB, 3.01 million ARB, 2.7 million ARB, and 2.2 million ARB, respectively.
- The team behind Arbitrum had previously clarified that the airdrop was not a retroactive grant. Instead, the main aim is to empower the sub-communities on the layer 2 networks to localize governance decisions.
- The platform also mentioned that the airdrops would be distributed only to projects with a DAO and a community treasury, with an exception for The Protocol Guild – an organization made up of Ethereum core protocol contributors.
- Factors such as – the DeFi project’s deployment date, whether it was multi-chain or native to its ecosystem, the transaction volume, the total value of assets locked, and native liquidity moved to the ecosystem – were weighed in for eligibility of fund allocation.
- The development follows the much-anticipated ARB airdrop to early adopters.