Robert Steinadler, 9 days ago
Airdrops are very popular among crypto investors. They offer the opportunity to gain free tokens and possibly make a fortune selling them at the right time. There are even airdrop hunters trying to guess which project presents the next opportunity to earn free coins and tokens. Arbitrum was rumored to be the next in line since it started. The waiting is over as the team has announced the airdrop of the ARB tokens this month.
What is the use for ARB tokens and who is eligible to receive the Arbitrum airdrop?
Offchain Labs worked together with Nansen to create a system that rewards genuine users with the airdrop. Past experiences have taught that airdrop hunters tend to game the system by engaging with a protocol in a non-meaningful way using several Ethereum addresses. This maximizes their reward but usually hurts the community.
To determine eligibility, a snapshot was taken on February 6th. Users who were active on Arbitrum before that date can check their eligibility on the official website by connecting the wallets that they used with the platform.
There are six days remaining to claim the airdrop and ARB tokens will be transferred on March 23rd. Please note that the airdrop must be actively claimed with each eligible Ethereum address to obtain the tokens.
About 11.6% of the total supply of ARB will be distributed with the airdrop. Another 1.1% will be distributed to the DAO. The lion’s share of 42.8% will be controlled by the Arbitrum Foundation and Offchain Labs and its advisors will receive 27% of the supply. Investors will receive 17.5% of the total supply of 10 billion ARB.
The Arbitrum One network will become a self-executing DAO. Meaning that ARB token holders can vote for proposals to stir the development of Arbitrum in a direction that they see fit. This is a very typical use case as a governance token as we have seen with other protocols.
Unlike other protocols, the self-executing part is still unique. Once a proposal has passed the voting process it is executed immediately. There is also a security council in place that is supposed to overwatch technical details preventing a catastrophe in case of a malicious proposal. This form of control over the network puts it truly in the hands of token holders who don’t have to wait or rely on developers to implement their decisions.
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