56% of the ARB token supply is allocated to the community.
The newly launched Arbitrum Orbit will enable the launch of layer 3 blockchains.
Arbitrum, the popular Ethereum Layer 2 rollup network, will be launching its governance token ARB on March 23. The team announced this on Thursday along with the launch of the Arbitrum DAO and Arbitrum Orbit.
In the official blog, the Arbitrum team stated:
“The Arbitrum Foundation is extremely excited to announce the launch of DAO governance for the Arbitrum One and Arbitrum Nova networks, a massive leap forward in the decentralization of the two networks. The Arbitrum token will put governance power in the hands of the DAO.”
Arbitrum Token Airdrop Distribution
Reportedly, 12.75% of the ARB token supply will be airdropped to the eligible community members on the set date. Significantly, the team stated that the community will receive 56% of Arbitrum tokens while the rest 44% is for the investors and contributors.
Markedly, Arbitrum and Offchain Labs collaborated with crypto analytics firm Nansen to execute the community-based airdrop distribution strategy. According to Nansen’s on-chain data, nearly 625,143 addresses are eligible for the Arbitrum token airdrop.
The Ethereum L2 network lined up new launches after an incubation period of 18 months to advance into complete decentralization. Firstly, the “self-executing” DAO will allow the community to vote and govern every operation and proposal related to its two native networks – Arbitrum One and Arbitrum Nova.
Secondly, the newly launched scaling solution Arbitrum Orbit will enable developers to build layer 3 (L3) blockchains in the ecosystem. Last year in August, Arbitrum One, the native L2 mainnet, underwent a Nitro upgrade to achieve lower gas fees and higher throughput. Moreover, with these upgrades, Arbitrum claimed to be “the first EVM rollup technology to achieve the second stage of decentralization.”
In a statement to CoinDesk, Steven Goldfeder, CEO of Offchain Labs, declared that Arbitrum’s creators will share no control over the future of the L2 blockchain.