- Arbitrum is transitioning into a DAO.
- The network’s new ARB token airdrop is now live.
- The new ARB token is Arbitrum’s governance token.
After a number of major cryptocurrency exchanges including Binance promised to list the new Arbitrum ARB token, the token has already been listed on several exchanges just a few hours after the ARB Airdrop went live.
The listing comes even as users face issues claiming the new tokens and multiple sites faking the Arbitrum airdrop and causing the chain to lag. However, those eligible for the token airdrop have until September 23, 2023, to claim their tokens.
About 625,000 wallet addresses are eligible for the Arbitrum airdrop which will see free distribution. 12.75% (1.275 billion tokens) of the ARB token supply will be distributed in the airdrop.
Arbitrum transition into a DAO
Arbitrum is a layer-2 solution for Ethereum and it has started its decentralization and transformation journey into a decentralized autonomous organization that will enable the holders of the new ARB token to take part in the development of the decentralized network.
The Arbitrum One Chain is expected to go live on reaching a block height of 16,890,400, which is some hours from now.
Arbitrum transaction surge
Prior to the ARB airdrop, the Arbitrum daily transaction count hit a record high.
Arbitrum uses Optimistic rollups technology to process transactions faster and cheaper and the daily transactions hit 1,312,052 on Wednesday which is way above the network’s previous peak of 1,103,398 reached on February 21.
At the press time, betting in the “I owe you” (IOU) markets tied to the new ARB token showed that the token would trade at around $6 after the airdrop. IOU tokens basically represent a debt between two parties.
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