- 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.
The ARB token of the Arbitrum blockchain has been listed on multiple exchanges shortly after the airdrop went live, even though some users are facing difficulty in claiming the new tokens and some dubious websites are faking the Arbitrum airdrop and causing the chain to lag. People who are eligible for the token airdrop have until September 23, 2023, to collect their tokens.
Around 625,000 wallet addresses are eligible for the airdrop and 12.75% (1.275 billion tokens) of the ARB token supply will be distributed in the airdrop.
Arbitrum transitioning into a DAO
Arbitrum is a layer-2 solution for Ethereum and it is currently in the process of becoming a decentralized autonomous organization (DAO) to enable holders of the new ARB token to be involved 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 estimated to be within a few hours from now.
Arbitrum transaction surge
Before the ARB airdrop, the Arbitrum daily transaction count rose to an all time high. The Optimistic rollups technology used by Arbitrum to process transactions quicker and cheaper saw a daily transactions record of 1,312,052 on Wednesday, surpassing the previous peak of 1,103,398 reached on February 21.
At this moment in 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.
