{"id":65097,"date":"2023-09-25T06:35:21","date_gmt":"2023-09-25T10:35:21","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/arbitrum-transfers-59-million-worth-of-unclaimed-tokens-to-treasury\/"},"modified":"2023-09-25T06:35:24","modified_gmt":"2023-09-25T10:35:24","slug":"arbitrum-transfers-59-million-worth-of-unclaimed-tokens-to-treasury","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=65097","title":{"rendered":"Arbitrum Transfers $59 Million Worth of Unclaimed Tokens to Treasury"},"content":{"rendered":"
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The Arbitrum Foundation has announced a transfer of 69 million unclaimed ARB tokens to the treasury six months after its airdrop in March.<\/p>\n

The tokens worth $59 million make up 0.69% of Arbitrum\u2019s 10 billion total supply and according to reports, 7% of total airdrops remained unclaimed.\u00a0<\/p>\n

In March, Arbitrum rolled out an airdrop that saw community members get huge rewards by interacting with the smart contract as the website went down temporarily.<\/p>\n

In a few hours, over 42 million ARB tokens were claimed per Nansen data with 23,000 different wallets participating in the process, 3% of eligible wallets.<\/p>\n

The total number of eligible wallets totaled 625,000 wallets while 445,000 wallets received fewer than 2,000 ARB tokens in the airdrop.<\/p>\n

Following the transfer to the Arbitrum treasury, it now holds nearly $3 billion worth of governance tokens.\u00a0<\/p>\n

A governance vote saves the day\u00a0<\/h2>\n

The airdrop had a claim validity period set for Sept 24 after which the tokens were to be locked forever.\u00a0<\/p>\n

In August, community member \u201cyoav.eth\u201d proposed a vote<\/u> alongside two other governance issues including sequencer gas fee reimbursement and L1 core governance timelock.\u00a0<\/p>\n

The vote titled: \u201cUpdating the airdrop distributor fee sweep address to the DAO Treasury\u2019s address\u201d had the overwhelming support of 99.9% of community members making the treasury the sole destination of all unclaimed tokens.\u00a0<\/p>\n

Community bolstering efforts record success\u00a0<\/h2>\n

Ethereum\u2019s layer 2 scaling networks have been in tight competition with multiple upgrades and high adoption rates this year.<\/p>\n

Like Optimism and Base, Arbitrum has recorded growing user activity<\/u><\/a> in the last two weeks which is hinged on the launch of Arbitrum Odyssey, a community-engaging initiative.<\/p>\n

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Users stand to gain non-fungible tokens (NFTs<\/u>) and increased chances of getting airdrops amid wider plans to improve the NFT space on the network.<\/p>\n

Arbitrum also expects more users as the Rari Foundation submits a proposal to integrate the network leveraging on its planned NFT incentives.\u00a0<\/p>\n<\/p><\/div>\n