Arbitrum launches governance-token distribution to DAOs

The team behind the second-layer solution Arbitrum began distributing governance tokens among the DAOs that confirmed receipt of test transactions in the network’s ecosystem. 

The full distribution of the DAO airdrop will take place today with those that have confirmed receiving the test transaction that was sent earlier last week.

For more details on the DAO distribution, please read the thread below. ?? https://t.co/naApiR7uT2

— Arbitrum (?,?) (@arbitrum) April 24, 2023

The protocol transferred 113 million ARB — 1.13% of the coin’s total supply — to the addresses of 125 decentralized autonomous organizations. More distributions are expected later.

Among the recipients were projects including: GMX, TreasureDAO, SushiSwap, Uniswap, Aave, Hop Protocol, Radiant Capital, Balancer, Gains Network, Synapse, MakerDAO, Vesta, Curve, Layer Zero, 1inch, Swapr.

The ARB distribution is aimed at increasing activity on the Arbitrum network. The coins may be used to fund projects, and for other purposes to be determined by community votes.

At the time of writing, ARB traded at $1.31, down 0.4% over the past 24 hours.

Earlier the network community, by an overwhelming majority, supported AIP-1.1 and AIP-1.2. The updates adopted became an alternative to AIP-1, which caused many questions and was withdrawn by the team.

According to community-approved proposals, the Arbitrum Foundation will receive 700 million ARB (7% of the total supply), but with a vesting period. The project will allocate funds over four years in equal installments of 135 million tokens.

In April, the multi-chain liquidity protocol Symbiosis Finance added support for Arbitrum.