Top Polygon (MATIC) Rival Arbitrum Officially Announces DAO Governance and ARB Token Drop
The top rival of the Ethereum (ETH) layer-2 scaling solution Polygon (MATIC) is announcing that it will be transitioning to decentralized governance as well as airdropping a significant amount of its new native asset, ARB.
In a new blog post, the developers of the ETH-scaling solution Arbitrum (ARB) detail the protocol’s upcoming plans to switch to being governed by a self-executing decentralized autonomous organization (DAO).
“Today marks the launch of The Arbitrum Foundation and DAO Governance for the Arbitrum One and Arbitrum Nova networks. Arbitrum has become the first EVM [Ethereum Virtual Machine] roll-up technology to achieve the second stage of decentralization…
Arbitrum’s DAO governance is self-executing, meaning that the DAO’s votes about on-chain actions will directly have the power to effect and execute its on-chain decisions, without relying on an intermediary to carry out those decisions.”
The developers also discuss airdropping nearly 13% of the ecosystem’s token supply to users next week, saying that they created a special points system, which takes into account a variety of metrics, to decide which users will get the crypto assets.
The airdrop is slated for Thursday, March 23rd.
“The Arbitrum token is majority community-owned (~56%). Of that community allocation, 12.75% will be distributed in the Arbitrum Airdrop next Thursday, March 23, based upon data taken on a snapshot on February 6, 2023…
Over the course of the past many months, The Arbitrum Foundation and Offchain Labs worked closely with Nansen to design eligibility criteria that would fairly distribute the ARB tokens to a large cross-section of real Arbitrum users.”
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