Leading Ethereum Layer 2 scaling solution Arbitrum is planning to airdrop its new governance token with that thicker “ARB” to its community members on March 23, according to a statement by the platform on Thursday.
The platform stated that the token would control the Arbitrum One and Arbitrum Nova networks through a decentralized autonomous organization (DAO) backed by a security council.
“The Arbitrum DAO will be the ultimate governing body over the Arbitrum Security Council, with elections for the Council being held twice annually. The DAO also has the power to retire the Security Council should it at some point decide that it is no longer required to protect the chain,” Arbitrum said.
12.75% of ARB’s Total Supply to Be Airdropped
Per the announcement, the airdrop, which is taking place on March 23, will represent 12.75% of ARB’s total supply and will be distributed to community members based on their activities on the network over the past 18 months. A snapshot was taken on February 6 to determine users eligible for the airdrop.
The platform noted that while DAO airdrops will be taking place soon, all investor and team tokens are subject to 4-year lockups, “with the first unlocks happening in one year and then monthly unlocks for the remaining three years.”
ARB’s initial supply cap will be 10 billion. 11.62% of that amount will be allocated to users of Arbitrum, and 1.13% will go to DAOs building apps on Arbitrum. 42.78% will go to the platform’s DAO treasury. Offchain Labs investors will receive 17.53%, while the remainder will be allocated to the Offchain Labs team and advisors.
Self-Executing DAO
Meanwhile, Arbitrum revealed that its DAO governance will be 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 the decisions.”
“Self-executing governance is a critical milestone for decentralization, and Arbitrum is leading the way as the first L2 to launch self-executing governance,” Arbitrum said.
The platform also unveiled Arbitrum Orbit, a permissionless solution that enables developers to launch their own Layer 3 (L3) blockchain in the Arbitrum ecosystem.
