Arbitrum, the Ethereum (ETH) layer 2 scaling solution has rolled out a native governance token called ARB. Additionally, Arbitrum also launched a self-executing decentralized autonomous organization (DAO) governance model.
The first airdrop will take place on the 23rd of March when 12.75% of the total ARB token supply will be issued. This initial supply will be around 10 billion tokens.
As per a published Medium post,
“The Arbitrum Foundation is extremely excited to announce the launch of DAO governance for the Arbitrum One and Arbitrum Nova networks, a massive leap forward in the decentralization of the two networks. The future of Arbitrum belongs to the DAO community, and this post will give more details about why today’s decentralization milestone is so important, and the role of the $ARB token for enabling community-driven DAO governance.”
People who are eligible for the airdrop are those users and DAO who have used the Arbitrum ecosystem before block height 58,642,080 on Arbitrum One which happened on February 6th, 2023. The Arbitrum ecosystem includes Arbitrum DAO treasury, Offchain Labs (the company behind Arbitrum), Offchain Labs investors, users of the Arbitrum platform, and DAOs building with the Layer 2 technology.
Arbitrum Self-Executing DAO For Decentralization
The system’s inflation rate is designed to max at 2% per year. Also, the self-executing ability of the DAO governance model indicates 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.” This is perceived to be the roadmap to decentralization.
Arbitrum Orbit was also launched to make it easier and permissionless for developers to introduce their layer 3 chains while leveraging Arbitrum’s best-in-class technology stack. Hence, any developer who plans to launch L3s either on Arbitrum One or Nova is automatically given a free and perpetual license. With this license, the developer can make adjustments and also customize Arbitrum’s best-in-class technology for their L3 chains.
So far, Arbitrum has received support for several platforms including the Non-fungible token (NFT) marketplace OpenSea. Arbitrum was launched on OpenSea in September last year. A month before that time, American social media company Reddit declared that it is moving its Community Point System to the Arbitrum Nova chain.
