#Arbitrum #ARB #Airdrop #DAO #Decentralization
The Ethereum scaling solution, Arbitrum, has announced the upcoming launch of its native governance token, ARB, forming a decentralized autonomous organization (DAO) to oversee the technology's development. The ARB token will empower holders to vote and suggest changes to the platform, with the community controlling its development through the DAO.
Offchain Labs, the development team behind Arbitrum, has announced that the token distribution will begin in a week. Meanwhile, users can appoint delegates to direct the project's direction, with the community holding licensing power to grant to other developer teams.
While Offchain Labs will cede control to the community with the token launch, the source code will remain closed. However, the community will have a say in the platform's direction, and Offchain Labs and others will continue to develop the technology.
Arbitrum is an optimistic rollup that moves network activity off the Ethereum mainnet, reducing gas costs. According to L2 Beat, Arbitrum accounts for over 55% of the L2 solutions market concerning the amount of money in it, ahead of other layer-2 projects like Optimism.
The first users of Arbitrum, determined by an internal eligibility criterion, will be eligible to receive the new ARB token. Individual user addresses will enjoy 11.6% of the total token supply, with another 1.1% allocated to other projects built on Arbitrum.
Steven Goldfeder, the CEO and co-founder of Offchain Labs, said the eligibility was broad to include as many projects as possible. With the community in charge of the platform's future, the DAO will be the driving force behind the direction of the technology. "Ultimately, it will be the direction of the DAO," said Goldfeder.
In conclusion, the launch of ARB marks a significant development for the Arbitrum community, with users gaining control of the technology's development
