Receivers of Arbitrum Airdrop start claiming ARB tokens

The Arbitrum airdrop has commenced. As expected, the beneficiaries have begun the process of laying claim to their fair share of the ARB tokens. The airdrop will also be witnessing an amount of 1.16 million tokens that have been duly kept aside for the consumption of the early users in the form of deserved rewards. These tokens will provide all of the receivers the option of governance in terms of the DAO, which in turn, will be managing the Arbitrum One, as well as the Nova networks.

The start of the procedure for carrying out the claims was at 9 am EDT, at a block height of 16,890,400. There happens to be presently 11.6% of the entire supply, which happens to be the amount of 10 billion tokens. This spells out the fact that there are now 1.16 billion ARB tokens as a part of the airdrop. A few DAOs belonging to the Arbitrum ecosystem will be laying their claims, for which another lot of 113 million tokens have also been kept aside. 

Arbitrum, which happens to be a Layer 2 upgrading project on the Ethereum network, happens to be allocating rewards in the case of early users and will also be handing over managing rights, in terms of future governance matters, to all of the token holders. They will, however, not be in the position to carry out the payment of the transaction fees on the network. 

At the present moment in time, the project will be moving towards a self-implementing DAO. This, in turn, will be instrumental in the immediate implementation of the governance votes on-chain. In this very case scenario, there will be in place a council composed of twelve members. They will possess the right to interfere in matters of emergency, like in the case of harmful governance activities being aggressively carried out. 

The ARB token happens to be all prepared to be traded on various centralized exchanges. This will also bring in Coinbase, as well as Binance, KuCoin, and Bybit, along with OKX. However, it so happens that even before the claiming process was activated, a certain amount of bidding for the token on decentralized exchanges happened to have been already underway. Speculative functions also had over-the-counter deals, as well as IOUs and options, in terms of the ARB token.