- Arbitrum has started distributing ARB tokens to the DAOs in its ecosystem as pledged in its tokenomics.
- The ARB tokens were allocated in the initial airdrop and will not be deducted from the Arbitrum DAO treasury.
- Some of the DAOs have already sold part of the ARB that was airdropped to them.
Arbitrum has started distributing its ARB tokens to more than 130 decentralized autonomous organizations (DAO) that participated in its ecosystem and built dApps to increase activity and adoption. The DAOs were selected based on their participation in the Arbitrum ecosystem.
According to the initial token allocation and airdrop distribution published by Arbitrum ahead of its initial airdrop, 1.13% of the initial supply was reserved for qualified DAOs. These 137 DAOs will be given almost 113 million ARB, with the most active builders receiving as much as $8 million worth of tokens.
The DAOs were instructed to post their destination address publicly in order to verify that the funds were reaching the correct recipients. This was followed by test transactions from Arbitrum last week. The full distribution of the airdrop to DAOs will be completed today for those that were part of the test transaction.
Decentralized gaming ecosystem TreasureDAO and DeFi derivatives exchange GMX are among the DAOs that will receive the most ARB tokens, 8 million each, to be precise. Fellow DeFi exchanges SushiSwap and UniSwap will be given more than 4 million ARB each. Other recipients include Aave, 1inch, TridentDAO, and Stargate Finance.
Interestingly, data gathered by blockchain analytics firm Lookonchain showed that Trident has already sold 131,345 ARB of the 257,540 ARB it received from Arbitrum, making roughly $172,000 from the sale. The tokens were sold through 3 addresses for a price of $1.31.
Arbitrum has clarified that the allocated tokens are not part of the Arbitrum DAO treasury nor from the Foundation wallet. The protocol further clarified that the distributed tokens cannot be used to participate in governance votes. “This allocation is not a grant and is part of the initial airdrop distribution,” Arbitrum stated.