69 Million ARB Tokens Transferred to Arbitrum DAO Treasury from Unclaimed Airdrop

A stash of 69.5 million unclaimed Aribtrum (ARB) tokens has been moved to the Arbitrum DAO Treasury.

The decision was made by the DAO to transfer the unclaimed tokens – worth around $57 million – to its Treasury instead of letting them remain locked indefinitely as part of the Arbitrum Improvement Proposal AIP-7.

Arbitrum Deadline Concludes

The Arbitrum airdrop in March was one of the most highly-anticipated events in the industry, with early adopters being the first ones to get their hands on it. The main objective was to reward users based on several factors, including platform usage duration, engagement, and the total value of assets they had bridged onto Arbitrum chains.

Those qualified to receive tokens had the opportunity to claim them until Ethereum block 18208000, which occurred on September 24th. Over the past six months, 583,138 addresses, or 93.3% of eligible users, successfully claimed their ARB tokens, as per data from Dune Analytics.

The unclaimed tokens, on the other hand, were deployed to the Arbitrum Treasury under AIP-7, the proposal which received overwhelmingly positive votes last month.

The Arbitrum Foundation announced transferring 69 million unclaimed ARB tokens into the network’s treasury as the token claim period concluded on September 24th. The official tweet read,

“The 69,448,385 unclaimed ARB remaining in the token claim contract has officially been moved to the Arbitrum DAO treasury as outlined in AIP-7. You cannot claim those tokens anywhere. Please be safe out there”

Following the transfers on the weekend, data from Arbiscan revealed that the DAO Treasury currently holds ARB worth more than $2.9 billion.

Optimism Takes a Different Route

Arbitrum’s move contrasts with Optimism, a rival Ethereum layer-2 solution that uses optimistic roll-up technology, which recently announced plans to distribute unclaimed funds directly to eligible users from its initial airdrop in June 2022.

Approximately 49 million OP tokens, equivalent to $61.7 million, were left unclaimed out of the total airdrop of 215 million tokens, valued at $271 million.

Optimism further unveiled its third OP token airdrop specifically for governance members, allotting 19.4 million OP tokens, valued at $24 million, to a total of 31,870 addresses.