The Ethereum layer two (L2) scaling solution Arbitrum has launched a native governance token named ARB and a self-executing decentralized autonomous organization (DAO) governance model. The ARB token will have an initial supply of 10 billion, and coins will be airdropped to the Arbitrum DAO treasury, Offchain Labs (the company behind Arbitrum), Offchain Labs investors, users of the Arbitrum platform, and DAOs that are building with the L2 technology.
On March 16, 2023, the Arbitrum Foundation announced the launch of DAO governance for the Arbitrum One and Arbitrum Nova networks, alongside the launch of ARB. The ARB airdrop will be distributed to eligible Arbitrum ecosystem participants, and claiming begins on March 23. The ARB tokens will be distributed to early users and DAOs that have utilized the Arbitrum ecosystem before block height 58,642,080 on Arbitrum One, which occurred on Feb. 6, 2023.
The self-executing system means that the decentralized autonomous organization “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.” In addition to the governance system, Offchain Labs has revealed Arbitrum Orbit, a permissionless solution for any developer to build a layer three (L3) blockchain using Arbitrum technology.
The launch of ARB and self-executing DAO governance on the Arbitrum L2 platform is an exciting development for the Ethereum ecosystem. The ARB token will provide users with a way to participate in the governance of the platform, and the self-executing system will ensure that decisions are carried out in a timely manner. The ARB airdrop also includes anti-Sybil rules to prevent bots from taking advantage of the airdrop, and the investor and team tokens are subject to four-year lockups.
The launch of ARB and self-executing DAO governance on the Arbitrum L2 platform is a major step forward for the Ethereum ecosystem. It will provide users with a way to participate in the governance of the platform, and the self-executing system will ensure that decisions are carried out in a timely manner. With the launch of ARB, the Ethereum ecosystem is one step closer to becoming a fully decentralized and self-governed platform.