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Breaking: Arbitrum Announces The Launch Of Its New Token ARB, Transitioning To DAO

Ronaldo Marquez
by Ronaldo Marquez
2 years ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Arbitrum Foundation has announced the launch of its new token under the ticker ARB, which will go live on March 23. With a $300 million ARB distribution, The ARB token will allow holders to vote on changes to the Ethereum layer 2 network. 

Arbitrum, the layer 2 blockchain protocol designed to increase scalability on the Ethereum blockchain, is taking steps in its transition as a decentralized autonomous organization (DAO). 

Launching a DAO governance will mark an achievement for the protocol in decentralizing the network, becoming the first Ethereum Virtual Machine (EVM) roll-up technology to accomplish decentralization.

Related Reading: Why This U.S. Congressman Is Accusing FDIC Of Using Bank Crisis To Attack Crypto

A Transition To A DAO Governance

This move allows the Arbitrum One and Arbitrum Nova to function independently of centralized actors, allowing its community to decide the next steps on the network’s roadmap for upcoming events. 

According to the announcement, the protocol’s DAO can authorize additional Layer 2 chains on Ethereum, regardless of whether the ARB toke governs the chain. This mechanism will ensure that its community fully controls the network’s technology. 

In addition, the foundation has announced the launch of Orbit, which allows developers to deploy their permissionless layer 3 blockchains using the protocol’s technology and Ethereum’s security.

Arbitrum Orbit is designed to reinforce and grow the network’s ecosystem, develop new protocol applications, and launch new protocol chains. The Arbitrum DAO can issue even more permission-based licenses to its users, ensuring complete control over the protocol’s future.

Distribution of Arbitrum’s New Token ARB

The announcement states that most Arbitrum tokens will be distributed to over 12% of the community members. The Arbitrum Foundation and DAO will be tasked with distributing the additional tokens to the community over time. The Arbitrum Foundation added:

While the user and DAO airdrops will be available in one week, all investor and team tokens are subject to 4 year lockups, with the first unlocks happening in one year and then monthly unlocks for the remaining three years.

The protocol has recently surpassed the highest Total Value Locked (TVL) across all Layer 2 networks, with a TVL of $3.60 billion, up 9.37% in the last few days, and a market share of 55.87% among all rollups. The Foundation concluded:

Today’s launch is an important step to decentralize the network and put the community in control of Arbitrum’s ecosystem and technology. And if you’re a community member, there are now more ways than ever to get involved. 

Related Reading: Bitcoin Total Addresses Sees Rapid Growth, Sign Of Adoption?
arbitrum
Total cryptocurrency market cap on the 1-day chart. Source: TOTAL on TradingView.com

Featured image from Unsplash, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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