Arbitrum, one of the prominent players in the Ethereum layer 2 scaling landscape, has officially announced its plans to adopt a decentralized governance structure for the Arbitrum One and Arbitrum Nova networks.
The Arbitrum Foundation made the disclosure in an official Medium post on Thursday, revealing that community members will be airdropped the network’s new ARB token on March 23. The Foundation described the move as “a massive leap forward in the decentralization of the two networks,” adding that “the future of Arbitrum belongs to the DAO community.”
Today’s announcement positions Arbitrum as the first EVM rollup to achieve the second of the three stages of Vitalik Buterin’s “proposed 3-stage schema for classifying the maturity of rollups.”
ARB will be the governance token on the upcoming DAO, meaning that token holders will be able to vote on key governance decisions related to Arbitrum One and Arbitrum Nova. Arbitrum users can visit gov.arbitrum.foundation to check their eligibility status and to claim their share of the governance token.
“Arbitrum DAO will have the power to control key decisions at the core protocol level, from how the chain's technology is upgraded to how the revenue from the chain can be used to support the ecosystem,” the Arbitrum Foundation said in a statement.
Speaking of the tokenomics of ARB, the token will have a total circulating supply of 10 billion, 56% of which has been allocated to the Arbitrum community. The upcoming airdrop will distribute 12.75% of the community’s allocation to eligible users. The remaining tokens will go to a treasury controlled by the new Arbitrum DAO and will be distributed by the DAO and the Arbitrum Foundation over time.
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