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Arbitrum Foundation, responsible for the development of the Blockchain, announced on September 24 that 69 million unclaimed ARB tokens have been transferred to the network treasury following the end of the demand period for the expected tokens for AirDrop over the weekend.
$59 Million Worth of ARB Tokens Transferred to Arbitrum Treasury
According to technical documentation, the unclaimed tokens represent 0.69% of the total supply of 10 billion ARB. Data from Dune Analytics shows that 93% of eligible users participated in the AirDrop and claimed their tokens, while the remaining users did not request the tokens. These tokens are worth over $59 million at current prices.
As previously reported, ARB tokens were distributed to eligible users via AirDrop in late March, and the AirDrop received significant attention. Within hours of the AirDrop, more than 42 million ARB tokens were requested by over 23,000 unique users.
For those unfamiliar, AirDrop refers to the occasional transfer of coins or tokens from projects to cryptocurrency users based on demand and/or automatic distribution.
$3 Billion Worth of ARB Tokens Controlled by Arbitrum Treasury
Although the deadline for AirDrop requests was set for September 24, 2023, a governance proposal was made in August by Arbitrum community member yoav.eth suggesting that these tokens be transferred to the Arbitrum treasury instead of being permanently locked away. The proposal was approved by 99.96% of participating ARB holders in the vote.
According to blockchain data, the Arbitrum treasury currently holds approximately $3 billion worth of ARB tokens after the transfers made on September 24.
As of the latest data, ARB is trading at $0.8114 with a 1.31% decrease in the last 24 hours, and it has a market capitalization of $1 billion. CoinMarketCap data shows that the trading volume of ARB has increased by 39.56% in the last 24 hours, reaching over $74 million. The all-time high (ATH) for ARB was recorded on March 23, 2023, at $11.80. The popular altcoin is currently trading at 93.12% below its ATH.
