Arbitrum passes on a DAO and will drop its ARB token

The Arbitrum Foundation announced the launch of its DAO and the solution Arbitrum Orbit. L’airdrop of sound governance token, ARBwill be realized next week.

This Thursday, Arbitrum Foundation presented a decentralized autonomous organization (DAO) for the Arbitrum One and Arbitrum Nova networks.

We are excited about the official launch of DAO governance and to see Arbitrum One become the first EVM deployment to move to Stage 1 decentralization, a great step for both Arbitrum and Ethereum,” commented Steven Goldfeder, the boss of Offchain Labs, the startup behind the popular layer2.

According to a statement, the Arbitrum Foundation will proceed with theairdrop of sound token of governance ARB with active users on the network on March 23rd.

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“Through the community drop, the delegation process, and the introduction of theArbitrum Security CouncilCommunity involvement and control are at the forefront of today’s announcement, and the requirements for receiving a share of Arbitrum’s governance have been meticulously crafted,” said Steven Goldfeder.

The airdrop represents approx. 12% of the total supply (10 billion) and the tokens will be dropped to people who have used the network in the last 12 months. About 625k addresses are eligible, according to data provided by Dune. Almost half of the total supply ofARB will go to the Arbitrum Foundation. Offchain Labs and its investors will receive 27 and 17.5% of the tokens, respectively. The layer 2 solution dedicated to Ethereum is backed by VCs Polychain, Lightspeed Venture Partners and Ribbit Capital, among others.

The governance of Arbitrum is presented as “self-executing”. Concretely, the votes of the ARB holders will allow decisions to be executed without the intervention of an intermediary.

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As announced by Goldfeder, the Arbitrum Security Council, a “multisig” of 12 members “highly valued” by the community, was born.

Its role: to ensure the security of the channels and to act in case of problems. “The decision-making powers of the security council are determined by a smart contract that will require multiple secure signatures of its members in order to implement any changes to the protocol,” the statement said.

Meanwhile, the Arbitrum Foundation unveiled Arbitrum Orbita solution that allows developers to create a Layer 3 blockchain (L3) leveraging Arbitrum technology.

Arbitrum is already the technology stack of choice for Ethereum smart contract developers, they now have another tool that allows them to not only create their own smart contracts, but also run their own L3 chains,” said Goldfeder.

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