News in recent weeks from the world of cryptocurrency has highlighted the growing relevance of community engagement, decentralisation, and clever operations in the face of competition. A perfect exemplar of these dynamics is the recent development with Arbitrum Foundation.
The foundation managed a noteworthy episode, where it transferred an intriguing cache of 69 million unclaimed ARB tokens to the treasury, which occurred half a year after its airdrop in March. The tokens make up a fraction of 0.69% of Arbitrum’s 10 billion total supply, translating to a monetary value of $59 million. This situation arose due to 7% of the total airdrops remaining unclaimed.
The background of this event starts in March when Arbitrum came up with an airdrop that offered substantial rewards to community members who interacted with the smart contract, during a temporary website downtime. A span of a few hours saw over 42 million ARB tokens claimed, with participating wallets approximating 23,000, representing 3% of the eligible wallets.
It was not there where the story ended. As a result of transfers to the Arbitrum treasury, it now stands wealthier with nearly $3 billion worth of governance tokens. An impending destiny of the unclaimed tokens being locked forever after a deadline set for Sept 24, didn’t materialise, thanks to an astute community governance strategy. A vote proposal by community member “yoav.eth” managed an overwhelming support at 99.9%, leading to the transfer of all unclaimed tokens to the treasury.
The positive outlook extends to Arbitrum’s recent activity trends, illustrating how Ethereum’s layer 2 scaling networks are competing intensely with frequent updates and increasing adoption rates. Comparatively, Arbitrum’s user activity has seen growth in the past fortnight, mainly attributed to the launch of Arbitrum Odyssey, a community-interactive initiative.
With its intention to enrich the NFT space on the network, Arbitrum members are now having increased chances of getting airdrops and non-fungible tokens (NFTs). Their optimism further bolstered by the pitch from the Rari Foundation to integrate the network into their own, potentially magnifying Arbitrum’s reach via planned NFT incentives.
While the transfer of unclaimed tokens to the treasury, and the promising performance of Arbitrum, are ultimately a positive outlook, the silent echo of the unclaimed airdrops represents a rift between decentralisation and active participation. Nonetheless, the proactive strategies of community-driven initiatives may gradually bridge these gaps in the sector.
Source: Cryptonews
