HomeAltcoinTop Polygon (MATIC) Rival Arbitrum Officially Announces DAO Governance and ARB Token...

Top Polygon (MATIC) Rival Arbitrum Officially Announces DAO Governance and ARB Token Drop


Main rival to Ethereum (ETH) Layer 2 scaling solution, Polygon (MATIC), announces that it will transition to decentralized governance and launch a significant amount of its new native asset, ARB.

In a new blog post, the developers of ETH Arbitrum (ARB) scaling solution detail upcoming plans for the protocol to transition to being governed by a self-running decentralized autonomous organization (DAO).

“Today marks the launch of The Arbitrum Foundation and DAO Governance for the Arbitrum One and Arbitrum Nova networks. Arbitrum has become the first EVM [Ethereum Virtual Machine] roll-up technology to achieve the second stage of decentralization…

Arbitrum’s DAO governance is self-executing, which means that DAO votes on on-chain actions will directly have the power to effect and execute their on-chain decisions, without relying on an intermediary to carry out those decisions.”

The developers also discuss airdropping almost 13% of the ecosystem’s token supply to users next week, saying they created a special points system, which takes into account a variety of metrics, to decide which users will get the tokens. cryptoassets.

The airdrop is scheduled for Thursday, March 23.

“The Arbitrum token is majority owned by the community (~56%). Of that community allocation, 12.75% will be distributed in the Arbitrum Airdrop next Thursday, March 23, according to data taken in a snapshot on February 6, 2023…

Over the course of the past several months, The Arbitrum Foundation and Offchain Labs worked closely with Nansen to devise eligibility criteria that would fairly distribute ARB tokens to a large cross-section of actual Arbitrum users.”

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