Mar. 16th 2023, Arbitrum officially announced the launch of DAO governance and governance token ARB for the Arbitrum One and Arbitrum Nova networks, as well as details of the highly anticipated airdrop, which is now open for eligibility inquiries.
Arbitrum — Check your airdrop eligibility to govern Arbitrum
This article collects some of the contents of Arbitrum’s current airdrop and DAO for you.
How much can you claim?
$ARB airdrop eligibility and distribution specifications
$ARB is an ERC-20 governance token native to the Arbitrum One rollup chain. Token properties at launch:
Initial token allocation & airdrop distribution
User airdrop eligibility details
In terms of the most important concern for airdrop eligibility, Arbitrum has developed a point system with a maximum of 15 points. The point criteria primarily tracks user activity on Arbitrum One; a small portion of the criteria applies to activity on Arbitrum Nova, where Arbitrum Nova users can earn 4 points (plus an additional 1 point if they have already earned 4 or more points on Arbitrum One).
Points earned on Arbitrum One
- Bridged funds into Arbitrum One
- Conducted transactions during two distinct months
- Conducted transactions during six distinct months
- Conducted transactions during nine months
- Conducted more than four transactions or interacted with more than four different smart contracts
- Conducted more than ten transactions or interacted with more than ten different smart contracts
- Conducted more than 25 transactions or interacted with more than 25 different smart contracts
- Conducted more than 100 transactions or interacted with more than 100 different smart contracts
- Conducted transactions exceeding in the aggregate $10,000 in value
- Conducted transactions exceeding in the aggregate $50,000 in value
- Conducted transactions exceeding in the aggregate $250,000 in value
- Deposited more than $10,000 of liquidity into Arbitrum
- Deposited more than $50,000 of liquidity into Arbitrum
- Deposited more than $250,000 of liquidity into Arbitrum
Points earned on Arbitrum Nova
- Bridged funds into Arbitrum Nova
- Conducted more than three transactions
- Conducted more than five transactions
- Conducted more than ten transactions
Converting points to tokens:
To prevent bots from taking advantage of the airdrop, a number of anti-Sybil rules were established:
- If an airdrop recipient’s wallet transactions have all occurred within a 48-hour period, one point is subtracted.
- If an airdrop recipient’s wallet balance is less than .005 ETH, and if the wallet hasn’t interacted with more than one smart contract, one point is subtracted.
- If an airdrop recipient’s wallet address has been identified as a Sybil address during the Hop protocol bounty program the recipient is disqualified.
DAO airdrop criteria and distribution
A separate distribution was allocated for DAOs that are building applications in the Arbitrum ecosystem, as well as the Protocol Guild, a collective of Ethereum contributors. The distribution of tokens to DAOs was weighted based on a variety of factors, including time projects have been on Arbitrum, TVL of assets on the chain, whether a project was Arbitrum native, and whether the project operated with actual on-chain treasuries.
More details will be added around individual DAO allocation shortly.
Vesting and lockup details
While the user and DAO airdrops will be available in one week, all investor and team tokens are subject to 4 year lockups, with the first unlocks happening in one year and then monthly unlocks for the remaining three years.
We must decentralize
The Arbitrum DAO is a massive leap forward, making Arbitrum the first EVM rollup tech to reach Stage 1 decentralization.
READ THE ANNOUNCEMENT
Starting today, anyone can easily launch a new Arbitrum chain as a Layer 3 in the Arbitrum ecosystem.
Who is involved?
Individuals across the ecosystem can participate in governance. Token holders control protocol upgrades, funds allocation, and election of a Security Council who can perform emergency upgrades. Your voting power is derived directly from the number of tokens delegated to you.
DELEGATES ARE USERS WHO ARE COMMITTED TO BEING CONSISTENTLY INVOLVED IN GOVERNANCE
Token holders will be able to select a preferred delegate, including themselves, and can re-delegate at any time.
- SECURITY COUNCIL
The Security Council can approve protocol upgrades when a fast response is needed.
The Security Council is composed of 12 highly reputable members of the community. Emergency upgrades require a 9-of-12 multisig. READ MORE
- ARBITRUM DAO
The DAO governs Arbitrum One and Nova
The arbitrum DAO includes token holders and their delegates. It has the power to upgrade the protocol and constitution, as well as elect the Security Council. Proposals for upgrades and amendments are submitted and voted on by the DAO.
WHAT DOES THIS MEAN FOR USERS?
This marks the beginning of decentralized governance for the Arbitrum protocol. Users across the ecosystem will be given voting power. 11.62% of tokens will be initially distributed to users and 1.13% will be distributed to DAOs in the Arbitrum ecosystem.
The State of Decentralization
- Chain Ownership
Chain ownership of both Arbitrum One and Arbitrum Nova is under the control of the Arbitrum Governance system.
Comprising both the Arbitrum DAO and the Security Council, the governance system currently has the ability to alter itself. Arbitrum One has now reached Stage 1 decentralization.
- Validator Ownership
Execution on Arbitrum is validated to Ethereum Mainnet by a set of validators.
This set of validators has been expanded to include organizations across the ecosystem. All validators would have to be malicious for an incorrect transaction to be accepted
- Sequencer Ownership
The Sequencers for both Arbitrum One and Arbitrum Nova are currently maintained by the Arbitrum Foundation.
Governance currently has the power to select new Sequencers.
- Data Availability Committee (DAC) Ownership
Arbitrum Nova has a 7-party DAC, whose members can be seen here.
The Arbitrum governance system currently has the power to change the DAC, by adding or removing members, or modifying the DAC’s role in the system.
The state of Arbitrum’s progressive decentralization | Arbitrum DAO — Governance docs
Arbitrum should be fundamentally aligned with the Ethereum ecosystem and a constructive member of the Ethereum community.
Decisions about technology, fee economics, and resource allocation should optimize for the long-term health of the ecosystem.
Ordinary people with ordinary computers should be able to fully participate in the Arbitrum protocol.
The community should be open and welcoming to all people who wish to participate constructively.
Neutral and Open
Arbitrum governance should not pick winners or losers, but should foster open innovation, interoperation, user choice, and healthy competition on Arbitrum chains.
A gentle introduction to the Arbitrum DAO | Arbitrum DAO — Governance docs
VISIT THE FORUM
View or submit delegate applicationsArbitrum — Arbitrum Governance Forum
EXPLORE THE ECOSYSTEM
See projects in the Arbitrum universeArbitrum One Portal — Your gateway into the Arbitrum ecosystem.
READ THE DOCS
Discover the future we believe inA gentle introduction to the Arbitrum DAO | Arbitrum DAO — Governance docs
Where To Buy Arb?
Hotbit will launch IOU ARB(Arbitrum) on March 16th, 2023. Note:
The ARB listed here is actually the futures product of ARB. Hotbit will support the deposit and withdrawal functions of ARB as soon as ARB starts to circulate. Please refer to our future announcements for detailed schedules. Purchasing Arb through Hotbit is a comparatively rapid process which includes only several simple steps. The first step is to register a Hotbit account (in case you don’t have one). After finishing the registration, you may continue to trade through the transaction pair of the spot trading function of Arb/USDT.
Hotbit will launch IOU ARB(Arbitrum) on March 16th, 2023 — HOTBIT Support Center (zendesk.com)