Focus
Arbitrum launches DAO and announces ARB airdrop for early adopters
 |
Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here! |
(Kitco News) - The Arbitrum Foundation, developers of Arbitrum, an Ethereum layer-two (L2) scaling protocol, has announced the launch of DAO governance for the Arbitrum One and Arbitrum Nova networks, which includes the highly anticipated airdrop of ARB tokens.
Arbitrum is currently the leading L2 protocol for Ethereum, with a total value locked of $3.61 billion according to data from L2 Beat, and the Arbitrum One network has, on two separate occasions, processed more daily transactions than the Ethereum network.
The transition to a DAO structure helps to advance the goal of making Arbitrum fully decentralized and controlled by the community. ARB tokens are scheduled to be airdropped to early users of the protocol on March 23. Potential recipients can go to the main Arbitrum website to check their eligibility for the airdrop.
ARB is the key to the formation of the DAO and the decentralization of the network as it will serve as the governance token that allows holders to vote on proposals within the community and help direct the future development of the project.
“Through the community airdrop, the delegation process, and the introduction of the Security Council, community participation and control is at the forefront of today's announcement,” said Steven Goldfeder, CEO and Co-Founder of Offchain Labs. “Looking ahead, we're moving closer and closer toward a decentralized financial system, with the Arbitrum technology at the very forefront of that.”
There will be a maximum supply of 10 billion ARB tokens, and 11.62% of the tokens will initially be distributed to users while 1.13% will be distributed to DAOs in the Arbitrum ecosystem. “The majority of the $ARB supply will be under the control of the Arbitrum community via The Arbitrum Foundation, accelerating growth of the ecosystem organically,” the press release said.
Users who do not want to participate in the governance process of the DAO will be able to delegate their voting power to others on the network who share their values. The Arbitrum DAO will have the ability to control key decisions at the core protocol level, from how the chain's technology is upgraded to how the revenue from the chain can be used to support the ecosystem.
Arbitrum’s governance will be self-executing, which means that “the DAO's votes will directly have the power to effect and execute its on-chain decisions, and not rely on an intermediary to carry out those decisions.”
“Self-executing governance is a critical milestone for decentralization and giving the community the power to govern the chain, and Arbitrum is leading the way as the first L2 to launch self-executing governance,” the press release said.
In the event that a security vulnerability is discovered, the Arbitrum Foundation has also formed the Arbitrum Security Council, a 12-member multisig group of highly regarded community members designed to ensure the security of the chains. In the case of an emergency, the council can respond faster than convening a full DAO vote as long as 9 of the 12 members are present.
“The decision-making powers of the Security Council are determined by a smart contract that will require multiple secure signatures by its members in order to implement any changes to the protocol,” the release said. “The Arbitrum DAO will be the ultimate governing body over the Arbitrum Security Council, with elections for the Council being held twice annually.”
|
|
Smart accounts come to Ethereum with the launch of ERC-4337 |
Arbitrum Orbit: A layer-three blockchain
To go along with the launch of the Arbitrum DAO and ARB airdrop, the Arbitrum Foundation has also announced the launch of Arbitrum Orbit, “a permissionless solution for any developer to build a Layer 3 (L3) blockchain using Arbitrum technology.”
Arbitrum Orbit will reportedly give developers the ability to launch a permissionless L3 blockchain using Arbitrum’s technology while harnessing the security provided by Ethereum.
“Arbitrum Orbit is designed to strengthen and grow the Arbitrum ecosystem by providing a clear and simple path for not only developing new Arbitrum applications but also launching new Arbitrum chains,” the announcement said. “Developers building L3s on top of an existing Arbitrum chain are granted a free and perpetual license that also allows them to customize and modify the Arbitrum source code as they see fit.”
The new initiative is intended to help attract new developers to the Arbitrum ecosystem, push for innovation within the community, and encourage a variety of chains to be built with Arbitrum’s technology.
“The launch of Arbitrum Orbit marks another step in the goal of growth through ecosystem expansion by way of onboarding new developers,” said Goldfeder. “Arbitrum is already the technology stack of choice for Ethereum smart contract developers, but with today's announcement, developers now have another tool allowing them to not only build their own smart contracts, but to also launch their own L3 chains leveraging the best technology available. I'm excited to see the next wave of innovation that Arbitrum Orbit will enable.”
 |
