Arbitrum Launches Self-Executing DAO Governance Model That Aims for Increased Decentralization
The Ethereum layer two L2 scaling solution Arbitrum has launched a native governance token called ARB and a self-executing decentralized autonomous organization (DAO) governance model.
The ARB token will have an initial supply of 10 billion and coins will be airdropped to the Arbitrum DAO treasury, off-chain labs investors users of the Arbitrum platform, and DAOs that are building with the L2 technology.
Arbitrum the Layer 2 scaling solution project has expressed the launch of a self-executing DAO governance model and a new governance token ARB on 16, March 2023.
The Arbitrum foundation is the launch of DAO governance for the Arbitrum Nove networks alongside the launch of ARB the team tweeted on Thursday the ARB airdrop will be distributed to eligible Arbitrum ecosystem participants and claim on the first quarter of March 23.
ARB token's initial supply of 10 billion and the system's inflation rate will be 2% per year.
The ARB tokens will be distributed to early users and DAOs that have utilized the Arbitrum ecosystem before block height 58,642,080 on Arbitrum one, Which occurred on Feb 6, 2023.
The self-executing system means that the DAO votes about on-chain actions and will directly have the power to effect and execute its on-chain decision without relying on an intermediary to carry out those decisions.
Offchain labs have expressed Arbitrum Orbit as a permissionless solution for any developer to build a layer 3 blockchain using Arbitrum technology.
The ARB Airdrop reveals qualifications and further notes that several anti-Sybit rules were established to combat bots from taking advantage of the ARB airdrop.