Arbitrum, an Ethereum-based Layer 2 network, has announced the launch of its governance token ARB and development tool Arbitrum Orbit. On March 23rd, the foundation will airdrop ARB tokens to community members and debut its layer 3 development tool. This is a huge milestone for decentralization in Web3 games and social media apps as it brings us one step closer to complete decentralization.
ARB holders will be able to govern One & Nova – two platforms built for Web3 games & social media applications – as well as vote on crucial decisions regarding protocol improvements within the ecosystem. The total number of ARBs that will be in circulation is 10 billion with 56% allocated towards community ownership (11.5%) and 1% given out DAOs participating in Arbitrum’s ecosystem who have authority over basic protocol choices such as technology upgrades or income distribution support mechanisms..
The founding team at Offchain Labs are confident that this new token would make their current system even more decentralized than existing extension networks currently available today! Airdrops start on March 23rd so stay tuned!