as users miss the deadline for claims, Arbitrum Treasury gains $59 million.

News Desk5
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Users had nearly six months to claim the tokens after an airdrop in March.

The Arbitrum Foundation, which maintains the development of the Arbitrum blockchain, said Sunday it had transferred 69 million in unclaimed ARB tokens to the network’s treasury as the claim period for the tokens ended over the weekend.

The unclaimed rewards represent 0.69% of ARB’s total supply of 10 billion, according to technical documents. Data from a Dune Analytics dashboard shows 93% of eligible users had claimed the tokens.

These tokens are worth over $59 million at current prices. ARB tokens were airdropped to eligible users in late March to a huge community response – with over 42 million tokens claimed by 23,000 unique users hours after going live.

Airdrops refer to the unsolicited and/or automatic transfer of tokens from projects to crypto users.

While the claims deadline was set on Sept.24 after ARB went live, a governance vote in August saw Arbitrum community member yoav.eth propose that these tokens be transferred to the Arbitrum treasury – instead of being locked forever. The vote received 99.96% approval from token holders.

Arbitrum’s treasury now holds nearly $3 billion worth of ARB tokens following Sunday’s transfers, blockchain data shows.

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