Arbitrum Foundation takes custody of unclaimed ARB incentives

On Sep 25, 2023

Approximately 69.4 million ARB tokens have been unclaimed by eligible participants.
The number of ARB holders continued to increase.

Early Arbitrum [ARB] network adopters who have yet to claim their rewards may finally have no incentive to receive because the Arbitrum Foundation has decided that the unclaimed $56.5 million in ARB should be sent back to the DAO treasury.

Roaming tokens gets back to the store

According to Arbiscan, the addition of the unclaimed tokens has increased the worth of the DAO treasury. A look at the DAO’s wallet showed that there was now 3.95 ARB available in the portfolio.

While the resolve may not sit well with those who should have gotten a part of the airdrop, it is worth noting that Arbitrum may have also been patient enough. About six months ago, the Arbitrum airdrop was one of the most anticipated events of the year, especially due to the successes the project recorded during its Testnet stage.

The Ethereum [ETH] scaling solution did not fail to disappoint its users who participated in different tasks as it distributed about $120 million worth of ARB. Post-airdrop season, Arbitrum has become a household name, enjoying periods of incredible transaction counts, and some other developments.

However, when it comes to Arbitrum’s network growth, the hike seen in its early stages was no more. At the time of writing, the network growth was down to 359. Network growth measures the number of new addresses participating in successful transactions on a network.

When the metric increases, it implies a surge in adoption. But a decrease suggests that the project no longer had the traction it had at one point.

Arbitrum network growth and ARB holders

Source: Santiment

To HODL and to circulate

Meanwhile, the number of ARB holders seems to be growing. According to Santiment, the total number of ARB holders was 811,000. As the chart above shows, the increase suggests that ARB may be considered a token with great long-term potential.

As per its circulation, on-chain data showed that it increased in the last 30 days. At press time, ARB’s 30-day circulation has increased to 311.47 million. Circulation shows the number of unique tokes being used between transactions within a period.

Arbitrum [ARB] price and circulation

Source: Santiment

Decreasing circulation could have a positive effect on the token price. However, spikes in the metric may indicate a rise in short-term sell pressure. So, this could be the reason ARB’s price has decreased by 1.87% in the last 24 hours.

At $0.80, ARB’s value is similar to what it was 30 days back. Therefore, it could be said that the token has shown strength within the timeframe, and the decision to return the unclaimed tokens could be positive for ARB.

This article originally appeared here.