Arbitrum (ARB) Pushes to Rebuild Reputation With Airdrop to Early Supporters

Following the recent token buyback initiative, a new governance proposal calls for crypto airdrops to incentivize early supporters.

Arbitrum (ARB) faces yet another scheme that could help boost its reputation. Following the recent token buyback initiative, a recent governance proposal suggests crypto airdrops to incentivize early supporters.

Arbitrum Governance Vote For ARB Airdrops? What Users Should Know

A new governance forum member has introduced an initiative for an all-inclusive incentive airdrop to early supporters who voluntarily sent their airdrop tokens to the network's contract address.

The aim is to further strengthen community trust and ethical standards, massively incentivize positive participation in governance, and rebuild reputation.

“Reward wallets that voluntarily returned ARB tokens during the first airdrop (23 March 2023) to the burner address with a proportional airdrop of ARB tokens. A minimum threshold will be set to ensure only meaningful contributions are recognized and to prevent an influx of small, insignificant dust wallets from being included. This will be a snapshot of wallets that had returned tokens by a specific point in time.

If approved, the airdrop token allocations will be distributed on-chain, via Arbitrum One (Layer 2), to save on gas and promote ecosystem use.

Prospective recipients will be offered an optional temporary voting delegation to encourage participation in governance during the upcoming vote on this proposal. Finally, the Arbitrum DAO will retain final authority over this proposal. Any required changes will be communicated via public notice and decided based on a DAO vote.

The proposal is open for community feedback and discussion in the governance forum with three poll options.

"Yes: Proceed with the upgraded ARB token reward program for eligible wallets and distribute the airdrop tokens proportionally to the amount of tokens returned, in accordance with the proposal. No: Do not proceed with this proposal at this time, and Abstain: I am not able to vote on this proposal."

Arbitrum Pushes To Rebuild Reputation

This adds to the list of the Ethereum Layer-2 network's pushes to rebuild its reputation following a drop of over 80% from its late December peak. Recently, Arbitrum unveiled a token buyback plan to recover from the said fall.

"We're reinforcing our commitment to the ecosystem and strengthening our alignment by adding ARB to our treasury through a strategic purchase plan," the company stated.

Still, Arbitrum's ARB token remains over 70% below its December 6 high of $1.23. Data on BeInCrypto shows it was trading for $0.33 as of this writing.

Notwithstanding, the project is still pushing. The latest move includes allowing users to choose whichever gas token they want for their project on Arbitrum.

"Arbitrum chains: choose whatever gas token you want for your project. Your Chain, Your Rules. Custom gas tokens are also available for any rollups leveraging Ethereum for data availability. Anything else is up to you—configure any customization you want on all Arbitrum chains."

Arbitrum Makes Gas Freedom A Feature

Arbitrum articulated that custom gas tokens are also available for any rollups leveraging Ethereum for data availability. The aim is to allow users to configure any customization they want on all Arbitrum chains.

The community was excited about this move, which allows users to choose whether to use the Arbitrum bridge to exchange Ethereum tokens.

"As a builder, I'm in awe, ARB is built differently. While some chains launch & rug memes for fun, others are working on attracting capital, users, and founders are working hard to build on-chain together. Amazing to see the innovation continue with gas token freedom on Arbitrum chains. Choose whatever gas token you want for your project. Your Chain, Your Rules

A snapshot of wallets that had returned tokens by a specific point in time will be used to determine eligibility for the airdrop. A minimum threshold for contributed tokens will be set to ensure that only meaningful contributions are recognized and to prevent an influx of small, insignificant dust wallets from being included in the airdrop. This threshold will be broadly discussed and determined by the Arbitrum community.

If approved, the airdrop token allocations will be distributed on-chain, via Arbitrum One (Layer 2), to save on gas and promote optimal use of the ecosystem. To further minimize gas consumption, we will batch transfer the airdrop tokens to maximize efficiency.

Prospective recipients of the airdrop will be offered an option for temporary delegation of their voting power to a community member or initiative of their choice during the upcoming vote on this proposal. This delegation will serve to amplify the voice of the community in making critical decisions regarding this proposal.

Finally, the Arbitrum DAO will retain final authority over this proposal and any required changes will be decided based on a DAO vote. Any modifications to the proposal will be communicated via public notice to ensure transparency and community involvement in the decision-making process.