The launch of the Arbitrum Foundation’s new token, which will trade under the ticker ARB starting on March 23, has been revealed. Holders of the ARB token will be able to decide on modifications to the Ethereum layer two network thanks to a $300 million ARB distribution.
ARB Token Launch and Its Implications for Ethereum Scalability
The layer two blockchain protocol called Arbitrum, which aims to make the Ethereum blockchain more scalable, is moving toward becoming a decentralized autonomous entity. (DAO).
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As the first Ethereum Virtual Machine (EVM) rollup technology to achieve decentralization, the launch of a DAO administration will be a milestone for the protocol in decentralizing the network
With their ability to operate independently of centralized actors thanks to this development, Arbitrum One and Arbitrum Nova can now enable their user base to decide what happens next on the network’s roadmap for future events.
The announcement states that regardless of whether the ARB token controls the chain, the protocol’s DAO can approve additional Layer 2 chains on Ethereum. Thanks to this mechanism, the community will have complete authority over the network’s technology.
Orbit Platform: Empowering Developers to Create Permissionless Layer Three Blockchains
In addition, the foundation has declared the opening of Orbit, a platform that combines Ethereum security with the protocol’s technology to enable developers to deploy their permissionless layer three blockchains.
The goal of Arbitrum Orbit is to expand the ecology of the network, create new protocol applications, and start new protocol chains. The Arbitrum DAO can guarantee total control over the protocol’s destiny by granting its users even more permission-based licenses.
According to the statement, more than 12% of the community will receive most Arbitrum tokens. Gradually distributing the extra tickets to the community will fall to the Arbitrum Foundation and DAO.
With a TVL of $3.60 billion, up 9.37% in the last few days, and a market share of 55.87% across all rollups, the protocol recently eclipsed the highest Total Value Locked (TVL) across all Layer 2 networks.
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