The Arbitrum Foundation has agreed to split its controversial governance package into separate votes after facing backlash from the community. The foundation will also rebrand its "special grants" program to the "Ecosystem Development Fund" and provide a transparency report on its budget. Additionally, the foundation pledged not to sell more tokens in the near future and will subject the 750 million ARB token allotment to a standalone vote. The move was welcomed by some influential voices in the community, including the pseudonymous ChainLinkGod.
The Arbitrum token (ARB) is trading at $1.38 after a turbulent launch, with $27 million in trading volume in the first hour since the claim opened. The front end of the Arbitrum website remains down under heavy server load, but users can still claim their airdrop by executing a command directly with the smart contract. Prices are expected to be volatile after the claim website comes back online.
Arbitrum, a layer-2 rollup on Ethereum, has hit an all-time high in daily transactions and unique wallets interacting with the network ahead of its airdrop. The network hosted roughly 1.66 million and 1.56 million transactions on March 21 and 22, respectively, with more transactions than on the Ethereum mainnet. The airdrop of ARB governance tokens to early users and developers is slated for today, with over 625,000 eligible addresses. The total deposits on DeFi platforms on Arbitrum reached a new peak of nearly $2 billion, and the ARB token futures contract started trading on BitMEX on March 20.
