The Arbitrum Foundation, which continues to develop the Arbitrum blockchain, said in a statement on Sunday that 69 million unclaimed ARB tokens were transferred to the network’s treasury after the demand period for the tokens ended over the weekend. Additionally, the Arbitrum Treasury Applications received $59M.

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According to technical documents, unclaimed rewards represent 0.69% of ARB’s total 10 billion supply. Data obtained from the Dune Analytics dashboard shows that 93% of eligible users claimed their tokens.

The value of these tokens is currently over $59 million. ARB tokens were distributed to eligible users as an airdrop at the end of March with a huge community response. Additionally over 42 million tokens were claimed by 23,000 unique users within hours of going live.

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

Following the implementation of ARB, the deadline for claims was set as September 24. In a governance vote in August, Arbitrum community member yoav.eth proposed that these tokens be transferred to the Arbitrum treasury instead of being locked forever. The vote received 99.96% approval from token holders.

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The post Arbitrum Adds $59M to Its Treasury with Missed Applications!! appeared first on Coin Engineer.