$56.5M worth of Ethereum airdrop unclaimed

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$56.5M worth of Ethereum airdrop unclaimed

Eligible users had six months to claim the $1.7B ARB Airdrop from leading Ethereum layer 2 network.

On Sept. 25, the Arbitrum Foundation moved $56.5M worth of unclaimed ARB tokens from the Layer 2 network's token airdrop in March.

ARB is the governance token of Arbitrum, the leading Ethereum scaling solution with $5.6B locked in total value.

Early adopters of the network, who were eligible for the airdrop, could have claimed their tokens for nearly no cost. Now, the Unclaimed tokens will go back to the Arbitrum DAO, which was established alongside the airdrop, and is the organization that stewards the Arbitrum ecosysem.

The $56.5M of unclaimed tokens is remarkable, as airdrop hunting is so popular that a niche industry has emerged around establishing eligibility for what have often been five-figure windfalls. It's likely many people don't know they can claim ARB tokens. Some have lost track of their wallets' private keys.

Arbiscan said eligible addresses were still claiming their ARB allocations until the deadline. But, given that the maximum claim for a private address was 10,250 tokens, tens of millions of ARB remained unclaimed.

Arbitrum's ARB tokens may be distributed to participants in a growth initiative called Odyssey, which the foundation resumed last week. The program was so popular that network congestion pushed the Arbitrum team to pause it when Odyssey first launched in summer 2022.

The Arbitrum DAO has already approved a new incentive program aimed at boosting the ecosystem of layers 2's ecosystem. The ARB airdrop is the largest in crypto history, with tokens ranging from $1.7B to $1.7 billion distributed at the time.