Ethereum layer-2 blockchain Arbitrum will distribute Ether (ETH) worth nearly $6.2 million to its decentralized autonomous organization (DAO), the project announced on May 9 on Twitter. ARB holders must claim the rewards.
The funds to be collected are base fees and surplus revenue generated from network transactions. According to Arbitrum’s tweet, a total of 3,352 ETH will be collected by its DAO. As internet-native organizations, DAOs are collectively owned and managed by their members. They have treasuries and make decisions through proposals voted on by the group.
Big news Arbinauts!
Arbitrum is the only rollup that sends all surplus revenue generated by transaction fees to their respective DAO and it is time for the DAO to collect the funds so far!
Follow along to learn more about it.
— Arbitrum (,) (@arbitrum) May 10, 2023
Arbitrum is a popular scaling network used by many decentralized applications and blockchain developers. All users pay a fee during transactions on Arbitrum One.
The cost of sending ETH on Arbitrum is currently $0.25, and swapping tokens is $0.68 at the time of writing. Data from Crypto Fees shows that Arbitrum’s users paid $387,423 in fees over the past seven days.
Each fee paid on Arbitrum One is divided into two…
