اقتصاد توکنی Arbitrum (ARB)

Arbitrum’s ARB token is central to the governance and incentive structure of the Arbitrum ecosystem. Below is a comprehensive breakdown of its token economics, including issuance, allocation, usage, incentives, locking, and unlocking mechanisms, with a detailed table for clarity.

Issuance Mechanism

• Total Supply: Fixed at 10 billion ARB tokens.
• Initial Distribution: No public sale or ICO. Tokens were distributed via airdrops, allocations to the DAO treasury, team, investors, and the Arbitrum Foundation.
• Vesting: The majority of allocations (team, advisors, investors, foundation) are subject to multi-year vesting schedules, with monthly unlocks.

Allocation Mechanism

The ARB token allocation is as follows (as of June 30, 2025):

Usage and Incentive Mechanism

• Governance: ARB is a governance token. Holders can vote on proposals, allocate treasury funds, amend the DAO constitution, and authorize new chains.
• Incentives:
  • Airdrops: Early users and DAOs received ARB as retroactive rewards.
  • Ecosystem Programs: The DAO treasury funds incentive programs (e.g., Short-Term Incentive Program, Long-Term Incentives Pilot, Gaming Catalyst Program) to bootstrap ecosystem growth.
  • No Native Staking/Rewards: As of late 2024, there are no direct staking or yield mechanisms for ARB holders, but the DAO may allocate incentives in the future.

Locking and Unlocking Mechanism

• Cliff and Linear Vesting:
  • Team, Advisors, Investors: 4-year vesting, with a 1-year cliff (first unlock after 1 year), then monthly linear unlocks for the remaining 3 years (March 2024–March 2027).
  • Foundation: 7.5% of supply, with 0.5% unlocked at genesis and the rest vesting linearly over 4 years from April 2023.
  • DAO Treasury: Unlocked at genesis, but actual spending is governed by DAO proposals.
  • Airdrops: User and DAO airdrops were unlocked one week after token genesis (March–April 2023).

Unlocking Schedule Table

• Monthly Unlocks: Approximately 1.1% of total supply vests monthly, with full vesting by March 2027.
• Market Impact: Regular, predictable unlocks help manage supply shocks and align incentives for long-term contributors.

Additional Mechanisms

• Governance Locking: ARB holders can delegate voting power; proposals have waiting periods to allow for community review and action.
• Challenge Bonds: In protocol dispute resolution, challenge bonds are used and can be confiscated and sent to the DAO treasury if parties act dishonestly.

Summary Table: Allocation and Vesting

Implications and Analysis

• Long-Term Alignment: The vesting and allocation structure is designed to align incentives for core contributors, investors, and the community.
• Governance Power: The DAO treasury’s large allocation ensures community-driven development and flexibility for future incentive programs.
• Market Dynamics: Predictable unlocks and transparent schedules help mitigate sudden supply shocks, supporting market stability.
• No Native Yield: As of the latest data, ARB does not offer native staking or yield, focusing its utility on governance and ecosystem incentives.

In summary: Arbitrum’s ARB tokenomics are structured for long-term sustainability, robust governance, and ecosystem growth, with a transparent and gradual unlocking schedule that fully vests by March 2027.