The Arbitrum Foundation, which oversees the Arbitrum blockchain, has moved 69 million unclaimed (CRYPTO: ARB) tokens to the network's treasury following the conclusion of the claim period.

This amount corresponds to 0.69% of the total ARB supply, which stands at 10 billion.

As per data from Dune Analytics, 93% of the qualified participants have already claimed their tokens.

The development, announced on Sunday, Sept. 24, comes just a few weeks before Benzinga's Future of Digital Assets conference on Nov. 14. Such events often highlight the dynamic nature of the crypto world and the importance of governance in decentralized systems.

The value of these tokens is estimated to be over $59 million based on current market rates.

Earlier this year, in late March, ARB tokens were distributed to eligible members, garnering significant attention. This airdrop saw more than 42 million tokens being claimed by 23,000 distinct users within hours of its launch.

Airdrops are essentially unsolicited or automatic token transfers from crypto projects to users.

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The original deadline for claiming these tokens was Sep. 24.

However, in a notable move, a proposal was made in August by an Arbitrum community member, yoav.eth, suggesting that unclaimed tokens should be directed to the Arbitrum treasury rather than being permanently locked away.

This proposal was overwhelmingly supported, with a staggering 99.96% of token holders voting in favor.

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