Since Arbitrum began distributing governance tokens to decentralized autonomous organizations (DAOs), some large token holders, commonly known as whales, have been adding to their stacks. One address holding 1.95 million Arbitrum governance tokens, worth roughly $2.7 million, received nearly $200,000 in ARB from Binance. Another address holding 1.78 million governance tokens, worth $2.5 million, spent 80 ETH on buying roughly $146,000 worth of ARB. Arbitrum designated 1.13% of the overall 10 billion governance token supply to be distributed among qualifying projects in the ecosystem, including Uniswap, Sushi, Aave, GMX, Hop Protocol, Radiant Capital, Balancer, Synapse, MakerDAO, Curve, Layer Zero and 1inch.

(By Adam James)