Arbitrum（ARB）代幣經濟學

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

1. Issuance Mechanism

• Total Supply: 10 billion ARB tokens were created at genesis.
• No Ongoing Inflation: There is no evidence of ongoing inflation or regular minting; the initial supply is fixed.
• Distribution Events: The initial distribution included a large airdrop to users and DAOs, with the remainder allocated to the DAO treasury, team, investors, and the Arbitrum Foundation.

2. Allocation Mechanism

The ARB token allocation is designed to balance governance, ecosystem growth, and long-term alignment among stakeholders. The following table summarizes the main allocation categories and their proportions:

• Airdrop Details: ~1.16 billion ARB (11.6%) were airdropped to users on March 23, 2023, based on pre-February 6, 2023 activity. An additional 1.13% was airdropped to DAOs and protocols.
• DAO Treasury: The DAO treasury is empowered to allocate tokens for grants, incentives, and ecosystem programs via governance.

3. Usage and Incentive Mechanisms

Governance

• Primary Use: ARB is a governance token for the Arbitrum DAO, enabling holders to propose and vote on protocol upgrades, treasury allocations, and ecosystem initiatives.
• Voting Platforms: On-chain (Tally) and off-chain (Snapshot) voting are supported.
• Delegation: Tokenholders can delegate voting power to others.

Ecosystem Incentives

• Short-Term Incentive Programs (STIP): Allocated 0.5% of supply to protocols for user incentives.
• Long-Term Incentives (LTIP): Allocated 0.45% of supply for sustained ecosystem growth.
• Gaming Catalyst Program (GCP): Allocated 2.25% of supply for gaming projects, distributed over three years.
• No Direct Yield: As of late 2024, there are no active programs where simply holding ARB yields additional tokens or fees. However, the DAO can allocate treasury funds for future incentives.

Protocol Security and Dispute Resolution

• BoLD Protocol: Validators and challengers must post bonds (in ETH, not ARB) to participate in dispute resolution. Honest parties are reimbursed, and a portion of confiscated bonds from dishonest actors may be distributed as rewards.

4. Locking and Vesting Mechanisms

Team & Investor Vesting

• Lockup Period: All team and investor tokens are subject to a 4-year vesting schedule.
  • Cliff: The first unlock occurs after 1 year.
  • Linear Vesting: The remaining tokens vest monthly over the next 3 years.
• Foundation Vesting: Of the 7.5% allocated to the Arbitrum Foundation, 0.5% was immediately available, with the remaining 7% vesting linearly over four years.

DAO Treasury and Airdrops

• DAO Treasury: Tokens are available for allocation as determined by governance, with no explicit vesting.
• Airdrops: User and DAO airdrops were fully unlocked at distribution.

5. Unlocking Schedule

• Monthly Unlocks: Approximately 1.1% of the total supply vests monthly, with full vesting scheduled for March 2027.
• Example (July 2025): 108.56M ARB unlocked, distributed as follows:
  • Offchain Labs Team & Advisors: 56.1M ARB
  • Offchain Labs Investors: 36.5M ARB
  • Arbitrum Foundation: 15.9M ARB

6. Token Utility and Economic Implications

• Not a Gas Token: ARB is not used for transaction fees on Arbitrum; ETH remains the gas token.
• Governance Power: ARB holders control protocol upgrades, treasury, and incentive programs.
• No Direct Cash Flows: ARB does not entitle holders to protocol profits, sequencer revenue, or MEV by default.
• Potential for Future Utility: The DAO may introduce staking or additional utility as the protocol evolves, especially with the move toward decentralized sequencers.

7. Summary Table: Arbitrum Tokenomics

8. Implications and Perspectives

• Decentralized Governance: The large allocation to the DAO treasury and broad airdrop distribution support decentralized decision-making.
• Long-Term Alignment: Extended vesting for team and investors aligns incentives with protocol growth and stability.
• Ecosystem Growth: Incentive programs and grants are designed to bootstrap and sustain ecosystem activity, as seen in the rapid TVL growth and protocol diversity on Arbitrum.
• Market Impact: Regular, predictable unlocks help manage supply shocks, but large unlocks (especially for team/investors) can influence price and market sentiment.
• Future Evolution: The DAO retains flexibility to introduce new incentive models, staking, or utility for ARB as the protocol matures.

References to Key Data Points

• Allocation and Vesting: As of June 2025, ARB will fully vest in March 2027, with 1.1% of supply vesting monthly.
• Airdrop: 11.6% to users, 1.1% to DAOs/protocols.
• Team/Investor Lockup: 4 years (1-year cliff, 3-year linear).
• Foundation Vesting: 0.5% immediate, 7% over 4 years.
• DAO Treasury: 35.3% of supply, available for governance allocation.

This comprehensive overview captures the nuanced structure of Arbitrum's token economics, highlighting its focus on governance, long-term alignment, and ecosystem growth, while also noting the absence of direct yield or gas utility for ARB holders as of 2025.