ARB, the governance token of the Arbitrum ecosystem, plays a crucial role in the project's evolution toward decentralization. As upgrades continue to enhance the Arbitrum rollup, ARB facilitates governance and access control shifts from Offchain Labs to the Arbitrum DAO. All voting processes are self-executing and conducted on-chain, with a minimum of 21-37 days for proposals to pass before execution. ARB launched with a capped supply of 10 billion tokens, with a 2% annual inflation rate thereafter. The token allocation includes ~43% for the Arbitrum DAO treasury, 18% for Offchain Labs investors, 12% airdropped to eligible users, 27% for the Offchain Labs team, and 1% to active DAOs building on Arbitrum. All investor and team tokens are locked for 4 years, with a 1-year vesting cliff followed by monthly unlocks. The token was launched in what many consider one of the biggest airdrop events in the crypto industry. A snapshot was taken in early February 2023 and in late March users eligible to receive ARB based on a complicated set of criteria were allowed to get their tokens from a dedicated page. As expected, the buzz surrounding the anticipated airdrop led to problems. A significant number of phishing links were shared online, and both the platform for claiming the ARB airdrop and the Arbitrum block explorer experienced outages. Some users, however, bypassed these issues by directly interacting with the smart contract, enabling them to trade their assets at substantially higher prices than the majority of holders the next day. Yet, this workaround was not without its challenges. As more users discovered this method to claim their tokens, gas fees surged due to network congestion.