Arbitrum has been attracting attention ever since it announced that it will airdrop ARB tokens to users. Event on Arbitrum, an Ethereum layer 2 scaling system that uses Optimistic roll-up technology to enable faster and cheaper transactions, gained momentum ahead of Thursday’s scheduled airdrop of its native token ARB. Meanwhile, many exchanges are preparing to list the ARB token. Here are the details…
Major exchanges list Arbitrum
113 million ARB tokens for DAO projects in the ecosystem and 1.162 billion ARB tokens for users would be airdropped. This corresponds to 12.75 percent of the total ARB supply. In response to this event, several major exchanges announced the listing of ARB tokens. Binance stated that they will list the token on March 23 at 20:00 Turkish time and the deposit function will open on March 23 at 15:30 Turkish time.
Bybit will list the token on March 23 at 16:00. The deposit function is currently open. OKX opened the deposit function yesterday and will list the token when there is sufficient liquidity. Smaller exchanges like Kucoin, Huobi, MEXC, Gate have opened the deposit function and will list the token when there is sufficient liquidity. Arbitrum is one of the largest layer 2 networks on Ethereum. This airdrop will increase liquidity and may lead to positive market reactions in the future.
The airdrop of the Arbitrum ARB governance token has gone live, marking the beginning of the Ethereum layer-2 solution’s transition to decentralization. Crypto experts on Twitter warned airdrop participants of the issues raised in the ARB airdrop claim and shared solutions for it. Meanwhile, the ARB token airdrop comes at a time when the Bitcoin price rally has come to a standstill after the Fed’s 25bps increase. This supports the thesis of an altcoin rally, and ARB token holders can leverage the popularity of Arbitrum as a layer-2 scaling solution for the Ethereum Blockchain.
Can there be a problem during the airdrop?
Arbitrum’s ARB token airdrop is something the crypto community has been waiting for for a long time due to its role in the governance of the layer-2 chain and increasing decentralization. Users can claim Arbitrum’s ARB airdrop until September 23, 2023. On-chain vesting on Arbitrum One will begin when the Ethereum chain reaches block 16890400. In the process of claiming the ARB airdrop, market participants fear the risks of encountering the issues seen during Optimism’s OP token airdrop.
During Optimism’s OP token airdrop, users faced a challenge in communicating and interacting with Blockchain. Calls (RPCs) that allow remote communication with servers did not work as expected and users experienced a delay in the process. Most importantly, even after OP requested the token airdrop, the delay posed a challenge in transferring Optimism’s token to a DEX or centralized exchanges. Few people in the OP community have sold the over-the-air airdrop token at its peak. This highlights how important it is to set up a custom RPC and claim the airdrop at the right time.
Arbitrum airdrop could positively impact altcoins
The timing of Arbitrum’s ARB token airdrop seems to be key to market participants’ expectations. Altcoins are likely to gain popularity and relevance, according to some, as the Bitcoin price rally comes to a halt and the US Federal Reserve raises interest rates by 25 basis points. Typically, when the Bitcoin price rally rebounded, there was a spike in altcoin prices as investors turned bullish.
Meanwhile, the number of daily transactions on Arbitrum rose to a new record high of 1,312,052 on Wednesday, surpassing the previous peak of 1,103,398 reached on February 21, according to the Arbiscan data source. For comparison, the Ethereum mainnet processed around 1.08 million transactions. Transactions on Arbitrum have increased by over 50 percent since announcing the token airdrop a week ago. According to data from Dune Analytics’ Arbitrum dashboard, the leading scale-up project added over 400,000 new users to its network within two weeks, bringing its total user base to over 3 million.
Currently, around 625,000 wallets seem eligible for today’s airdrop. cryptocoin.com As we report, airdrops involving the distribution of free tokens to the community are a common way to increase adoption. ARB’s total supply will be fixed at 10 billion. Currently, bets on ARB on prediction markets called IOU suggest that the token will trade at around $6 after the airdrop.
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