All eyes on the Arbitrum airdrop news: ARB token coming soon
It’s all over the news: the Arbitrum airdrop (ARB) is coming on 23 March! Arbitrum is one of Ethereum’s most popular and widely used Layer 2s, i.e. networks built on existing blockchains that allow transactions to be executed outside the main networks in a more efficient and cost-effective manner. In recent months, its popularity has increased significantly, and consequently, so has its use.
This is evident from the high number of transactions processed by the network. This Layer 2 was created in 2018 by Off Chain Labs, a New York-based startup founded with the aim of developing scalability solutions for Web3. ARB will be distributed to users who have interacted with the Layer 2 in the past months on 23 March. Here you will find everything you need to know about the Arbitrum airdrop news or, more specifically, the ARB token release.
How to get the arbitrum airdrop: eligibility requirements
23 March was the day chosen for the Arbitrum airdrop, i.e. the token launch: users who have interacted with the Layer 2 over the past months are eligible to claim the ARBs to which they are entitled. You can already check your arbitrum eligibility and how many ARB tokens you will receive by linking your crypto wallet to the Foundation’s website. The quantity is calculated based on the number of transactions executed on the network and the frequency with which they were made.
The number of Arbitrum tokens a user receives will increase if they have executed transactions on the Layer 2 regularly during the past months. The ARB airdrop had been announced in January via Twitter by the project’s co-founder, Steven Goldfeder: “the appetiser always precedes the main course,” referring to the main competitor’s airdrop, Optimism, that had just taken place.
In these hours, most Crypto Twitter users are wondering about the Arbitrum airdrop price, and wondering whether its countervalue in dollars will be comparable to that obtained with Optimism’s airdrop. OP’s free distribution in April 2022 was worth between $3,000 and $30,000 to users who had interacted with the network, depending on the quantity and complexity of interactions. No one can, as of today, know whether the airdrop of the Arbitrum token (ARB) will be as generous.
Arbitrum airdrop: price and distribution
The initial supply of the Arbitrum token will initially be 1 billion ARB, distributed in this way:
- 12.75% to the community through airdrop;
- 42% will be owned by the Arbitrum DAO, to finance governance decisions and the most widely used dapp;
- 29.94% to Offchain Labs, the startup developing Arbitrum;
- 17.54% to the investors who financed the project.
The circulating supply of the Arbitrum token has not yet been disclosed, and it is therefore impossible to predict the Arbitrum airdrop price. However, should the market capitalisation be similar to that of its main competitor Optimism, i.e. around 0.7 billion, the price of ARB could be close to the dollar.
What can I use the Arbitrum token (ARB) for?
The Arbitrum token distributed through the airdrop on Thursday, 23 March, will be used primarily with governance functions. The Arbitrum Foundation intends to entrust the most important decisions for the future of the blockchain to the people who use it, and this is where ARB comes in. At the launch in fact, the Arbitrum DAO will be set up, which will be composed of the holders of the Arbitrum token, who will be able to vote on all future decisions of the project. Users will also be able to create their own sub-networks, called ‘Layer 3’, should they receive approval from the Arbitrum DAO.
Arbitrum: excellent performance in recent months
Ethereum’s Layer 2s, in particular Arbitrum and Optimism, which together have surpassed the number of transactions processed on the ‘mother’ blockchain, have been the protagonists of the last period. On Arbitrum, the number of transactions executed daily, as of November 2022, hovers between 200,000 and 500,000. Despite the raging bear market, which has caused losses for all major crypto networks, the total locked-in value (TVL) on the network has continued to orbit around $1 billion. This allowed it to climb the ranking of the most widely used blockchains, compiled taking into account their TVL, to fourth position. We await the Arbitrum airdrop (of its token) to find out whether its blockchain’s TVL will rise further.
The last few months have been positive not only because of increasing adoption, but also because a number of important updates have been implemented. These include Nitro, which has enabled the network to process faster and cheaper transactions, and the integration of Arbitrum Nova, a sub-network dedicated to gaming and decentralised social networks. In addition, the arrival of the Arbitrum token and the birth of the Arbitrum DAO opens up a number of interesting opportunities for Layer 2 on the technological side as well. For instance, the possibility for users to create their own sub-networks.
The best dapps on Arbitrum
A portion of Arbitrum tokens will also be distributed to the most successful decentralised applications (dapp) in the ecosystem. The best known of these are those originating in Ethereum that have landed on Arbitrum in recent months. From Uniswap to Aave, from Sushi to Opensea, practically all the most famous Web3 companies have decided to integrate the blockchain of the moment, facilitated by the great similarity between Ethereum’s blockchain architecture and that of its Layer 2.
Among Arbitrum’s most successful projects is the decentralised exchange (DEX) GMX, which originated here and on Avalanche. GMX allows its users to engage in leveraged trading through financial instruments called perpetual futures.
Arbitrum’s blockchain is not only populated by decentralised finance projects (DeFi) but also by dapps dedicated to gaming and NFTs. One of the most famous of these is Treasure, a gaming metaverse that claims to be ‘the Nintendo of the Web3’ on which various play-to-earn video games can be played. Its entire ecosystem functions thanks to the MAGIC token, which allows for the non-fungible tokens needed to play and is distributed to players as a reward.
In short, this Layer 2 is proving to be one of the most promising scalability solutions for Ethereum. The arrival of the Arbitrum airdrop news and the ARB token, could help make the definitive leap forward for a blockchain that will most likely continue to make waves in the cryptocurrency world.
Related Article
Download the Young Platform app
