- More than 900 million ARB tokens have been distributed among 500 thousand people, which represents 79.9% of what was planned for the airdrop of the asset.
- The total supply of ARB is 10 billion tokens and there are 625,143 wallets eligible for the airdrop.
- Arbitrum is a Layer 2 blockchain on Ethereum and therefore its goal is to allow the Ethereum network to scale.
The data from Dune Analytics show that so far 79.9% of the ARB airdrop has been claimed; that is, 929,326,625 tokens have reached the hands of almost 500,000 people.
It is important to remember that ARB’s total supply is 10 billion tokens and there are 625,143 wallets eligible for the airdrop.
According to CoinDesk, more than 42,000,000 tokens were claimed in the first hour of the launch alone. But what is it? We tell you!
ARB, the new popular token of the crypto market
Arbitrum is a Layer 2 blockchain on Ethereum and, therefore, its objective is to allow the Ethereum network to scale. by getting users to avoid high transaction fees.
The project gained popularity as the total value locked (TVL) on the chain has nearly doubled from the lows in the aftermath of the FTX crash. In large part this is due to the fact that many decentralized crypto exchanges (DEXs) own more than 35% of the TVL in Arbitrum, but also due to speculation surrounding the airdrop of their token.
On March 16, 2023, Arbitrum finally announced the ARB airdrop that happened on March 23. In this sense, one day after the launch, almost 80% of the available tokens have already been claimed.
In the first 24 hours, the ARB token saw a trading volume of more than $2 billion USD. Bitget and Huobi were the top crypto exchanges where the token was traded, with over $250 million in ARB traded.
All this happened despite the fact that just when Arbitrum enabled the token claim the page collapseseither. An error 429 was presented that corresponds to a high user traffic.
In itself, ARB marks Arbitrum’s official transition to a decentralized autonomous organization (DAO). That is, ARB is the network governance token and its holders can vote on key decisions for the network, such as updates or protocol changes.
What happened to the token price?
As Arbitrum is a Layer 2 blockchain on Ethereum, ARB is an ERC-20 token, that is, holders can move their tokens to the vast majority of crypto exchanges, including DEXs, to settle them for cash or other tokens.
During the first hours of the airdrop, the price of ARB fell from $11 to $1 USD. In fact, apparently only one direction achievement successfully sell the token for $10.29 USD on Uniswap. Other addresses were able to sell around $4.5, but the price quickly fell to around $1.
Remember that an airdrop is, to some extent, “free money”, so if someone receives a certain number of tokens and would rather lock in a win today than one in the future, they will probably exchange the newly dropped token for one that gives them greater security.
Since the token was so easy to trade, significant selling pressure was generated that caused the price to fall.
“TO Despite the airdrop selling pressure, it remains to be seen what potential utility there is and whether integration into the system [financiero descentralizado] Arbitrum broader could provide fresh impetus for bullish sentiment”, declared Henry Liu, executive director of BTSE, to CoinDesk .
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