The Arbitrum community is speculating and selling their ARB tokens, which have not yet been launched, on the over-the-counter (OTC) markets following the announcement of the Arbitrum launch.
The Arbitrum Foundation advertisement that ARB – the new Arbritrum token – would be distributed to eligible community members on Thursday, March 23. He explained that ARB brand Arbitrum’s official transition to a decentralized autonomous organization (DAO)meaning ARB holders can vote on key decisions governing Arbitrum One and Arbitrum Nova, networks that allow users to transact on the Ethereum blockchain with better speeds and lower fees.
OTC trading allows buying and selling cryptocurrencies directly between sellers and buyers. The process is usually very fast, and the funds are transferred directly from a bank account to the seller. In this case, When the buyer and seller agree on a price, the seller receives payment from the buyer and then hands over the linked seed phrase to the eligible wallet.
Jack, who wishes to remain anonymous, has explained to Cointelegraph that the craze to sell the unreleased ARB tokens is based on speculation about the market capitalization of the tokens when they are released. He explained that the price of an ARB coin, when launched, could be as much as $1, so most people don’t mind selling at $0.5 per token and leave room for a possible $0.5 profit for the tokens. buyers.
have secured 6-figs of $ARB OTC at an avg. price of $0.98
wish me luck
—Cole (@cole0x) March 21, 2023
I have secured 6 $ARB OTC figures at an average price of $0.98. Wish me luck
Arbitrum owns 55% of Ethereum’s layer 2 market share, according to layer 2 analytics site L2Beat. As one of the largest cryptocurrency projects without a token, the anticipation for an Arbitrum token has been at its highest since the network went live in 2021.
With a total circulation of 10 billion ARB, the Arbitrum community will control 56% of the tokens. The launch will grant 11.5% of the total supply to eligible Arbitrum users and 1.1% to DAOs operating in the Arbitrum ecosystem.
The Arbitrum community has also warned others to remain vigilant following reports of phishing websites and scams offering tokens from the Arbitrum launch.
Arbitrum’s main competitor in the Ethereum scaling space, Optimism, launched its OP token almost a year ago when it transitioned to DAO governance.
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