Everything You Need To Know About the Arbitrum Airdrop
Arbitrum is a Layer 2 Ethereum blockchain created with optimistic rollup technology. Arbitrum intends to scale Ethereum by letting users to avoid the hefty transaction costs that Ethereum is known for while leveraging the security of the battle-tested network.
Arbitrum has been exceptionally effective in gaining traction, with total value locked (TVL) on the chain nearly doubling since the FTX crash lows. The popular perpetuals decentralized exchange (DEX), GMX, which currently holds more than 35% of TVL on Arbitrum, was a major driver of this shift. The conjecture about an airdrop of Arbitrum’s token, on the other hand, was a crucial driver of its quick growth.
Airdrop rumors first arose in 2021 with the opening of Arbitrum, and then again in 2022 with the debut of Arbitrum Odyssey, a series of adventures on Arbitrum. However, the speculations reached a fever pitch in early 2023, when positive optimism began to return to the markets.
Arbitrum ultimately revealed its token, ARB, and its airdrop on March 16, 2023, with the token going live the following week on March 23, 2023, when Ethereum mainnet block 16890400 is mined.
Let’s go into the specifics.
Who Is Eligible for the Airdrop?
Arbitrum created a set of criteria to decide who would be eligible for the airdrop and how much each user would get. The airdrop criteria include the following:
- Converting transactions to Arbitrum
- The number of months in which transactions on Arbitrum were completed.
- The number of transactions or smart contracts that have been interacted with
Transaction value as a whole - Arbitrum One and Arbitrum Nova activity
Each criterion is further subdivided into many bands, with higher bands giving bigger airdrops. For example, under the “Transactions Over Time” criterion, conducting transactions over nine distinct months would deserve a greater airdrop than executing transactions over only two distinct months.
Anti-sybil measures were also implemented to deduct points from customers who: completed all qualifying transactions within 48 hours
They had less than 0.005 ETH in their wallet and only engaged with one smart contract.
Wallets recognized as a sybil address using Hop Protocol’s Bounty Program were likewise barred from receiving the airdrop.
On the official Arbitrum Foundation website, users can check the criteria they have met and their assigned airdrop.
If users want to sell their ARB tokens, they can consider centralized exchanges (CEXs) in addition to the different DEXs on Arbitrum. Several CEXs, including Binance, ByBit, OKX, KuCoin, and others, have announced that they will list ARB on launch day.
Token Distribution
On March 23, 2023, 1.162 billion ARB tokens were airdropped to individual wallets, representing 11.62% of the ARB token’s total token supply of 10 billion tokens.
The median airdrop amount is 1,250 ARB tokens, with about 245,000 addresses falling within this range out of the total 625,143 eligible addresses. On the high end, little over 4,400 addresses will be able to receive the maximum number of 10,250 ARB tokens.
At the same moment, the Arbitrum decentralized autonomous organization (DAO) treasury received 4.278 billion tokens. These tokens’ vesting duration will be chosen by a governance vote. ARB token holders will have authority over the use of these tokens through governance proposals called as Arbitrum Improvement Proposals. (AIPs). As a result, Arbitrum’s token airdrop is also the team’s first step in decentralizing the chain to the community world wild.
But it isn’t all. Looking more deeply at the distribution, 113 million ARB tokens will also be given to DAO treasuries of Arbitrum-based protocols .
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