key takeaways
- Arbitrum is launching a native token.
- Airdrop eligibility is based on numerous factors, including use of Arbitrum One or Arbitrum Nova for multiple months.
- The airdrop can be claimed on March 23.
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After months of feverish anticipation, Arbitrum is finally ready to launch a native token: ARB. Here’s what you need to know.
Airdrop claimable before March 23
The Arbitrum community rejoices.
Ethereum Layer 2 solution finally Announced today that it would airdrop its long-awaited governance token, ARB, to early adopters of the network.
“After years of development and nearly 18 months running on the mainnet, The Arbitrum Foundation is extremely pleased to announce the launch of DAO governance for the Arbitrum One and Arbitrum Nova networks, a major step forward in decentralizing the two networks.” , stated the project.
Eligibility for the airdrop was determined by a number of factors: connecting to Arbitrum One or Arbitrum Nova, transacting on the network for several months, interacting with multiple smart contracts, transacting more than $10,000 in value, and providing more than $ 10,000 in liquidity to various protocols. Completion of any of these steps grants users a share of the ARB airdrop, with the allocation size increasing based on the number of criteria met.
Although users can already consult in the official website if they qualified, the airdrop will only be claimable on March 23rd. Arbitrum indicated that 11.62% of the total token supply would be used for the airdrop: Arbitrum DAO treasury will receive 42.78% of the supply, the team and their advisors 26.94%, investors 17.53% and DAOs in the Arbitrum ecosystem 1.13%.
it’s a choice one of many crypto projects—such as Optimism, Polygon, zkSync, and StarkNet— with the goal of making transactions on the Ethereum network more affordable by outsourcing computational data and subsequently sending proofs of validity to the mainnet. The scheme saves block space and allows transactions to be bundled, further reducing the amount of data compromised with the mainnet and dividing gas fees among many users.
Disclosure: At the time of writing, the author of this article owned BTC, ETH, and various other crypto assets.
