Ledgers are a great choice for storing $ARB tokens especially because of its close integration with Metamask. This lets you use any EVM-compatible blockchains like Arbitrum, BSC, Optimism, Avalanche, Polygon and many more with ease. Arbitrum is a layer 2 blockchain scaling solution built on top of the Ethereum blockchain. Offchain Labs created it in August 2021 with the aim of speeding up transaction times while lowering the on-chain transaction costs and promoting scalability. This distribution to protocols sought to create a more diverse base of ARB token holders to further decentralize the chain across the team, investors and individual users. Moreover, as protocols directly build on the chain, protocols could propose changes from the perspective of builders to the benefit of all users of Arbitrum.
Since its launch last year, the Arbitrum ecosystem has greatly expanded, ranking 6th in all chains total value locked with 129 integrated protocols. But for Arbitrum, it has its own virtual machine called Arbitrum Virtual Machine (AVM). Arbitrum teamed up with Nansen, a crypto analytics firm, to establish ARB token eligibility based on the level of user activity. According to the official announcement from Arbitrum, Arbitrum is using a points system to determine the number of ARB tokens that airdrop recipients can claim. Arbitrum has refrained from revealing the full list of airdrop recipients. However, you can check your eligibility quickly through Arbitrum’s official website.
- The Arbitrum(ARB) token is an ERC-20 governance token used to participate in Arbitrum DAO’s on-chain governance.
- Many crypto projects use airdrops to attract new users and increase token awareness.
- While Newton isn’t affiliated with or endorses any particular wallets, there are many examples of such wallets including MetaMask, MyEtherWallet, and Trust Wallet.
- The release of ARB is planned alongside Arbitrum Obit’s start, which lets other apps and protocols create new Layer 3 blockchains on Arbitrum’s low-cost system.
Who Is Eligible for the Airdrop?
Decentralized derivatives platform GMX and exchange Uniswap command the most value. Ethereum native dapps Aave and Curve have also launched on the network, among others. Prior to its token launch, the Ethereum layer-2 network had been governed by New York startup Offchain Labs — the developer behind the protocol. The Arbitrum ARB governance token airdrop is one day away and will mark the beginning of its transition into decentralization.
Arbitrum ($ARB) Token Airdrop: Arbitrum Odyssey how to guide
Transactions on Ethereum cost several dollars to complete, while the same costs approximately two cents on the Arbitrum blockchain. The median airdrop size is 1,250 ARB tokens, with more than 245,000 addresses, out of the total 625,143 eligible addresses, falling into this range. On the high end of the spectrum, just over 4,400 addresses will be eligible to claim the maximum amount at 10,250 ARB tokens.
The initial step is to pinpoint your Arbitrum wallet address and confirm that it aligns with the address employed during the eligibility period. All criteria will be disqualified if you received fewer than three points. The Arbitrum Foundation aimed to involve numerous authentic users in the airdrop, but inevitably, some recent or sporadic users didn’t make the cut. To differentiate between newcomers and airdrop farmers, a points system was employed to determine token eligibility.
Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.
A Step-by-Step Guide
As Arbitrum airdrop its token, it’s important that you tread with caution while claiming your ARB tokens to avoid falling prey to ARB airdrop scams. It’s not uncommon for scammers to use airdrops to phish users through spoof websites as well as other schemes. Arbitrum will airdrop $ARB tokens directly to your eligible wallet address via MetaMask, Trust Wallet, Coinbase Wallet, Brave or Ledger. Some of the top decentralized finance (DeFi) protocols include Uniswap, Curve, Aave, Balancer, and SushiSwap.
On March, 23, 2023, 1.162 billion ARB tokens will be airdropped to individual wallets, representing 11.62% of the total token supply of the ARB token, which sits at 10 billion tokens. Unfortunately, when a crypto airdrop receives this much hype, it doesn’t take long for the crypto scammers to begin circling. Many crypto projects use airdrops to attract new users and increase token awareness. Free cryptocurrencies are shared with eligible users during airdrops based on certain criteria. The event, which incentivizes users and potential users to use a platform or token, aims to help the token get adopted early. It aims to reduce Ethereum’s network congestion and transaction costs.
Votes are token-weighted, meaning the more tokens you have, the more influence your vote has. The ARB token is only for making decisions about the protocol, not for paying fees like ether (ETH) on Ethereum and Arbitrum. The Arbitrum DAO’s governance lets users directly change the main code without any middleman. At the time of writing, the airdrop claiming period is scheduled to commence on March 23. Expect a lot of volatility as the market reacts to the launch of the new ARB token. Almost 12% of the total airdrop supply will be distributed to Arbitrum users and a tad over 1% of will be given to DAOs building on top of the network.
Leading DApps on Arbitrum Ecosystem
The Arbitrum Foundation declared the release of its latest digital asset, the ARB token, on Mar 16, 2023, marking the shift to a decentralized autonomous organization (DAO). As of now, javascript practice exercises for all levels 56% of the overall ARB token supply is owned by the Arbitrum community, with 12.75% set to be distributed via airdrop to qualified users on Mar 23, 2023. The Arbitrum Foundation and DAO will dispense the remaining community-owned tokens gradually.
The team has also provided the essential criteria and data set, allowing users to independently assess the process’s fairness and precision. The Arbitrum community will have control of 56% of the 10 billion tokens, while 11.5% will be airdropped to eligible Arbitrum users. In addition, 1.1% will be allocated to the DAOs that manage the Arbitrum ecosystem. The rest of the tokens will go to a treasury that the Arbitrum DAO will manage. A further 44% of ARB’s circulation will go to the employees and investors of Offchain Labs who first developed Arbitrum. The main objective of an airdrop is to create awareness of the new token, to boost circulation, and to decentralize the token holders.
Notably, the proportion of ARB reserved for insiders is higher compared to similar projects, such as Optimism, which allocated 36% of its OP tokens to investors and core contributors. $ARB will solely function as a governance tool for the Arbitrum protocol, unlike ETH which is used to pay fees on both Ethereum and Arbitrum. The governance process of Arbitrum DAO will be autonomous, allowing votes to directly modify the core code of Arbitrum.
Refer to Arbitrum Sybil Hunting to learn more about the Sybil mitigation methodology. Refer to our Sybil accounts concept document for a conceptual introduction to Sybil accounts. One way to avoid being scammed is to make sure you only access Arbitrum’s airdrop through the Arbitrum Foundation, the official site for the project. Its all-time high price was US$8.67, and an all-time low of US$1.11. For those who do not know what an optimistic rollup is, we got you covered with a simple explanation.
The rollout of its cryptocurrency is a boon new 123movies free movie sites unblock gomovies security for those users, and we’re interested to see where it will lead in the coming months. Furthermore, Arbitrum is attempting to encourage more users to join its ecosystem by stating its intention to initiate more airdrops for users who continue to use the Arbitrum ecosystem. You won’t be able to claim your tokens until March 23, 2023, when claiming goes live.
Arbitrum does this by offloading computation and data storage from the main chain. Arbitrum’s AVM greatly improves optimistic rollups because it stores very little data on-chain for optimal scalability. Moreover, to address potential delays due to fraud challenges, the AVM uses pipelining to process multiple disputes, while verification nodes help speed up the process. A helpful way to check your transaction history is by using a blockchain explorer like Arbi Scan. Token holders will elect two groups of six security council members (totaling 12) every six months, each who will have private keys to a multsig that will control the protocol’s primary smart contract. To qualify for the airdrop, buy crypto voucher online you need to have interacted with the Ethereum network before Feb 6, 2023 (check the official announcement for more details).
The criteria for eligibility were focused on various actions taken by users on these networks, and the airdrop token allocation was determined based on the number of points earned. The fact that points earned before the launch of Arbitrum Nitro were worth twice as much as points earned after added an extra incentive for early adopters to participate. Although Arbitrum delayed launching its governance token, most people are still looking forward to theArbitrum Airdrop. ARB holders can vote on key decisions that will govern Arbitrum One and Arbitrum Nova with the introduction of the ARB token. This article will try to introduce the details of Arbitrum airdrop eligibility and how to claim it. After the token is officially released, it is advised that you explore the best available hardware wallet, such as Ledger or Tangem, and software wallets such as Trust Wallet to safeguard your tokens.
Leave a Reply