Key points to remember
- Arbitrum drops a native token.
- Airdrop eligibility is based on many factors, including several months’ use of Arbitrum One or Arbitrum Nova.
- The airdrop will be claimable on March 23.
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After months of feverish anticipation, Arbitrum is finally ready to release a native token – ARB. Here’s what you need to know.
Airdrop claimable by March 23
The Arbitrum community rejoices.
The Ethereum Layer 2 Arbitrum solution finally announcement 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 of operation 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 massive leap forward in decentralization. of both networks,” the project said.
Airdrop eligibility was determined by a number of factors: transition to Arbitrum One or Arbitrum Nova, transactions on the network over a period of several months, interaction with multiple smart contracts, completion of worth more than $10,000 and providing more than $10,000 in liquidity to various protocols. Completing any of these steps guarantees users a portion of the ARB airdrop, with the size of the allocation increasing based on the number of criteria met.
Although users can already check on the official site if they have qualified, the parachute cannot be claimed until March 23. Arbitrum has indicated that 11.62% of the total token supply will be used for airdrop: Arbitrum DAO treasury will receive 42.78% of supply, the team and its advisors 26.94%, investors 17, 53% and the DAOs of the Arbitrum ecosystem 1.13%.
Arbitration is one of many crypto projects— like Optimism, Polygon, zkSync, and StarkNet — aiming to make transactions on the Ethereum network more affordable by outsourcing computational data and then sending proofs of validity back to the mainnet. The scheme saves block space and allows transactions to be consolidated, further reducing the amount of data committed on the mainnet while spreading gas costs among many users.
Disclosure: At the time of writing this article, the author of this article owned BTC, ETH, and several other crypto assets.