Arbitrum token finds its way to the OTC market ahead of airdrop

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The Arbitrum community is speculating and selling its unreleased ARB tokens on the over-the-counter (OTC) markets after the announcement of the Arbitrum airdrop.

The Arbitrum Foundation announcement that ARB, Arbritrum’s new token, will be airdropped to eligible community members on Thursday, March 23. He explained that ARB Brands The official transition of Arbitrum to a Decentralized Autonomous Organization (DAO), meaning ARB holders will be able to 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 makes it easy to buy and sell cryptocurrencies directly between a seller and a buyer. The process is usually very quick and funds are transferred directly from a bank account to the seller. In this case, when a price is agreed between the buyer and the seller, the seller receives the payment from the buyer and then waives the seed sentence tied to the eligible portfolio.

Jack, who wishes to remain anonymous, told Cointelegraph that the craze to sell the unreleased ARB tokens is based on speculation about the market capitalization of the tokens when they were launched. He explained that the price of a $ARB coin, when it launched, could go as high as $1, so most people don’t mind selling at $0.5 per token and leaving room. at a possible profit of $0.5 for buyers.

Arbitration holds 55% of Ethereum’s layer 2 market share, according to layer 2 analytics site L2 Beat. As one of the largest tokenless crypto projects, the anticipation for an Arbitrum token has reached fever pitch since the network went live in 2021.

Related: Arbitration Airdrop hype helps zkSync addresses jump more than 5 times in a week

With the ARB’s total circulation count of 10 billion, the Arbitrum community will control 56% of these tokens – the airdrop will award 11.5% of the total supply to eligible Arbitrum users and 1.1% to operating DAOs in the Arbitrum ecosystem.

The Arbitrum community has also warned others to remain vigilant after reports of phishing and scam websites offering Arbitrum airdrop tokens.

Arbitrum’s main competitor in the Ethereum scaling space, Optimism, launched its OP token nearly a year ago when it made its own transition to DAO governance.