Arbitrum, one of the leading Ethereum scaling solutions, has launched its much-anticipated token, ARB, which will be airdropped to community members on March 23. This news has created a buzz in the cryptocurrency community as it marks the network’s transition into a decentralized autonomous organization (DAO), and ARB holders will be empowered to vote on key decisions that govern Arbitrum One and Arbitrum Nova networks.

According to Blockworks Research, a total of 625,143 addresses are eligible for the Arbitrum airdrop, which accounts for 23.5% of the total addresses. The average airdrop is 1,895, of which 625 are the main proportion, accounting for 16.8%. The number of addresses that meet the full allocation airdrop conditions is 4,428.

The announcement of the airdrop seems to have driven a surge of activity on the Arbitrum network, with the number of L2 transactions reaching a record high of 1.546 million on March 16, which is about 148% of the Ethereum L1. The number of Arbitrum transactions exceeded 1 million, which may be the withdrawal of funds after the announcement of the airdrop.

Arbitrum One is an optimistic rollup and the leading L2 in terms of TVL, bringing cheap transactions to tens of thousands of users in an environment that feels very similar to Ethereum. Some of the largest dApps live on Arbitrum, including GMX, Radiant, Uniswap V3, and Gains Network. However, it is important to note that rollups are in their infancy and carry risks. Arbitrum relies on a centralized sequencer, which could exploit its centralized position to front-run user’s transactions to extract MEV.

Additionally, the optimistic rollup design assumes a whitelisted verifier is monitoring transactions to ensure their validity and challenge malicious transactions via fraud proofs. Arbitrum One’s most relevant competitor is often considered Optimism, another optimistic rollup seeking to help scale Ethereum. To compare relevant statistics on both protocols, one can refer to the L2 Comparison Dashboard.

The launch of the ARB token is a significant development for the Arbitrum ecosystem as it marks the network’s transition into a DAO, and ARB holders will have a say in key decisions that govern the network.

#ARBITRUM #ARB #ARBairdrop #azcoinnews #Airdrop

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Arbitrum, a popular layer 2 scaling solution built on Ethereum, recently launched its token and airdropped it to its community. However, many eligible users reported not receiving the airdrop. This is not the first time a layer 2 project has airdropped tokens to its users.

Optimism, another Ethereum layer 2 solution, airdropped hundreds of millions of dollars’ worth of tokens to its users in May 2022, which sparked a frenzy for airdrops among the crypto community.

According to Delphi Digital, the number of active wallets on Arbitrum surged to 1.6 million on December 22, largely due to “airdrop hunters.” While airdrops can attract a large number of users to a project, it also has the potential to cause a steep drop in token value once the airdrop recipients sell their tokens. As a result, projects often try to target “real users” rather than just airdrop hunters.

Arbitrum has implemented a variety of conditions to determine which users receive the airdrop. These conditions include usage of the Arbitrum bridge, time spent transacting on the network, number of transactions/interactions with smart contracts, trading volume, liquidity provided, and number of transactions on Arbitrum Nova.

The more conditions a user fulfills, the more airdrop they receive. The project has also set time limits for users to qualify for the airdrop, with those who use the platform after the Nitro update on August 31, 2022, receiving only half of the airdrop based on their score.

“The purpose of this is to reward those who have supported the project from day one,” Arbitrum said in a statement.

Arbitrum has also introduced a “Sybil account” standard to weed out users who use multiple accounts to game the airdrop system. Using data from Nansen and Hop, Arbitrum will create a transaction graph on its network to identify related accounts. The project will then apply various criteria to exclude these accounts from receiving the airdrop.

According to Arbitrum, Sybil accounts are those that receive assets from similar wallet addresses, have similar on-chain activities, or are part of a chain of more than 20 accounts that transfer tokens back and forth. All Sybil accounts will not receive Arbitrum’s airdrop.

Other projects have also used similar methods to exclude airdrop hunters. Optimism, for example, excluded more than 17,000 wallet addresses during its first airdrop. While airdrops can be an effective way to attract users, it’s clear that projects need to be cautious in their implementation to ensure that they target genuine users and not just those looking for a quick profit.

#Sybil #Arbitrum #ARB #ARBairdrop #azcoinnews

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Binance will list Arbitrum (ARB) and tentatively set to open trading for these spot trading pairs at 2023-03-23 17:00 (UTC):

New Spot Trading Pairs: ARB/BTC, ARB/USDT

Users can start depositing ARB in preparation for trading once the official token claiming is live at the Ethereum blockheight of 16,890,400, estimated at around 2023-03-23 12:30 (UTC)

Withdrawals for ARB is tentatively set to open at 2023-03-24 17:00 (UTC)

Arbitrum is a Layer 2 scaling solution project for Ethereum that supports Ethereum applications. It utilizes optimistic rollup technology to group batches of transactions to save on gas fees. ARB is its native governance token.

#Arbitrum #ARB #ARBairdrop #Binance #azcoinnews

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The cryptocurrency world is buzzing with excitement as the ARB token has gone live and is now listed on multiple exchanges. The token, which was created by the Arbitrum team, is designed to offer fast and secure transactions on the Ethereum blockchain.

What’s even more exciting is that an airdrop of 11.6% of the ARB supply to Arbitrum users is now live. As of now, around 263,000 eligible addresses have already claimed over 509 million ARB tokens, which is approximately 43.85% of the airdrop. This is worth over $680 million at the current price of $1.34.

The last $100 million Series B round, priced at $0.12, valued the company at $1.2 billion. With the initial circulating supply of around 1.275 billion ARB tokens, the current market cap is $1.69 billion.

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Arbitrum’s team has been working hard to ensure that the token is listed on major exchanges, including Binance, OKX, Bybit, Uniswap, MEXC, Huobi, Bitget, and many more. The team is committed to providing fast, secure, and efficient transactions on the Ethereum blockchain.

ARB token is already creating a buzz among investors and traders, and it has the potential to become one of the most sought-after tokens in the crypto world. With the airdrop underway, the excitement is only set to grow.

As more and more people claim their ARB tokens, the price is expected to rise even further. The Arbitrum team has created a token that is not only innovative but also has the potential to change the way we think about blockchain transactions.

#arbitrum #ARB #ARBairdrop #azcoinnews #crypto2023

This article was republished from azcoinnews.com

This article was republished from azcoinnews.com

Arbitrum, the leading Ethereum layer 2 scaling solution, is finally launching its much-awaited token, ARB. The announcement was made on Thursday by the Arbitrum Foundation, stating that the token would be airdropped to community members on March 23.

The introduction of the ARB token is a significant milestone in the evolution of the Arbitrum ecosystem as it marks the network’s transition into a decentralized autonomous organization (DAO). With the launch of the token, ARB holders will be empowered to vote on key decisions that govern Arbitrum One and Arbitrum Nova networks. These networks offer users faster transactions and lower fees on the Ethereum blockchain, making it an ideal solution for DeFi applications.

In a statement, the Arbitrum Foundation said, “Arbitrum DAO will have the power to control key decisions at the core protocol level, from how the chain’s technology is upgraded to how the revenue from the chain can be used to support the ecosystem.” The move towards decentralization will enable the community to have a more significant say in the future development of the network.

While the Arbitrum Foundation plans to distribute a significant number of tokens to investors and core contributors, the ARB token’s introduction will make the ecosystem more decentralized than other scaling chains. The CEO of Offchain Labs, the creator of Arbitrum, Steven Goldfeder, said that the most exciting part of the token launch is the decentralization factor. “We will be a service provider, and if the DAO calls on us to build software, we will,” he said.

Eligibility, Claiming, and Delegation Process for the ARB Airdrop

To determine their eligibility for the ARB token airdrop, users can visit the Arbitrum Foundation website (here) and follow the prompts. However, they will not be able to claim their tokens until March 23. The delay between the announcement and claiming dates was intentional to allow users to delegate their tokens during the claiming process. The Foundation wants to ensure a fair and open process, in which a diverse set of community members can nominate themselves to be delegates.

Users who want to participate in governance but don’t want to actively vote on-chain can delegate their tokens to a third party. This delegation process is a way for users to have their voices represented passively in Arbitrum governance. Nevertheless, every user can vote for themselves without the need for delegation.

The Foundation encourages users to apply to become a delegate and participate in the governance process. Delegation provides an elegant way to ensure passive representation and allows community members who do not wish to vote actively to participate in the governance process.

The majority of the Arbitrum token is designated for the community, and the upcoming airdrop will immediately distribute 12.75% to the community. The Arbitrum Foundation and DAO will be tasked with distributing the additional community tokens over time.

$ARB Airdrop: Users

The ARB token will serve as the governance token for Arbitrum’s decentralized autonomous organization (DAO), which means that holders will be able to vote on key decisions governing the platform’s development and direction.

Of the ARB tokens allocated for community ownership, approximately 56% will be owned by the community, and 12.75% of that allocation will be distributed in the upcoming airdrop. However, determining the eligibility criteria for the airdrop was a complex process, given that there are hundreds of thousands of weekly users of the Arbitrum platform, and the protocol has been operational for nearly 18 months.

To ensure that the airdrop distribution is fair and inclusive, the Arbitrum Foundation and Offchain Labs worked closely with Nansen to design a point system that takes into account a variety of metrics of network usage. The system awards points for usage on both Arbitrum One and Arbitrum Nova, with early users of Arbitrum One receiving additional points for their early usage. However, points are deducted from users who engage in Sybil-linked usage patterns, ensuring that the airdrop is distributed to genuine users.

The full list of airdrop recipients and the underlying criteria and data set will be made available to the public for transparency purposes, allowing users to verify the fairness and correctness of the airdrop process. The introduction of the ARB token and the airdrop distribution represents a significant step towards decentralization and community ownership of the Arbitrum platform, ensuring that the community has a say in the platform’s development and direction.

Conclusion

The introduction of the ARB token is expected to further boost the popularity of Arbitrum, which has already become one of the most popular scaling solutions on the Ethereum network. The token’s launch will enable the community to take a more active role in the network’s development and ensure that the platform’s future development aligns with the community’s interests.

Overall, the launch of the ARB token represents a significant milestone in the evolution of Arbitrum and is expected to have a positive impact on the overall DeFi ecosystem. The ability for users to vote on key decisions governing the network’s development is a critical step towards true decentralization and community ownership of the network.

#arbitrum #ARB #arbitrumairdrop #ARBairdrop #azcoinnews

Arbitrum, a layer 2 scaling solution, made headlines as its unique token, ARB, officially debuted on the market through an airdrop on March 23.

ARB pointed at $1.30 on CoinMarketCap at 11:10 am New York time, marking a 90% drop from the $11.1 price at the start of trading. The trading volume was tallied at $377 million, with its market capitalization around $12.75 billion, ranking 37 in terms of market cap on CoinMarketCap. The intraday high was recorded at $11.80.

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According to the AZCoin News research team, ARB’s price showed differences between exchanges after the airdrop. ARB hit a high of 106 USDC at one point during the day on the Bybit exchange.

Arbitrum, which launched in 2021, is the largest layer 2 blockchain based on Ethereum. According to Defillama, Arbitrum Network’s Total Reserved Assets (TVL) is $2 billion, more than twice that of rival Optimism.

Additionally, the network has achieved new milestones in terms of its transaction volume and user adoption, as reported by Arbiscan. The number of daily transactions on Arbitrum has surged to a new all-time high of 1,312,052, which is a remarkable increase from the previous high of 1,103,398 recorded on February 21.

The largest holder of ABR is known to have received an airdrop of 8 million ARB tokens to Arbitrum-based decentralized exchange GMX. The progress made by Arbitrum in recent times has been impressive, and the debut of ARB is another significant milestone for the network. As the network continues to grow, it remains to be seen what the future holds for ARB and the layer 2 scaling solution offered by Arbitrum.

#Arbitrum #ARB #ARBairdrop #crypto2023 #azcoinnews

This article was republished from azcoinnews.com