ARB, the native token of Arbitrum, made its market debut last Thursday. As a result of an increase in volatility on decentralized exchanges, the token is now trading at $1.2 on Uniswap at the time of writing. Around 13:05 UTC, the formal claim for the token is said to have gone live at the Ethereum block height of 16,890,400.
The claim website and the blockchain’s block explorer were both seen to have been down for a considerable amount of time due to the high volume of traffic. It’s also important to note that the token prices drastically fluctuate after the airdrop on all exchanges, rising as high as $14 on Bybit.
Arbitrum is known as the largest layer 2 blockchain on Ethereum. It began operating back in 2021 and since then it has already achieved scalability by employing a process known as transaction rollups, which transfers batches of transactions to the Ethereum mainnet.
Arbitrum’s Recent Major Activities
It has been recorded that activity on the ecosystem has been increasing since November, in which Delphi Digital’s report suggested that investors were interacting with the said blockchain in order to boost their chances of receiving an airdrop.
According to a Defi Llama analysis, the ecosystem has $2 billion in total value locked, which is twice as much as its rival layer 2 chain Optimism. On the other hand, the decentralized exchange GMX, which is based on the ecosystem, has become the single-largest holder of the token after receiving 8 million tokens in the airdrop.
This has sparked a debate on the GMX governance forum over the use of tokens. According to reports, ARB will begin trading on Binance, the largest cryptocurrency exchange by trading volume, at 17:00 UTC. Perpetual futures will follow roughly 15 minutes later.
42 Million ARB Claimed in the First Hour of Airdrop
More than 42 million tokens were claimed in the first hour of Arbitrum’s eagerly anticipated token airdrop, which launched last Thursday, according to Nansen statistics. The airdrop was claimed by 23,000 unique wallets or 3% of all eligible wallets.
The technical documentation for the effort states that ARB currently has a total supply of 10 billion. Last Thursday, it was barely trading for roughly $1.30 at the time of its release. As was already known, for a brief period, the blockchain scanner and website for Arbitrum were unavailable. During that time, a prompt on the website read, “This Serverless Function was rate capped.” The bulk of claimants, 445,000 out of 625,000 total eligible wallets, have received an airdrop of less than 2,000 ARB tokens.