The much-awaited Arbitrum airdrop is just a few hours away. The entire crypto community has been preparing for this event. The launch of the ARB token comes with several advantages therefore, the fervor around the space has been rising without a stop. This in turn aided the growth of the Arbitrum ecosystem as a whole.
The daily active addresses in the network soared to an all-time high. The total number of these addresses surged from 80K on March 13, 2023, to 200K on March 21.
Daily transactions also followed suit. The highest number of 1,312,052 transactions was recorded on March 21. The network was seen asserting its dominance in the DeFi space as well. Arbitrum has surged by 22% over the last seven days in terms of the total value locked. This sudden growth in the network was attributed to the upcoming airdrop.
Here’s everything to know ahead of the airdrop
First things first, more than 600,000 wallet addresses will get airdrops totaling just over one billion tokens. 625 tokens are the minimum and 10,250 tokens are the maximum airdrop entitlements. Almost 12.75% or 1.275 billion tokens of the entire airdrop supply will go to Arbitrum users. Slightly more than 1% will go to DAOs that are constructed on top of the network.
As mentioned earlier, this airdrop comes with a lot of benefits. ARB holders will vote on any revisions to the protocol, changes for inflation, and capital allocations which also includes grants. Nevertheless, a security council would be created to take prompt action when a regular governance procedure gets too sluggish.
Eligible addresses already notified
According to a point system, each user will be given a specific amount of tokens. In order to be eligible, a user must have a minimum of three points. The maximum point score is 15. Activities may involve transferring money to Arbitrum One, carrying out trades, and other things. Throughout last week 625,143 addresses were notified that they were eligible for the airdrop.
How to make the most of it?
The token would trade at $6.04 following the airdrop, according to wagers made in the ARB-related IOU [I owe you] markets. Therefore, selling the asset faster than the others will allow users to pocket increased profits. A Twitter user suggested that the fastest way to do so is to sell on decentralized exchanges or DEX right after claiming the tokens from the airdrop. However, in order to do so, eligible users will be required to approve it. The steps for the same are as follows,
After this individuals will have to “spread the line “Approve” and enter in the column “Spender” the address of the DEX contract you want to use.”
Following this, users have to enter the maximum amount that the contract will be allowed to spend in the “Amount” field. Usually, a big figure is entered so that, in the event of a math error, the user won’t have to approve again.
Whales prepare for the airdrop
The hype around the airdrop has given rise to increased Ethereum whale activity. Blockchain sleuth, Lookonchain revealed that a whale added an astounding 4 million USDC along with 700 ETH worth $1.22 million to Uniswap in order to pocket trading fees.