The entire cryptocurrency industry had been awaiting several events over the last couple of months. Shiba Inu’s Shibarium was certainly one of them. While the industry rejoiced with this launch, the Arbitrum airdrop was still on their list. The waiting period for this airdrop had several believing that there wouldn’t be one. However, the network changed this narrative by dropping the ARB airdrop date.
The airdrop is scheduled to take place on March 23, 2023. Each user will receive a certain number of tokens according to a point system; to be eligible, a user must have a minimum of three points. The maximum point score is 15, and activities can include sending money to Arbitrum One, carrying out transactions, and other things.
A single address is only permitted to receive a total of 10,200 tokens. The initial supply cap of the ARB token, which will be used for governance, is set at 10 billion. 1.62 billion tokens, or 11.62% of it, will be used for the airdrop. DAOs that assisted in creating applications for Arbitrum will receive 1.13%.
In the backend, while the Arbitrum network was prepping for this, several crypto speculators were making bets on the fate of the airdrop. In the decentralized prediction marketplace PoolTogether, the market for “Arbitrum airdrop by March 31st?” generated almost $4 million in volume since March 10.
Here’s how bullish bettors made money
Traders may wager on “yes” or “no” depending on whether Arbitrum will airdrop a native token by March 31 and deploy it simultaneously.
Up until March 16, “no” wagers were popular. Prior to last week, these claims went for 70 cents each, but on March 16 morning, the price dropped to 64 cents. Claims on “yes” dipped as low as 20 cents in the last week. However, with the expiration date inching close it rose to the 50-cent level. Bullish Arbitrum claims quickly increased to 96 cents. On March 31, speculators are expected to get payouts totaling more than $600,000.
Will Arbitrum naysayers go home with nothing?
The bet also included listing the asset on exchanges. Even though no exchange has come forward to list the ARB token yet, a few have extended support towards the airdrop. This further increased the chances of a potential listing. For instance, KuCoin and Huobi were seen acknowledging the upcoming airdrop.
A total of 625,143 addresses were reportedly eligible for the airdrop. Those who were qualified to receive funds quickly took to Twitter to share the news.
Those who weren’t eligible did not lose hope and were eagerly waiting for the public release like the rest of the globe.