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Arbitrum (ARB) Airdrop Sees ARB Trading Volume Top $388M Within the First Hour

2 mins
Updated by Ryan Boltman
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In Brief

  • Ethereum rollup Arbitrum airdropped 1.1 billion ARB tokens to users of the network that met certain Arbitrum transaction criteria.
  • At press time, the ARB was trading at $1.3100.
  • The airdrop will release 10 billion ARB tokens over time.
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The price of Arbitrum’s ARB governance token peaked at $11.6446 on the crypto exchange KuCoin following an airdrop of 1.1 billion ARB to 625,000 wallets.

The spot trading volume of ARB in the last 24 hours is $388 million. In addition to KuCoin, it is available on Bybit and Bitget.

Arbitrum Rollup Usage Spiked Before ARB Airdrop

At press time, the price of ARB was roughly $1.3100. It is expected to be volatile for most of March 23, 2023.

ARB/USD Price Chart
ARB/USD Price Chart | Source: TradingView

In anticipation of the upgrade, transaction activity on Arbitrum increased to a new record of $1,312,052 on March 22, 2023.

According to Henrystats’ Dune Analytics Dashboard, Arbitrum acquired almost half a million new users in two weeks, which took the user base to more than three million.

Arbitrum New Users
New Arbitrum Users | Source: Henrystats (Dune Analytics)

Earlier this month, the Arbitrum Foundation announced it would airdrop 10 billion ARB tokens to users who bridged funds onto Arbitrum One or Nova or engaged in transactions meeting or exceeding certain thresholds on each network.

Arbitrum’s One and Nova networks are optimistic rollups on Ethereum that bundle and compress transactions from a sequencer and post the information on the main chain as call data. Optimistic rollups assume all transactions are valid without computation. Challengers can use fraud proofs to question the validity of transactions.

ARB tokens enable holders to upgrade Arbitrum’s Nova and One network as the layer-two solution progresses toward greater decentralization. Arbitrum was founded by former White House CTO Ed Felten and two Princeton grad students.

Recipients include investors, DAOs on Arbitrum, Arbitrum’s DAO treasury, present and future team members, and individual wallets.

Notable Airdrops in 2023

Crypto projects like Arbitrum use airdrops to drive interest and incentivize users to invest in the platform.

Users providing liquidity to PancakeSwap V3, a decentralized exchange on the BNB Chain, started receiving $135,000 worth of the CAKE token from March 5, 2023. CAKE can be staked to earn rewards on PancakeSwap, amongst other things.

Also on BNB Chain is Space ID, a platform for registering, managing, and trading Web 3 identities. The project airdropped 47,600,00 ID tokens to early users who held a .bnb or .arb domain by 2 p.m. UTC on March 10, 2023.

Cross-chain tech aggregator Rubic will airdrop $45,000 worth of RBC, BOBA, & SIS tokens on April 2, 2023, to users who claim Galxe NFTs.

To qualify, users must follow the Rubic x Symbiosis x Boba NFT page, Boba, Rubic, and Symbiosis on Twitter, complete cross-chain swaps worth $10 to Boba ETH, and like and retweet the airdrop announcement.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

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David Thomas
David Thomas graduated from the University of Kwa-Zulu Natal in Durban, South Africa, with an Honors degree in electronic engineering. He worked as an engineer for eight years, developing software for industrial processes at South African automation specialist Autotronix (Pty) Ltd., mining control systems for AngloGold Ashanti, and consumer products at Inhep Digital Security, a domestic security company wholly owned by Swedish conglomerate Assa Abloy. He has experience writing software in C,...