After a long wait, the layer-2 solution Arbitrum has finally closed the ARB token airdrop schedule for the community on March 23.
On the evening of March 16, the leading layer-2 platform on Ethereum, Arbitrum, suddenly announced the airdrop of ARB tokens. Since then, searches for this new token have skyrocketed in the past 24 hours.
The keyword Arbitrum has captured Chinese public opinion, according to regional statistics on Google Trends.
On Twitter, ARB is also the top trending topic in the US with over 10,000 related tweets. A 93-second short with the content signaling the time of the airdrop posted by Arbitrum has received 2.5 million views. Channel Discord layer-2 also became very active with thousands of messages.
Wen? Now. 🚀💙🧡 pic.twitter.com/CysJ9nPP3Z
— Arbitrum (💙,🧡) (@arbitrum) March 16, 2023
Meanwhile, some expressed disappointment at not being eligible for the airdrop, others questioned the snapshot timing and circulating supply of ARB…
The newly launched ARB is an ERC-20 token issued on Ethereum, with an initial supply of 10 billion ARB and unlimited total supply. The annual token inflation rate is estimated at 2%/year. According to the announcement, ARB will be airdropped to eligible users on March 23. The token airdrop accounted for 11.62% of the total initial supply.
Tokens are instrumental in helping Arbitrum One decentralize the project and become a true self-governing DAO. ARB holders will be able to participate in governance and vote on important community-initiated updates. In addition, ARB is also the main token of Arbitrum Nova and future layer-2 products of the project.
Arbitrum is currently the anchorage of approximately $1.7 billion in total value locked (TVL), distributed across derivatives exchanges, decentralized exchanges, and lending protocols.
Thus, after a long wait, Arbitrum has “followed” Optimism, the rival layer-2 airdropped OP tokens in April last year. OP’s market cap is currently $792 million, and the market cap on TVL is around 0.84, according to DefiLlama. Since Arbitrum is having more than double the TVL, this layer-2’s projected market cap could be around $2 billion.