The Arbitrum (ARB) airdrop is without a doubt one of the most highly anticipated events in the crypto market following the successful airdrop of Optimism’s OP token. A total amount of 1.162 billion ARB has been reserved for the airdrop which can be claimed from March 23. Here’s a comprehensive, in-depth guide on how to check your eligibility and eventually claim the ARB token.
Check Arbitrum Airdrop eligibility
According to the Arbitrum Foundation, the snapshot for the genesis airdrop has already been taken on February 6 and no further snapshots will be taken. So, if you’ve interacted with the Arbitrum network on or before, you’re most likely eligible for the airdrop.
To begin the verification process, go to Arbitrum’s official airdrop page and connect your crypto wallet you used on the Arbitrum network. Using a fresh new wallet will not work as it is not part of the created snapshot. After connecting your wallet, click on “Check Eligibility”.
Number of claimable ARB tokens
If you are eligible, the number of tokens you will receive will be displayed once the claim goes live. Each user receives a certain number of tokens according to a points system devised by the Arbitrum team. To be eligible, a user must have a minimum of three points, while the maximum number of points is limited to 15. A single address may only receive a maximum of 10,200 tokens.
You will be able to claim the number of tokens shown once the system goes live on March 23.
Qualifying actions to gain points
Arbitrum takes several factors into account when calculating the number of points to be awarded to a particular user, some of which include:
Bridged funds to Arbitrum One Transactions executed over two different months Completed more than 4 transactions or interacted with more than 4 different smart contracts Transactions completed with a total value of more than $10,000 More than $50,000 in liquidity deposited into Arbitrum Bridged funds to Arbitrum Nova Completed more than three transactions on Arbitrum Nova
Utility of Arbitrum (ARB) Token
ARB, the Arbitrum’s native token, will essentially function as a governance token and be used to cast votes on proposals essential to the functioning of the network. On the other hand, the formal announcement made it abundantly clear that the ARB token will not be used to pay transaction fees on the network.
Exchange List of ARB Token
The official release did not contain any information about which crypto exchanges will list the ARB token. However, it is reasonable to assume that major trading platforms such as KuCoin, Coinbase, Kraken, Binance Exchange and others will immediately list the token as soon as it becomes available. The same has been observed with other Layer-2 scaling solution tokens, such as Optimism’s OP token, which is currently traded on a number of different reputable exchanges.
Also Read: Coinbase Cuts 6 Top Altcoins After Internal Review
Pratik has been a crypto evangelist since 2016 and has experienced almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin’s halving so far – he’s seen it all.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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