Arbitrum Airdrops ARB in 3 Days, Here’s What to Expect!

by Chinma Udeji | Mar 20, 2023 | Airdrop | 0 comments

The much anticipated Arbitrum airdrop is finally here and users are excited.

If you diligently completed all the tasks in the past, your wallet will be loaded with ARB tokens soon.

But what can you do with these “free” tokens? Keep reading and I’ll tell you!

What Will Arbitrum ARB Be Used For?

ARB is the governance token for the Arbitrum ecosystem.

Therefore, this airdrop is a means of decentralizing into the hands of the community.

ARB will let holders vote and propose any changes that they would like to execute to Arbitrum.

To refresh your memory, Arbitrum is an optimistic roll-up solution, which moves network activity off of the Ethereum mainnet to lower gas costs.

In terms of liquidity, Arbitrum commands more than 55% of the layer-2 market.

Offchain Labs, the dev team behind Arbitrum, announced the token’s distribution will kick off by Thursday, 23/03/23.

While they wait, users will be able to nominate delegates to help steer the direction of the project.

Who Will Receive ARB?

According to Offchain Labs’ co-founder and CEO Steven Goldfeder, early Arbitrum users will be eligible to receive the new ARB token.

Also, these early users will be determined by an internal eligibility criterion.

Additionally, individual user addresses will enjoy 11.6% of the entire token supply.

Projects built on Arbitrum are not left out. They will receive 1.1% of the distribution.

And as such, DAOs of Arbitrum projects and projects building on Arbitrum will have a say in governance.

What’s Next for Arbitrum?

Initially, Offchain Labs was the sole entity in charge of making changes or adjustments to the Arbitrum network.

Following the launch of the ARB token, Goldfeder and his team are giving these controls over to the community.

In other words, as soon as the DAO executes a vote, the code will be updated simultaneously.

So, Offchain will be developing the technology while the DAO and the community decide the direction.

However, this is not a move to fully open-source the code but a middle ground to give the community the licensing regime to bestow on other developer teams.

No doubt, this will spur a lot of innovation in the Arbitrum ecosystem.

Beware of Fake Arbitrum Airdrops

It is not surprising that Arbitrum’s upcoming “ARB” token airdrop has become a popular target for scammers.

On March 19, Redefine, a blockchain security company exposed a website impersonating an official Arbitrum airdrop website.

The website – https://arbitrum.drops[.]bio/ asked users to allow access to their funds, which would presumably result in the scammers draining their wallets.

Secondly, CertiK, another blockchain security firm, pointed to a fake Arbitrum Twitter account — “arbitrum_launch” — advertising a token airdrop.

Also, Reddit user u/CryptoMaximalist warned about fake Arbitrum Twitter profiles with links to fake Arbitrum websites.

Additionally, Web3 anti-scam tool Scam Sniffer detected more than 273 phishing sites related to Arbitrum since the token airdrop was announced

And there may be more scammers who will try to capitalize on the complexity of crypto and excited users.

So, you want to cross-check a user’s profile and history before engaging.

Besides, only qualified users will be able to claim tokens in the ARB Airdrop.

Nansen, the blockchain analytics firm that helped develop the eligibility criteria with Arbitrum, revealed that out of more than 2.3 million wallets bridged on the Arbitrum One chain before Feb. 6, only 625,143 are eligible for the airdrop.

Some of the qualifying actions included;

completing more than four transactions or interacting with at least four smart contracts,
bridging funds into the Arbitrum One chain, and
depositing more than $50,000 of liquidity into Arbitrum.

Interesting, huh?