Arbitrum's native token, ARB, has hit the market and is now trading at around $1.2 on Uniswap. This is due to increased volatility on decentralized exchanges, resulting in high demand for the token. The token's formal claim was launched at Ethereum's block height of 16,890,400 around 13:05 UTC.
The claim website and the blockchain's block explorer faced downtime due to the high volume of traffic. After the airdrop, token prices fluctuated drastically, reaching as high as $14 on Bybit.
Arbitrum is the largest layer 2 blockchain on Ethereum, which has already achieved scalability by using transaction rollups to transfer batches of transactions to the Ethereum mainnet. Activity on the ecosystem has been increasing since November, and Delphi Digital's report suggests that investors are interacting with the blockchain to increase their chances of receiving an airdrop.
Defi Llama analysis shows that the ecosystem has $2 billion in total value locked, twice as much as its rival layer 2 chain, Optimism. GMX, the decentralized exchange based on the ecosystem, has become the largest holder of the token after receiving 8 million tokens in the airdrop, sparking a debate on the GMX governance forum over the use of tokens.
Arbitrum's eagerly anticipated token airdrop launched last Thursday, with over 42 million tokens claimed in the first hour. Nansen statistics show that the airdrop was claimed by 23,000 unique wallets or 3% of all eligible wallets. The technical documentation states that ARB has a total supply of 10 billion.
ARB is set to begin trading on Binance, the largest cryptocurrency exchange by trading volume, at 17:00 UTC, with perpetual futures following approximately 15 minutes later. Out of 625,000 eligible wallets, 445,000 have received an airdrop of less than 2,000 ARB tokens.
Overall, ARB's debut has been successful, with high demand for the token and increasing activity on the ecosystem. As more investors and users join the platform, it is expected that the value of the token will continue to rise.
