The Arbitrum (ARB) airdrop is without a doubt, one of the most highly-anticipated events to take place in the crypto market after the successful airdrop of Optimism’s OP token. A total amount of 1.162 billion ARB has been set aside for the airdrop which can be claimed beginning on the 23rd of March. Here’s a comprehensive in-depth guide on how you can check your eligibility and eventually claim the ARB token.
Checking 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 have interacted with the Arbitrum network on or before that, you are most probably eligible for the airdrop.
To start with the verification process, visit Arbitrum’s official airdrop page and connect your crypto wallet which you have used on the Arbitrum network. Using a fresh new wallet will not work as it won’t be a part of the snapshot taken. Once you have connected your wallet, click on “Check Eligibility”.
Number Of Claimable ARB Tokens
If eligible, it will show you the number of tokens you will be receiving once the claim goes live. Each user will receive a certain number of tokens according to a point system devised by the Arbitrum team. In order to qualify, a user must have a minimum of three points while the maximum number of points is capped at 15. A single address is permitted to receive a maximum of only 10,200 tokens.
You will be able to claim the number of tokens shown once the system goes live on March 23rd.
Qualifying Actions To Obtain Points
Arbitrum considers a variety of factors while calculating the number of points assigned to a particular user, some of which include:
- Bridged funds into Arbitrum One
- Conducted transactions during two distinct months
- Completed more than 4 transactions or interacted with more than 4 different smart contracts
- Completed transactions exceeding in the aggregate $10,000 in value
- Deposited more than $50,000 of liquidity into Arbitrum
- Bridged funds into Arbitrum Nova
- Completed more than three transactions on Arbitrum Nova
Utility of Arbitrum (ARB) Token
ARB, the native token of the Arbitrum, will essentially function as a governance token and be used to cast votes on proposals that are essential to the functioning of the network. On the other hand, it was made amply clear in the formal announcement that the ARB token will not be utilized for the purpose of paying transaction fees on the network.
Exchange Listing Of ARB Token
The official release did not include any information regarding which crypto exchanges will be listing the ARB token. However, it is reasonable to assume that major trading platforms like KuCoin, Coinbase, Kraken, Binance exchange and others will promptly list the token as soon as it’s made available. The same thing has been observed with other Layer-2 scaling solution tokens, such as Optimism’s OP token, which is presently trading on a number of different reputed exchanges.
Also Read: Coinbase Delists 6 Top Altcoins Following Internal Review