Now that the excitement around Blur has died down, Web3’s attention has shifted to another airdrop. All eyes are on Arbitrum, the Ethereum layer-two scaling solution launching its token airdrop (ARB) on March 23.
Just over one billion tokens will be airdropped to more than 600,000 wallet addresses. The minimum airdrop entitlement is 625 tokens, and the maximum airdrop entitlement is 10,250 tokens.
Arbitrum calls the airdrop an “official move” into a decentralized autonomous organization (DAO). ARB holders will be able to participate in voting on essential decisions that affect the Arbitrum One and Arbitrum Nova networks.
If you haven’t already, you can check your eligibility for the drop on Arbitrum Foundation’s official website. After connecting your wallet, you’ll be notified if you’re eligible. Then, you will see the number of tokens you can claim.
According to Arbitrum’s Medium post, multiple qualifying actions were taken into account to determine the eligibility of a user, including whether the user bridged funds into Arbitrum One, conducted transactions during two distinct months, completed more than four transactions, or interacted with more than four different smart contracts, completed transactions exceeding in the aggregate $10,000 in value, bridged funds into Arbitrum Nova, and more.
The snapshot of eligible users was taken on February 6th, 2023.
After the airdrop distributes 12.75 percent of the total token supply to eligible users, it will then be the responsibility of the Arbitrum Foundation and DAO to distribute the remaining community tokens gradually.
Arbitrum says its goal is to decentralize its networks and allow the community to be in control of Arbitrum’s ecosystem and technology. The airdrop and DAO are only two of its many plans to grant all sub-communities a voice.
Additionally, all investor and team tokens are subject to four-year lockups. The first unlock will happen in one year, with monthly unlocks for the remaining three years.
In case you missed it:
The post The Arbitrum Airdrop Is Coming Tomorrow: Here’s What to Know appeared first on nft now.