A points system was used to determine the number of tokens that airdrop recipients can claim. Points criteria was focused primarily on Arbitrum One; however, there was a small subset of criteria applied to activity on Arbitrum Nova. Points earned on Arbitrum Nova could either bring a user up to 4 points total, or give them one additional point if they had already scored 4 points or more on Arbitrum One. You earn maximum one point per qualifying action performed before the snapshot date.
Token Allocation to DAO Treasuries
- The number of tokens you receive from the ARB airdrop will depend on your eligibility score, based on the number of criteria you meet.
- For those who do not know what an optimistic rollup is, we got you covered with a simple explanation.
- This distribution to protocols sought to create a more diverse base of ARB token holders to further decentralize the chain across the team, investors and individual users.
- Looking closely at the distribution, 113 million ARB tokens will also be distributed to DAO treasuries of protocols building on Arbitrum.
- Additionally, Arbitrum is not without its native protocols built on the blockchain which include GMX, Radiant, Dopex, and Vesta Finance.
However, introducing the ARB governance token will end the centralized control and make it community governed. The Arbitrum airdrop was a significant event that rewarded early adopters of the Arbitrum One and Arbitrum Nova networks. The criteria for eligibility were focused on various actions taken by users on these networks, and the airdrop token allocation was determined based on the number of points earned. The fact that points earned before the launch of Arbitrum Nitro were worth twice as much as points earned after added an extra incentive for early adopters to participate. Although Arbitrum delayed launching its governance token, most people are still looking forward to theArbitrum Airdrop. The Arbitrum Foundation declared the release of its latest digital asset, the ARB token, on Mar 16, 2023, marking the shift to a decentralized autonomous organization (DAO).
If you are already connected to the Arbitrum One Network, you may skip this step. When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place.
The rollout of its cryptocurrency is a boon for those users, and we’re interested to see where it will lead in the coming months. Furthermore, Arbitrum is attempting to encourage more users to join its ecosystem by stating its intention to initiate more airdrops for users who continue to use the Arbitrum ecosystem. You must use an Ethereum wallet compatible with the Arbitrum token; that is, the wallet must be compatible with ERC-20 tokens. Arbitrum’s recommended wallets are Rainbow, Coinbase Wallet, Metamask, WalletConnect, Trust Wallet, and LedgerLive. Holding $ARB tokens gives you the power to vote on proposals that affect the Arbitrum DAO and the technologies it governs.
Arbitrum’s Version of Optimistic Rollup
As the airdrop date approaches, it is necessary to exercise caution, particularly if you are eligible, to ensure you are using the right method and not falling prey to scammers. Avoid giving out your private keys or personal information to anyone claiming to help you claim the airdrop. Wallets identified as a sybil address litecoin cash how to claim under Hop Protocol’s Bounty Program, were also completely disqualified from receiving the airdrop. In this article, we will share how to claim the Arbitrum token. Its all-time high price was US$8.67, and an all-time low of US$1.11.
Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period. Arbitrum will airdrop $ARB tokens directly to your eligible wallet address via MetaMask, Trust what are dapps the new decentralized future ethereum guides Wallet, Coinbase Wallet, Brave or Ledger. You won’t be able to claim your tokens until March 23, 2023, when claiming goes live.
To check your eligibility, go to arbitrum.foundation and connect your wallet. Arbitrum uses a fine-combing approach to verify fraud proofs. It focuses on a particular the definitive guide to configuration management tools point of disagreement over transaction history. Additionally, layer-2 transactions are not entirely executed on the main chain, rendering gas block limits irrelevant. As a result, this translates to higher network performance.
What is an Optimistic Rollup?
You can vote with your own tokens, or you can delegate your voting power to someone else. Delegation is a great option for busy DAO members who don’t have the time to review and discuss proposals regularly. In short, holding $ARB tokens allows you to democratically shape the future of the Arbitrum ecosystem alongside other aligned token holders. As the days count down to the airdrop, users have also begun speculating on the opening price of the ARB token.
Crypto Scams: A High Level Overview for 2024
Arbitrum is a layer-2 scaling solution designed to lower network congestion and transaction costs of Ethereum by offloading tons of computation and data storage from the main chain. It does this via the use of optimistic rollup — transactions on Ethereum are bundled up and transferred to a proprietary sidechain on Arbitrum (a secondary blockchain connected to the main chain). The transactions are then processed and sent back to the main chain after validation. But for Arbitrum, it has its own virtual machine called Arbitrum Virtual Machine (AVM). A separate distribution was allocated for DAOs that are building applications in the Arbitrum ecosystem, as well as the Protocol Guild, a collective of Ethereum contributors. In putting together this criteria we worked with Nansen and analyzed on-chain data to determine how many tokens each DAO community was granted.
