Arbitrum Token $ARB Opens for Airdrop Claims
The governance token "$ARB" of Ethereum's Layer2 protocol Arbitrum became available for airdrop claims yesterday (March 23) at 9 PM UTC, with the claim period set to close on September 23.
Blockchain data reveals that within the first hour of the airdrop opening, over 96 million tokens were distributed, accounting for 8.18% of the total airdrop supply. As of writing, more than 800 million $ARB tokens have been claimed—approximately 69% of the total allocation.
Technical Glitches During Claim Process
Due to overwhelming traffic and network congestion on block explorer ArbiScan, Arbitrum’s claim page temporarily displayed 429 errors.
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Price Volatility Post-Launch
Per Coingecko, $ARB debuted at $1.11, skyrocketing to an all-time high of $8.67. The Arbitrum chain recorded 1.21 million daily transactions, outpacing Ethereum’s 1.08 million and Optimism’s 260,000. Daily trading volume surged to $2.3 billion.
However, as claims progressed, the token price plummeted nearly 71.78%, stabilizing at $1.41—aligning with prior market predictions.
Market Cap Dominates Over Competitors
Despite the dip, $ARB’s market cap ($1.81 billion) surpassed Optimism’s ($770 million) by 2.5x, ranking #35 vs. $OP’s #61.
FAQs
Q: What’s the deadline to claim $ARB?
A: September 23, 2024.
Q: Why did Arbitrum’s website crash?
A: Excessive user traffic and ArbiScan congestion triggered 429 errors.
Q: How does $ARB’s trading volume compare to Ethereum’s?
A: It briefly exceeded Ethereum’s by 13 million transactions.
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Key Takeaways:
- Core Keywords: Arbitrum, $ARB airdrop, Layer2 tokens, Ethereum scaling, crypto volatility