Recently, the long-awaited Arbitrum crypto airdrop generated 1.8 billion in just 2 hours after its release. It has already become one of the top 50 most valuable tokens by market cap in the crypto industry, which is incredible. The report says that this token will be used to control the management and development of Arbitrum’s two blockchains.
$ARB airdrop generates more than 1.5 billion USD in its first 2 hours
According to Dune Analytics, the long-awaited native crypto token for Arbitrum, the leading scaling solution for the ETH blockchain, finally became available to more than 500,000 recipients.
According to a data report from CoinMarketCap, more than 1 billion ARB tokens have been airdropped and distributed to selected individuals. And, so far, the total market cap for the token has been stabilised at around 1.8 billion USD. Developers of the token are planning to create an initial supply of 10 billion tokens, making the currently fully diluted market cap above 14 billion USD.
Among the total number of eligible recipients of the token, it was only made available to members of the Arbitrum’s community – more than half have claimed theirs. The release of the token follows the last week’s announcements that Offchain Labs, developers that created Arbitrum, was establishing the Arbitrum Foundation and an associated DAO.
As per the information, Arbitrum, one of the two largest blockchains and Arbitrum Nova, will govern the management and development of the Arbitrum ecosystem, which is composed of two-layered blockchains built on top of ETH. The main purpose of these blockchains is to make transactions on ETH much faster and less expensive. However, these tokens cant be used for transaction fees on the blockchain but will allow owners to vote on proposals submitted to Arbitrum’s DAO.
ARB’s price hovers around 1.45 dollars
As you know, the long-awaited Arbitrum crypto airdrop generated 1.8 billion in just 2 hours after its release. Also, its price was hovering around 1.45 USD late Thursday afternoon. Its current market cap is keeping it ahead of the token for Arbitrum’s closest competitor, Optimism, another famous 2-layered blockchain that aims to improve ETH transactions.
Last Thursday, the market capitalisation for OP was around 774 million USD, after shortly shooting up above 800 million USD soon after ARP was released with a price tag of 2.46 dollars.
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