Arbitrum Mints New Millionaire As ARB Token Hits $11

The price of Arbitrum’s ARB governance token reached $11.6446 on crypto exchange KuCoin following an airdrop of 1.1 billion ARB to 625,000 wallets.

The spot trading volume of ARB in the last 24 hours is $388 million. Apart from KuCoin, it is available on Bybit and Bitget.

Arbitrum Rollup usage grew exponentially before ARB airdrop

At press time, the price of ARB was roughly $1.3100. It is expected to remain volatile for most part of March 23, 2023.

arb/usd price chart
ARB/USD Price Chart | Source: TradingView

In anticipation of the upgrade, trading activity on Arbitrum soared to a new record high of $1,312,052 on March 22, 2023.

According to HenryStats’ Dune analytics dashboard, Arbitrum gained nearly half a million new users in two weeks, bringing the user base to over three million.

arbitrum new users
New Arbitrum User | Source: HenryStats (Dune Analytics)

Earlier this month, the Arbitrum Foundation announced that it would broadcast 10 billion ARB tokens to users who deposit funds or engage in trading on Arbitrum One or Nova, or exceed certain limits on each network. Are.

Arbitrum’s One and Nova networks are optimistic rollups on Ethereum that bundle and compress transactions from sequencers and post information on the main chain as call data. Optimistic rollup assumes that all transactions are valid regardless. Challengers can use evidence of fraud to question the validity of transactions.

ARB enables token holders to upgrade to Arbitrum’s Nova and One networks as layer-two solutions move towards greater decentralization. Arbitrum was founded by former White House CTO Ed Felten and two Princeton grad students.

Recipients include investors, DAOs on Arbitrum, Arbitrum’s DAO Treasury, current and future team members, and individual wallets.

Notable Airdrops in 2023

Crypto projects such as Arbitrum use airdrops to generate interest and encourage users to invest in the platform.

PancakeSwap v3, a decentralized exchange on the BNB chain, has started receiving $135,000 worth of Cake tokens starting March 5, 2023, for users providing liquidity. Cakes can be staked, among other things, to earn rewards on PancakeSwap.

Also on the BNB chain is SpaceID, a platform for registering, managing and trading Web3 identities. The project airdropped 47,600,00 ID tokens to early users holding .bnb or .arb domains until March 10th, 2023 at 2PM UTC.

Cross-chain tech aggregator Rubik will broadcast $45,000 worth of RBC, BOBA and SIS tokens to users who claim Galax NFTs on April 2, 2023.

To qualify, users must follow the Rubik x Symbiosis x Boba NFT page on Twitter, Boba, Rubik & Symbiosis, like and retweet the full cross-chain swap and airdrop announcement of $10 for Boba ETH.

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BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.

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