Following the announcement of the Arbitrum airdrop, the Arbitrum community is speculating and selling their unissued ARB tokens on the over-the-counter (OTC) market.
The Arbitrum Foundation announced that ARB Arbritrum’s new token will be airdropped to eligible community members on Thursday, March 23. It explained that the ARB marks the official transition of Arbitrum to a Decentralized Autonomous Organization (DAO), which means that ARB holders can vote on key decisions of governance. Arbitrum One and Arbitrum Nova – allowing users to more quickly and A network with lower fees for transactions on the Ethereum blockchain.
OTC exchanges allow buyers and sellers to buy and sell cryptocurrencies directly and easily. The process is usually very fast, with funds being transferred directly from the bank account to the seller. In this case, when the buyer and seller agree on a price, the seller receives payment from the buyer and then relinquishes the seed phrase linked to the qualifying wallet.
Jack, who asked not to be named, explained to Cointelegraph that the rush to sell unissued ARB tokens was based on speculation about the token’s market value at launch. He explained that the price of an ARB token could be as high as $1 at launch, so most people wouldn’t mind selling it for $0.50 per token and giving buyers a possible profit margin of $0.50. Arbitrum owns 55% of ethereum’s layer 2 market share, according to layer 2 analytics site L2Beat. As one of the most important tokenless crypto projects, anticipation for the Arbitrum token has been high since the network went live in 2021.
The total circulation of ARB is 10 billion, and the Arbitrum community will control 56% of the tokens. The airdrop will give 11.5% of the total supply to eligible Arbitrum users and 1.1% to DAOs running in the Arbitrum ecosystem.
The Arbitrum community also warned others to be vigilant after receiving reports of phishing sites and scams offering Arbitrum airdrop tokens. Arbitrum’s arch-rival in the ethereum scaling space, Optimism, launched its OP token nearly a year ago as it transitioned to DAO governance.
