Are you looking to claim free ARB tokens from the Arbitrum airdrop? In this beginner’s guide to the Arbitrum airdrop, we’ll explain what the Arbitrum airdrop is, who is eligible to participate, what ARB tokens are, and how to claim the Arbitrum airdrop ARB tokens.
Ethereum Layer 2 solution Arbitrum has now airdropped their long-awaited governance token ARB to early users of the network. So, if you’ve in some way interacted with the network, keep reading to see if you’re eligible for the ARB token airdrop.
How to Claim the Arbitrum Airdrop
What is Arbitrum?
Arbitrum is a layer 2 scaling solution for the Ethereum network designed to enhance the Ethereum network’s performance. The Ethereum network has been facing scalability issues due to its limited capacity to handle a large number of transactions. As a result, users have been experiencing high transaction fees and slower transaction processing times.
The Arbitrum network addresses these issues by using Optimistic Rollups. This is a layer 2 scaling technology that allows for faster and cheaper transactions on the Ethereum network. Optimistic Rollups use a process called fraud proofing. This is where the transactions are processed off-chain and then validated on the Ethereum network. Making transaction processing more efficient without sacrificing the security or decentralization of the Ethereum network.
Arbitrum can also support the execution of smart contracts, making it a versatile scaling solution for the Ethereum network. Using Arbitrum, developers can create more complex and feature-rich decentralized applications (dApps). At the same time, without needing to worry about high gas fees and network congestion.
What is the Arbitrum Airdrop?
The Arbitrum airdrop is an event taking place on Thursday, March 23rd 2023, and it involves distributing ARB tokens to eligible users.
Airdrops are a common method for projects to distribute tokens to their communities, often as a reward for early support or engagement. In the case of the Arbitrum airdrop, 11.5% of the total supply of ARB tokens in circulation will be distributed.
A point system has been implemented to determine eligibility and the exact number of ARB tokens each user will receive. The Arbitrum snapshot date for this airdrop was February 6th, 2023. So, any users who used Arbitrum before this date may receive an airdrop. Users must have at least three points to qualify, and the maximum number of points is 15. Points can be earned by transferring funds to Arbitrum One and conducting transactions. The maximum number of ARB tokens a single address can receive is 10,200.
What are Arbitrum ARB Tokens?
Arbitrum ARB tokens are the native tokens of the Arbitrum platform. Unlike ETH, which is used to pay transaction fees on the Ethereum and Arbitrum networks, the ARB token will be solely utilised for governing the protocol.
The total circulation of ARB tokens will amount to 10 billion, with 56% controlled by the Arbitrum community. Eligible Arbitrum users will receive 11.5% of the total supply through an airdrop, while DAOs functioning within the Arbitrum ecosystem will obtain 1.1%. The rest will be allocated to a treasury the newly established Arbitrum DAO manages. Enabling ARB holders to participate in deciding the distribution of funds.
The ARB token will function as a self-executing DAO, meaning approved proposals will be directly implemented on the blockchain. All investor and team tokens will be subject to a 4-year lockup, with the first unlock occurring after one year and subsequent unlocks happening monthly.
Arbitrum ARB tokens will be listed on the Binance exchange once the claim goes live for those looking to trade the ARB token.
Who is Eligible for the Arbitrum Airdrop?
Arbitrum has tried its best to include a wide variety of genuine Arbitrum users in the ARB airdrop, and users will have already needed to interact with the network.
Therefore, (like with any airdrop), this can’t be done retrospectively. This is because a snapshot of eligible users was taken on February 6th, 2023, at block height #58642080.
Eligible users include;
- Bridged funds into Arbitrum One
- Conducted transactions during two distinct months
- Completed more than four transactions or interacted with more than four different smart contracts
- Completed transactions exceeding the aggregate $10,000 in value
- Deposited more than $50,000 of liquidity into Arbitrum
- Bridged funds into Arbitrum Nova
- Completed more than three transactions on Arbitrum Nova
A points system was used to determine the number of tokens a user could claim. With a maximum reward of 10,200 ARB per wallet.
How to Claim Arbitrum ARB Tokens?
The Arbitrum airdrop claim went live on March 23rd, 2023. To claim your tokens, follow our Arbitrum airdrop step-by-step guide below.
Step-by-Step Guide to Claiming ARB from the Arbitrum Airdrop.<br>
Total Time: 10 minutes
Navigate to Arbitrum & “Connect Wallet”
– Navigate to the Arbitrum Foundation website and then choose “Connect Wallet” from the top right or the centre of the screen.
– Then, choose your wallet from the list.
Select “Check Eligibility” & “Start Claiming”
– Once your wallet is connected, choose “Check Eligibility“, where you will be notified if you are eligible.
– If you are eligible, it will display how many tokens you will receive, and you can continue with your claim by choosing “Start Claiming“.
– If your wallet isn’t eligible, you can always try to connect to another wallet that may have interacted with the network.
“Claim and Delegate Your Tokens”
– Arbitrum will provide a brief history of Arbitrum. Scroll to the bottom of the page, and you will be prompted to “Claim and Delegate Your tokens“.
Select a Delegator & “Claim and Delegate”
– You will then be prompted to select a preference from the list, and once selected, choose “View Delegates“. A list of delegators will then be displayed for you to choose from.
– Click on a delegator to select it, then choose “Claim and Delegate” from the right of the screen.
Go to “Claim Your Tokens” & “Claim & Delegate”
– You will then be taken through 2 screens. The first will confirm the number of tokens you are receiving and the delegator you have chosen. Choose “Claim Your Tokens“.
– The second screen then informs you of the next steps, where you will need to choose “Claim & Delegate“.
Select “Sign” & Submit Transaction
– Within your selected wallet, you will be prompted to sign a signature to confirm you’re delegating your votes.
– You will then need to submit the transaction to claim and delegate your tokens.
ARB Tokens to Wallet
– Congratulations! you have successfully claimed and delegated your ARB tokens! These tokens will then appear within your connected wallet.
– If the ARB tokens are not displaying in your connected wallet, choose “Add $ARB to Wallet” from the Arbitrum Foundation website. You may then be prompted to “Add Tokens”.
Conclusion
The Arbitrum airdrop is a great opportunity to receive free ARB tokens for users who have been interacting with the Arbitrum network. To claim your tokens, ensure you are eligible and follow the steps to connect your wallet to the Arbitrum Foundation website.
Don’t miss this opportunity to claim your Arbitrum ARB rewards and be a part of the Arbitrum ecosystem.
