To enhance the performance and scalability of the Ethereum smart contract, Arbitrum was developed as a layer-2 scaling solution. Since the network’s launch in August 2021, Offchain Lab has had sole control over it. The centralized control will be eliminated and replaced with community governance with the introduction of the ARB governance token.
When Arbitrum launches on March 23, 2023, qualified ARB users will receive a portion of the total token supply. Depending on how they interact with the network, certain users may be eligible to receive thousands of ARB tokens. On March 16, 2023, the Arbitrum Foundation announced the launch of its most recent digital asset, the ARB token, signaling the transition to a decentralized autonomous organization (DAO).
Currently, the Arbitrum community owns 56% of the total quantity of ARB tokens, with the remaining 12.75% scheduled to be given away through airdrop to eligible users on March 23, 2023. The remaining community-owned tokens will be distributed progressively by the DAO and the Arbitrum Foundation. Investors and other key participants will receive 44% of the total token supply.
The Arbitrum Airdrop is Significant, But what is it and why?
The method by which Arbitrum will give its users access to its ARB tokens is through an airdrop. This will aid in the official debut of Arbitrum’s native coin and help it gain traction among early users.
The Arbitrum airdrop is particularly significant since it will signal the blockchain’s official conversion to a DAO and provide ARB token holders a chance to decide on protocol updates.
10 billion tokens total will be in circulation for ARB. Of the 10 billion tokens, 56% will belong to the Arbitrum community, while 11.5% will be given out via airdrop to qualifying users. The Arbitrum DAO will oversee a treasury where the remaining tokens will be placed. The workers and investors of Offchain Labs, which created Arbitrum in the first place, will receive an additional 44% of ARB’s circulation.
All employee and investor tokens, however, will be subject to lock-up times and vesting schedules.
The majority of early Arbitrum adopters received 625 ARB tokens, which roughly corresponds to an airdrop value between $400 and $1,250. It is predicted that 4,400 cryptocurrency wallets will be eligible for the ARB tokens, getting between $6,500 and $20,600 in tokens. Arbitrum’s largest allotment per address is 10,250 ARB tokens.
An Instructional Guide:
Users who have previously utilized Ethereum on the Arbitrum network will get an airdrop of ARB, the network’s native coin. This might be a fantastic chance to receive some free tokens if you qualify. We will walk you through the procedures in this manual to get your ARB token airdrop and how to transfer your ARB tokens to Newton to begin trading. Please be aware that you may fund and trade Arbitrum (ARB) via the web and Android on Newton (iOS support will be forthcoming soon).
Offchain Lab, a development company with offices in New York, is responsible for creating the Arbitrum product as well as a full range of scaling options. Co-founders of Offchain Labs Ed Felten, Steven Goldfeder, and Harry Kalodner are leading the endeavor. At Princeton University, Ed is a professor, Steven has a PhD, and Harry is pursuing a PhD. Each of the three is an expert in blockchain technology who is passionate about strengthening cryptocurrencies.
Step 1:
Connect your Wallet, Visit the Arbitrum Website:
You’ll require an Ethereum-compatible wallet to receive your ARB tokens. While MetaMask, MyEtherWallet, and Trust Wallet are just a few examples of such wallets, Newton is not linked with or supports any specific wallets. Please use the same wallet that you use to communicate with the Arbitrum network regularly to confirm your eligibility to claim the airdrop.
Step 2:
Use the Arbitrum One Network Instead:
This is where you should, if you haven’t already, add the Arbitrum One network to your Web3 wallet. Once your wallet is connected, a pop-up instructions box will appear and walk you through the process step by step. You can access the Arbitrum One Network if you’re already linked to it.
Step 3:
Check Your Eligibility :
You must confirm your eligibility before you can claim your ARB tokens. You can determine if your wallet qualifies after connecting it.
You must have engaged with the Ethereum network before February 6, 2023, to be eligible for the airdrop (see the official release for further information). If so, you ought should be able to get your tokens.
Your score in the points system that Arbitrum created will determine how many ARB tokens you get from the airdrop. Every significant activity before the picture taken on February 6, 2023, at block #58642080, earns points. The minimum score required to participate in the airdrop is 3 points, and the highest score is 15.
Step 4:
Claim Your Tokens:
The enjoyable part is now! The tokens will be deposited into your wallet if you are eligible; just follow the on-screen instructions and click claim.
Step 5:
Move Your Tokens to Newton:
You can relocate your ARB tokens to Newton after you’ve claimed them.
Utilizing a web browser, move your ARB to Newton:
- 1. Access your Newton profile.
- 2. Find the downward-pointing arrow labeled “Add Funds” on the dashboard’s right side.
- 3. Select “Crypto from Wallet”
- 4. Choose the network, the coin, and create the address
Using the currency option (“Choose Coin”), choose the coin you are adding.
Make your network selection for the transfer. (Please use the Arbitrum One network for the Arbitrum airdrop. At this moment, we do not support the Arbitrum Nova network. The Arbitrum Nova network prohibits the recovery of funds received through it.
To build and display your funding address, click “Generate Address“ after that.
For instance, the network will default to “Bitcoin” if you pick it in the coin choice while adding Bitcoin to the Bitcoin Network.
- Scan the QR code with the external wallet you’ll be using to send the money, or copy the Newton address and paste it into the external wallet’s destination box to send the money.
Use the Mobile app to Move your ARB to Newton:
- 1. Launch the Newton app for mobile devices and sign into your account.
- 2. Tap the bottom-positioned Transfer icon.
- 3. Select “Crypto from Wallet” under the “ADD FUNDS” tab.
Your ARB can now be traded if you’d like to do so after transferring it to Newton.
Please be aware that you may now fund and trade Arbitrum (ARB) on the Newton using the web and Android (iOS support will be available soon)
Watch out for Arbitral Scams:
Unfortunately, it doesn’t take long for cryptocurrency scammers to start circling when a crypto airdrop attracts this much attention. To access users’, we have uploaded a ton of phony links and web pages, falsely offering them airdrop participation even if they are not eligible or early access to ARB tokens to gain a head start on the market.
It is important to use caution as the airdrop date draws closer, especially if you are eligible, to make sure you are utilizing the proper procedure and avoiding scams.
Making sure you only access Arbitrum’s airdrop through the Arbitrum Foundation, the project’s official website, is one technique to prevent fraud.
Things to Consider the Moment You Claim your $ARB Airdrop Tokens:
- To claim $ARB tokens, you will have plenty of time.
- Avoid falling for phony websites.
- Before claiming begins, revoke access to any more flawed or fraudulent smart contracts.
- You can find yourself paying a large gas price even though you’re collecting your $ARB token from the smart contract directly.
- If you make a mistake, you risk losing your tokens.
How Do You Determine if You Qualify for $ARB Token?
Based on user behavior, Arbitrum and the cryptocurrency analytics company Nansen determined ARB token eligibility. Tokens can be claimed by eligible users by going to the Arbitrum website. Users must have utilized Arbitrum and engaged with blockchain to be eligible for the $ARB token airdrop. As of the late snapshot date of February 6, 2023, the list of eligible wallets represented 625,143 addresses or 28% of those that had bridged to Arbitrum One since its establishment. The quantity of ARB received will depend on how the user uses the platform and will be airdropped directly to their Ethereum wallets.
By granting holders of the ARB token voting privileges within the Arbitrum DAO, the token will return power to its owners. Users will be able to take part in the management and growth of the platform thanks to this. Users will receive ARB according to how frequently they utilize the platform, with those who have used Arbitrum most frequently earning the majority of the tokens.
Conclusion:
Rollups are a smart contract scaling approach that entails ‘rolling up’ several off-chain transactions into one. When all the transactions have been combined, one transaction is delivered to the Ethereum blockchain. This lessens network latency while maintaining secure transactions and lowering gas expenses.
Rolling up makes Arbitrum easier to use and more affordable while also sending all transaction data back to the Ethereum network. Ethereum can only handle about 14 transactions per second, compared to the layer 2 protocol’s 40,000 maximum. While the same transaction on the Ethereum blockchain takes several dollars to complete, it only costs about two cents on the Arbitrum blockchain.
The Ethereum Virtual Machine (EVM) is additionally supported by Arbitrum. As a result, developers of Ethereum’s decentralized finance (DeFi) applications can quickly and simply connect their decentralized applications (DApps) with Arbitrum without having to make any changes to their applications. Arbitrum has been running without a token ever since it was founded. This will soon change, though, as on March 23, 2023, Arbitrum will airdrop ARB, its long-awaited new native token. The ARB token is a governance token that will let its owners vote on protocol-related decisions via the chain’s DAO.
FAQs:
How many ARB Tokens are up for Airdrop Right Now?
113 million ARB tokens, which are first allotted to 125 DAOs and are currently valued at $148 million, are awarded to them. According to Spotonchain, over 90 million ARBs, or about $120 million at the current exchange rate, have already been distributed. Treasure DAO, SushiSwap, Dopex, Radiant, and Balancer are some of the top awardees.
Are Airdrops Truly Profitable?
When an airdrop is received, its fair value should be recorded as income. In addition, unless a person has authority over the token, airdrops are not regarded as taxable revenue. It is not taxable income until the airdrop is received and can be exchanged, regardless of whether it is locked or on a vesting schedule.
How can I Obtain Free AirdropTokens?
Airdrops, or “airdrops” as some refer to them, are always free and don’t call for deposits beforehand. Depending on the cryptocurrency project backing a certain airdrop, users who are qualified to receive airdrop tokens may receive fungible or non-fungible tokens (NFTs) as part of the free crypto giveaways.
How can I get my Token?
Your claimable token balance will be shown once you click the connect wallet button. Once your wallet is connected, select Claim to approve the transaction. The Add to Wallet button will add your IMPT to Metamask automatically, or you can use the token information to track it in your wallet.
How Do I Incorporate ARB into My Trust Wallet?
Follow these steps to add ARB tokens that aren’t included in the Trust Wallet Mobile App: Make sure you are on the wallet’s home page. To display the “Add Tokens” link, scroll down or click the filter/toggle icon in the top right corner. Find the Arbitron (ARB) token and activate the show/hide button.
Are Airdrops Always Free?
These freebies are frequently referred to as airdrops. The majority of the airdrops we list are “bounty” drops; they will give you tokens in exchange for joining their Telegram group or reposting on Twitter, among other easy social media tasks.
