Crypto exchange Huobi announces the listing of new Arbitrum token
Crypto exchange Huobi announced the listing of the new ARB token of the Arbitrum protocol
The ARB cryptocurrency airdrop will be conducted by the developers of the Arbitrum protocol on March 23. Amid the news, a similarly named token, but not related to the project, rose in price by hundreds of percent
Crypto exchange Huobi announced the listing of the ARB token of the Arbitrum protocol. The platform will add the cryptocurrency on March 23, following an airdrop by the project's developers, Offchain Labs.
Arbitrum One is used by those who need a special level of reliability in DeFi-protocols and are willing to lose on the speed and cost of transaction processing for the sake of it. Arbitrum Nova is more suitable for gaming and social applications because it has high transaction speed with minimal fees.
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On March 23, the creators of Arbitrum will distribute ARB tokens to community members who have used the network within the last year.
A total of 10 billion ARB tokens will be issued. 11.62% will go to protocol users and 1.13% to DAOs in the Arbitrum ecosystem. 42.78% will go to the treasury and the remaining 44.47% will go to investors and Offchain Labs employees.
A points system was used to determine the number of tokens. They are awarded for a user's activity in the ecosystem, taking into account the number of transactions or the number of funds on transactions. A snapshot of the network was taken on Feb. 6.
Amid reports of the ARB token giveaway and its listing on Huobi, the price of a similarly named ARB Protocol token with the ticker ARB, but unrelated to the Arbitrum protocol, soared 760% overnight, according to CoinMarketCap.
Arbitrum's real ARB token has not yet gone on sale. Arbitrum DAO emphasizes in the drop description that the only official site where ARB tokens will be distributed is their official website, and there will be no pre-sale.
Community members have long anticipated the release of Arbitrum's native tokens and have even started betting on the PoolTogether platform on whether or not the token giveaway will take place before March 31. CoinDesk reports that PoolTogether has raised about $4 million in the week since March 10 - if all goes according to Arbitrum's developers' plan, winners could receive more than $600,000 on March 31.
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