“In Arbitrum’s case, they have fraud proofs enabled, but only by whitelisted validators and used interactive proofs which take many transactions to solve,” Blockworks Research said. While the ARB token airdrop is only a matter of hours away, it’s still important that you do your own research (DYOR) on this and other kinds of airdrops. DYOR will not only help to protect you from scammers but it can also help you to make better financial decisions. Simply put, Arbitrum seeks to expand Ethereum’s smart contracts capability by improving its scalability and speed while still offering auxiliary privacy features. The remaining 44% will be given to Offchain Labs’ investors and employees, who developed Arbitrum.
ARB holders can vote on key decisions that will govern Arbitrum One and Arbitrum Nova with the introduction of the ARB token. This article will try to introduce the details of Arbitrum airdrop eligibility and how to claim it. Arbitrum is an optimistic rollup scaling solution on Ethereum. Scaling solutions are designed to ease congestion and prices of gas fees on the Ethereum network. The Arbitrum airdrop is a strategy that Arbitrum will use to distribute its ARB tokens to its users. This will help Arbitrum officially launch its native token and spearhead its circulation to early adopters.
How to Check if You’re Eligible for the Arbitrum Airdrop Using Trust Wallet
Next, once you are successfully connected, go back to the Arbitrum Foundation’s website and click on ‘Check Eligibility’ to confirm if you are eligible for the ARB airdrop. Go to your Trust Wallet, click on ‘Settings’ then ‘WalletConnect’, and scan the QR code. You will automatically be asked to confirm the connection on your Trust Wallet app to check your airdrop availability. For purposes of this guide, we will connect to Trust Wallet on mobile using WalletConnect. The remaining 4.447 billion tokens will be subjected to a four-year lockup, with the first unlock occurring one year after the upcoming airdrop, on 23 March 2024. Subsequent unlocks will take place monthly, with the final unlock on 23 March 2027.
The Arbitrum Foundation declared the release of its latest digital asset, the ARB token, on Mar 16, 2023, marking the shift to a decentralized autonomous organization (DAO). As of now, 56% of the overall ARB token supply is owned by the Arbitrum community, with 12.75% set to be distributed via airdrop to qualified users on Mar 23, 2023. The Arbitrum Foundation and DAO will dispense the remaining community-owned tokens gradually. Meanwhile, 44% of the total token supply will be allotted to investors and essential contributors. The Arbitrum airdrop was a significant event that rewarded early adopters of the Arbitrum One and Arbitrum Nova networks. The criteria for eligibility were focused on various actions taken by users on these networks, and the airdrop token allocation was determined based on the number of points earned.
The transactions are then processed and sent back to the main chain after validation. Rollups are a smart contract scaling solution that involves compiling multiple off-chain transactions in a process known as ‘rolling up’. Once all the transactions have been rolled up, they are presented as a single transaction to the Ethereum blockchain.
Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.
To claim the Arbitrum airdrop, you need to be eligible based on the points you earned according to the criteria outlined by the team. If you are eligible, you can follow the steps below to claim your Arbitrum airdrop. It is important to note that point scores were capped at 15, and users could earn a maximum of one point per qualifying action performed before the snapshot date. Also, points earned on Arbitrum Nova could either bring a user up to 4 points total, or give them one additional point if they had already scored 4 points or more on Arbitrum One. Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.
Here’s how to check if you’re eligible for using the Trust Wallet Mobile App with WalletConnect
The fact that points earned before the launch of Arbitrum Nitro were worth twice as much as points earned after added an extra incentive for early adopters to participate. Although Arbitrum delayed launching its governance token, most people are still looking forward to theArbitrum Airdrop. The Arbitrum Foundation and Offchain Labs worked with Nansen, a crypto analytics firm, over a couple of months to develop eligibility criteria for the ARB token airdrop. Some factors they looked at included how long a user had been using Arbitrum One and Arbitrum Nitro, how many transactions they did, and the various applications they utilized.
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Decentralized derivatives platform GMX and exchange Uniswap command the most value. Ethereum native dapps Aave and Curve have also launched on the network, among others. Prior to its token launch, the Ethereum layer-2 network had been governed by New York startup Offchain Labs — the developer behind the protocol. The Arbitrum ARB governance token airdrop is one day away and will mark the beginning of its transition into decentralization. With the distribution of tokens to the Arbitrum DAO treasury, community-owned protocols, and individuals, more than 55% of ARB tokens will be effectively distributed to the community. Looking closely at the distribution, 113 million ARB tokens will also be distributed to DAO treasuries of protocols building on Arbitrum.
Arbitrum’s recommended wallets are Rainbow, Coinbase Wallet, Metamask, WalletConnect, Trust Wallet, and LedgerLive. When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place.
- The layer 2 protocol can process 40,000 transactions per second, while Ethereum can manage only roughly 14 transactions per second.
- Scaling solutions are designed to ease congestion and prices of gas fees on the Ethereum network.
- While Newton isn’t affiliated with or endorses any particular wallets, there are many examples of such wallets including MetaMask, MyEtherWallet, and Trust Wallet.
- The connected wallet allows you to collect the airdrop tokens and carry out other activities and transactions on the platform.
Arbitrum, a popular Ethereum layer-2 protocol, is set to issue its own native token to eligible community members – scheduled for an airdrop on March 23, 2023. With the launch of the ARB token, Arbitrum will officially transition into a decentralized autonomous organization (DAO). As described earlier, points scored before and after Arbitrum Nitro was deployed on Arbitrum One mainnet were weighted differently. If an address only became fully eligible (minimum of three points) post-nitro, all points scored counted as post-nitro points.
Another risk is the upgradability of Arbiturm’s smart contract, as seen with Jump Crypto’s counter-exploit of the Wormhole hacker last month. A smart contract is considered to be most secure if it can not be upgraded, which is not the case for both Arbitrum and Optimism. State validation refers to the proofs used or how the network decides which transactions (network state) are valid. ARB holders will vote on all aspects of the protocol including upgrades, inflation adjustments, as well as capital allocations (including grants). According to Blockworks Research, ARB will allow for decentralized governance over the Arbitrum protocol, similar to Optimism’s OP token. Since its inception, Arbitrum has been operating without a token.
Who Is Eligible for the Airdrop?
Rolling up makes Arbitrum faster and cheaper to use, with all transaction data being relayed back to the Ethereum blockchain. The layer 2 protocol can process 40,000 transactions per second, while Ethereum can manage only roughly 14 transactions per second. Transactions on Ethereum cost several dollars to complete, while the same costs approximately two cents on the Arbitrum blockchain. Arbitrum is a layer 2 blockchain scaling solution built on top of the Ethereum blockchain.
TON isn’t the only blockchain to go offline for hours at a time. how lengthy has your gpu lasted mining 24/7 Although enabling fraud proofs is much better than having none at all — as in the case of Arbitrum’s competitor Optimism — it would be more ideal to have permissionless proofs. An eligible candidate for the council must be a member of the DAO and receive support from 0.2% of votable tokens. Chosen members will receive a $5,000 stipend in the form of ARB tokens. A security council will also be established to make swift decisions when a normal governance process may be too slow. Following Arbitrum’s Nitro upgrade, there has been an uptick in transactions on-chain, recently overtaking Ethereum in daily transactions.