ArcherSwap NFTs go live on Miida’s NFT Marketplace
Only projects with a DAO and a community fund will receive airdrops, with the exception of The Protocol Guild. Factors considered for eligibility include distribution date, multi-chain or native status, transaction volume, total asset value locked, and native liquidity moved.
Strengthen sub-communities
The $ARB governance token is the first native digital asset of Arbitrum. As part of the platform’s airdrop, 11.62 percent of the circulating supply of the token is distributed to early backers, and 1.13 percent is distributed to developers building on Arbitrum. This means that 12.75 percent of the token’s total supply will be in circulation soon.
According to the Arbitrum foundation, the airdrop was not retroactive. It was instead a way to strengthen subcommunities on the layer2 network to determine how governance is handled locally.
As Arbitrum noted, airdrops would only be available for projects with a decentralized autonomous organization (DAO) and community coffers. Still, it made an exception for The Protocol Guild, a gathering of Ethereum core developers.
How much $ARB did DAOs receive?
When selecting projects for airdrops, Arbitrum evaluated factors including implementation date and whether they were multi-chain or native to their ecosystem. In addition, the transaction volume and the total value of assets locked to the project, as well as native liquidity, are assessed.
Arbitrum airdropped a total of $112.834 million ARB to DAOs. The following are the top seven DAOs that received the most $ARB during the airdrop, according to a list compiled by Nansen:
- Treasure DAO: Treasure is an Arbitrum-based decentralized network for blockchain-based metaverse projects. Through its NFT marketplace and gaming and betting platform, Bridgeworld, Treasure aims to start up new, decentralized metaverses and support their growth. The Arbitrum Foundation sent $8 million ARB to Treasure, the most ever received by a DAO.
- GMX: Next in line is GMX, which also received $8 million ARB. With GMX you can trade both spot and perpetual assets for low exchange fees and almost no price impact. Liquidity providers earn fees from market making, swap fees and leverage trading via this multi-asset pool.
- Uniswap: Uniswap facilitates automated trading of decentralized finance (DeFi) tokens through its decentralized trading protocol. Token trading on Uniswap is fully automated and open to anyone who owns tokens, while trading is more efficient than on traditional exchanges. Uniswap achieved $4.378 million ARB.
- Sushi Swap: SUSHI is an Automated Market Maker (AMM). An increasingly popular tool among cryptocurrency users, AMMs are decentralized exchanges that use smart contracts to create markets for a given pair of tokens. The protocol aims to diversify the AMM market and also add new features not found on Uniswap, such as an internal token, SUSHI, that rewards network participants. Sushi DAO received $4.249 million ARB.
- Dopex: The Dopex protocol maximizes liquidity for option writers and minimizes losses for option buyers. Users can deposit base/bid for their respective pools, earn passive income through writing and purchase discounted options through liquidity pools. A total of $3.863 million ARB was received by Dopex.
- Curve: Curve manages liquidity using an automated market maker (AMM) on a decentralized stablecoin exchange. In August, Curve launched a decentralized autonomous organization (DAO), with CRV as its underlying token. The DAO connects multiple smart contracts for users’ escrow liquidity using the Ethereum-based Aragon creation tool. Curve received $3.476 million ARB.
- Radiant Protocol: Radiant is designed to solve scale, parallelism and Turing Complete programming problems associated with all existing blockchains. It is a peer-to-peer digital asset system that enables direct trading between users without requiring a central authority. Radiant Capital received $3.348 million ARB.
In addition to these protocols, Balancer, Protocol Guild, CAP, Vest Finance were also among the projects that received the most airdrops. The launch of the Arbitrum token is among the most anticipated events in the crypto space this year, especially since it is gaining momentum in the DeFi sector without a governance token since last year.
Arbitrum ($ARB) is trading at $1.32 with a market capitalization of $1.674 billion. According to CoinMarketCap, the price of the token fell by more than 88% today, within minutes of its listing on various exchanges.
What is arbitrage:
Arbitrum is an Ethereum layer-2 network that enables developers to build and deploy highly scalable smart contracts at low cost. You can use Arbitrum chains to do all the things you do on Ethereum – use Web3 apps, deploy smart contracts, etc., but your transactions will be cheaper and faster. The flagship of the team, Arbitrum Rollup, is an optimistic rollup protocol that inherits Ethereum-level security.
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