On March 23, 2023, Arbitrum issued its native token to eligible members of its community through an airdrop. Arbitrum will become a decentralized autonomous organization with the ARB token (DAO) introduction. Here is more about Arbitrum and how to get an airdrop if you want to participate.
What Is Arbitrum?
Arbitrum is a Layer 2 scaling solution developed on the Ethereum blockchain. It was created by Offchain Labs in August 2021 to increase transaction speed and scalability while lowering on-chain transaction costs.
By increasing its speed and scalability while maintaining its auxiliary privacy features, Arbitrum aims to increase the functionality of Ethereum's smart contracts.
How Does Arbitrum Reduce the High Transaction Fees?
Arbitrum reduces the high transaction fees by incorporating Optimistic Rollups. Rollups combine various off-chain transactions to scale smart contracts in a procedure known as "rolling up."
The Ethereum blockchain is presented with the rolled-up transactions as a single transaction after they have been rolled up. By doing this, network latency is decreased while still maintaining secure transactions.
When all transaction data is relayed to the Ethereum blockchain, Arbitrum becomes faster and cheaper to use. Ethereum can only handle about 14 transactions per second, compared to the layer 2 protocol's 40,000 maximum. A transaction on Ethereum costs several dollars, while on Arbitrum, it costs about two cents.
Furthermore, Ethereum Virtual Machine (EVM) is supported by Arbitrum. As a result, developers of Ethereum's decentralized finance (DeFi) applications can quickly and easily connect their decentralized applications (DApps) with Arbitrum without having to make any changes to their applications.
Also, Arbitrum has operated without tokens since its inception. However, Arbitrum's first native token, ARB, was airdropped on March 23, 2023, changing this. The ARB token will function as a governance token, enabling its owners to vote on protocol-related decisions via the chain's DAO.
How to Get Arbitrum (ARB) Airdrop
During an airdrop, cryptocurrency projects send coins or tokens to crypto wallet addresses that are eligible for it. Decentralizing token ownership, increasing token circulation, and raising public awareness are the primary objectives of an airdrop.
To give its users access to its ARB tokens, Arbitrum employed an airdrop strategy. This helped Arbitrum in launching its native token formally and ensuring that it is distributed to early adopters.
For the Arbitrum token airdrop, 625,143 wallet addresses are eligible according to Nansen. To know if you are eligible, you can check the Arbitrum Foundation. ARB tokens were directly airdropped to the wallets of those eligible on 23rd March 2023.
Using your WalletConnect and Trust Wallet mobile App, follow these steps to check if you are eligible
Step 1: Visit the official website of Arbitrum Foundation. Click on the ‘Connect Wallet’ option.
Step 2: Choose your crypto wallet before choosing the wallet you want to link. To connect to Trust Wallet on a mobile device for this guide, we will use WalletConnect.
Step 3: Use WalletConnect to link up. Scan the QR code by going to your Trust Wallet, selecting "Settings," and then "WalletConnect." To check your airdrop availability, the Trust Wallet app will prompt you to confirm the connection.
Step 4: Next, confirm eligibility. Return to the Arbitrum Foundation website after connecting successfully to know if you are eligible by selecting "Check Eligibility".
Arbitrum's airdrop is a strategic move to attract more users and strengthen its position in the market. The distribution of tokens to users who have already transacted on the network is a clever way to incentivize participation and increase adoption. As more users join the network, it will likely lead to increased activity, liquidity, and overall value for Arbitrum.
Comments here are not of the author's opinion. Users are responsible for their comments.