
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.
Read More: Layer 1 Vs Layer 2 Blockchains: What Is the Difference?
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".
Conclusion
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.
DISCLOSURE
Comments here are not of the author's opinion. Users are responsible for their comments.