Arbitrum, the Layer 2 scaling solution for Ethereum, has announced plans to airdrop a new governance token called $ARB to users of its platform. This move comes as part of the platform’s transition to a decentralized autonomous organization (DAO) model. In this article we will cover what is Arbitrum, basic utility of the $ARB token, how to check eligibility to claim the $ARB token, and lastly how to deposit the $ARB token on Huobi.
What is Arbitrum?
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Arbitrum is a popular Layer 2 scaling solution for the Ethereum network that uses optimistic rollups to bundle many transactions into a single batch before submitting them to the main Ethereum network. This significantly reduces gas fees and increases transaction speeds. It has quickly gained popularity as a fast and affordable alternative to the main Ethereum network.
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Arbitrum product, as well as an entire suite of scaling solutions, is built by a New York-based development firm Offchain Lab. The initiative is spearheaded by Offchain Labs co-founders Ed Felten, Steven Goldfeder and Harry Kalodner. Ed is a professor, Steven received his Ph.D, and Harry is a Ph.D. candidate at Princeton University. All three are blockchain experts with a passion for making cryptocurrencies more capable.
What is the utility of the ARB token?
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The ARB token will give power back to the holders by providing voting rights within the Arbitrum DAO. This will allow users to participate in decision-making processes regarding the platform’s development and management. ARB will be distributed to users based on their usage of the platform, with those who have used Arbitrum the most receiving the largest share of tokens.
How do you check eligibility for $ARB Token?
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Arbitrum collaborated with Nansen, a crypto analytics firm, to determine ARB token eligibility based on user activity. Eligible users can claim tokens by visiting the Arbitrum Website. To claim the $ARB token airdrop, users need to have used Arbitrum and interacted with blockchain with several specific criteria. The list of eligible wallets represents 625,143 addresses or ~28% of those having bridged to Arbitrum One since inception and as of the late snapshot date of February 6, 2023. The tokens will be airdropped directly to users’ Ethereum wallets, with the amount of ARB received based on their usage of the platform.
How to deposit $ARB to Huobi?
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Huobi just announced the $ARB listing , so you can deposit later today by following these simple steps:
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Step 1: Download the Huobi APP
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Step 2: Follow step by step tutorial to deposit
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Thanks for reading, and please let us know in the comments what you think about the $ARB airdrop and token. Lastly, make sure to follow Huobi on our social channels to stay update on all things crypto.
