If you are following our blog, you know we published a list of possible future crypto airdrops and mentioned Arbitrum in it. We also published a list of dapps live on Arbitrum ecosystem that you could have interacted with. If you had followed our guide, you would have been eligible for the upcoming Arbitrum airdrop.
On 16th of March, 2023, Arbitrum foundation announced $ARB token and airdrop. If you’re interested in the Arbitrum One rollup chain and its native ERC-20 governance token, $ARB, you may be wondering if you’re eligible for the upcoming token airdrop. In this article, we’ll go over the details of the Arbitrum airdrop, including eligibility requirements, point system, and token distribution.
Arbitrum Token Properties and Distribution
At launch, the $ARB token has an initial supply cap of 10 billion, with a maximum inflation rate of 2% per year. The token will be minted and burned through an L2 smart contract, and is bridgeable to Ethereum L1. On-chain governance and voting for the $ARB token will take place on the Arbitrum One chain.
The initial token allocation and airdrop distribution will be split among several groups, with 42.78% of the initial supply allocated to the Arbitrum DAO treasury, 26.94% allocated to the Offchain Labs team and advisors, 17.53% allocated to Offchain Labs investors, 11.62% allocated to users of the Arbitrum platform, and 1.13% allocated to DAOs building apps on Arbitrum.
$ARB token User Airdrop Eligibility Details
To be eligible for the user airdrop, participants needed to score a certain number of points based on their activity on Arbitrum One and, to a lesser extent, Arbitrum Nova. Points could be earned through a variety of actions, such as bridging funds, conducting transactions, and depositing liquidity. Users could earn up to 15 points, but point scores were capped at 15.
Qualifying Actions for User Airdrop Points
There were many actions that could earn users points towards their airdrop eligibility, including bridging funds, conducting transactions over a certain value, and depositing liquidity. Points earned before the launch of Arbitrum Nitro were worth twice as much as those earned after. A minimum of three points were required to be eligible for the airdrop.
How to Convert User Airdrop Points to Tokens
The number of tokens users are entitled to in the airdrop depends on how many points they earned. Users with fewer than 3 points are not eligible for the airdrop, while those with 12 or more points are entitled to 10,250 tokens. Users who scored 3-11 points will receive between 1,250 and 7,250 tokens.
Once you have determined your point score, you can calculate your airdrop entitlement using the table provided. For example, if you earned 7 points on Arbitrum One, you are entitled to receive 3,750 $ARB tokens.
It’s important to note that the minimum number of points required to be eligible for the airdrop is 3, and the maximum point score that can be used to calculate an airdrop entitlement is 15. Additionally, the number of tokens you are entitled to receive will be subject to the anti-Sybil rules described above.
User Protections Against Sybil Attacks
To prevent bots and fake accounts from gaming the system, several anti-Sybil rules were established. For example, users whose wallet transactions occurred within a 48-hour period had one point subtracted from their score, and users with a wallet balance of less than .005 ETH and only one smart contract interaction also had one point subtracted.
DAO Airdrop Criteria and Distribution
Apart from the user airdrop, a distinct distribution of $ARB tokens was set aside for DAOs that develop applications in the Arbitrum ecosystem, and for the Protocol Guild which is a group of Ethereum contributors. The distribution of tokens to DAOs was determined based on a range of factors such as the duration of projects on Arbitrum, the total value locked (TVL) of assets on the chain, whether a project was native to Arbitrum, and whether a project used on-chain treasuries.
Vesting and Lockup Details
The distribution of user and DAO airdrops is scheduled to take place in a week. However, it should be noted that investor and team tokens will be subjected to a lockup period of four years. The initial unlocking of tokens will occur after one year, with the remaining tokens unlocking on a monthly basis for the subsequent three years.
How to know if your wallet is eligible for Arbitrum Airdrop?
To check if your wallet is eligible for $ARB token airdrop, you can go to Arbitrum.foundation, connect your Metamask wallet and it will show you how much tokens you would be getting. Please know that you can’t claim any token today. Eligible users will be able to claim $ARB token on Mar 23rd 2023 at 18:01:00 GMT
Conclusion
The Arbitrum network has seen significant growth in recent months, and the $ARB token is at the heart of the platform’s governance and economic model. With the recent airdrop, the project aims to reward early adopters and encourage further adoption of the Arbitrum network.
To determine your eligibility for the airdrop and calculate your entitlement, it’s important to understand the criteria used to award points and the anti-Sybil rules in place. By doing so, you can ensure that you are maximizing your chances of receiving a fair allocation of $ARB tokens.
The snapshot for the airdrop was taken on February 6th, 2023, so if you meet the eligibility criteria, be sure to check your wallet address for any incoming $ARB tokens in the coming weeks.
