With more than 1b ARB tokens airdropped—issued to specific individuals—so far, the total market capitalization for the token has steadied around $1.8b
The long-awaited native crypto currency for Arbitrum, the leading scaling solution for the Ethereum blockchain, eventually became accessible for over 600,000 recipients on Thursday, as per Dune Analytics.
With more than 1b ARB tokens airdropped—issued to specific individuals—so far, the total market capitalization for the token has steadied around $1.8b, according to data from CoinMarketCap. Developers have planned to create an initial supply of 10b tokens—placing the current fully diluted market cap higher than $14b.
Out of the total number of eligible recipients—ARB was made available only to members of the Arbitrum community, with over half claiming theirs.
The token’s release, one of the most valuable in recent past, comes after last week’s declaration that Offchain Labs, the developer that created Arbitrum, was setting up the Arbitrum Foundation and a related DAO (decentralized autonomous organization).
The two units will control the management and development of the Arbitrum ecosystem, which consists of two layer-2 blockchains built on top of Ethereum: Arbitrum One, the bigger of the two blockchains, and Arbitrum Nova, built for Web3 games and social networking applications. Both blockchains are aimed at making transactions on Ethereum quicker and cheaper.
The ARB token will not be used for transaction fees on the blockchains but will permit owners to vote on plans put forward to Arbitrum’s decentralized autonomous organization.
As of late Thursday afternoon, the price of ARB was around $1.45. ARB’s present market cap places it ahead of the token for Arbitrum’s nearest rival, Optimism, another layer-2 blockchain that aims to speed up transactions on Ethereum. On Thursday, the market capitalization for OP was near $774m, after briefly surging over $800m shortly after ARB declined, with a token price of $2.46.
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