Arbitrum’s new crypto, ARB, will be released tomorrow through an airdrop.
Only those who have made use of Arbitrum prior to 6 February can participate in the airdrop to receive free ARB tokens.
To check if you are eligible to receive the tokens, you can log on to arbitrum.foundation.
Arbitrum’s new crypto: how to be in the first airdrop group
A couple of days ago Twitter user Tindorr posted a short guide outlining how to get included in the first group that can to apply for the new ARB tokens about 1.15 hours before the airdrop.
How to become the first group to claim $ARB ~1.15 hour before the time:
Claim it directly from the contracthttps://t.co/BsVr5K9ldY
Then dump on CEX like Kucoin at the moment they launch the trading pair (the wicked candle)
That's how you make the most profit chads 🧠👀 pic.twitter.com/x7rKnl2Thj
— Tindorr 🚢 (@0xTindorr) March 20, 2023
As Tindorr reveals, it is possible to make the request directly on the Arbitrum smart contract, so you can be ready to move the tokens to an exchange as soon as they become available.
The goal of this procedure of course is to be among the first to put the new tokens up for sale, since in the event that their price falls after listing it would be convergent to sell them now.
However, there is no certainty that their market value will fall after listing, so selling them before others will only be worthwhile in case the selling pressure at listing will exceed the buying pressure, causing their price to fall.
Tindorr also warns that interacting directly with the smart contract is a high-risk activity, to the point that it is not recommended for anyone who does not have a good understanding of how to do it.
I need to clarify several points based on my latest tweet about claiming the $ARB token:
— Tindorr 🚢 (@0xTindorr) March 21, 2023
He also urges caution, because bogus links to fake Arbitrum smart contracts are already circulating online, which have the sole purpose of stealing tokens from the unfortunate people who might click on them.
To find the correct smart contract Tindorr suggests looking directly on Arbiscan, search for the ARB token and click on Arbitrum DAO – Governance docs.
However, there remains a possible opportunity to take advantage of for those who are savvy, as there is a discrepancy between the airdrop time reported on the Arbitrum Foundation website and the time on Etherscan.
Initially this discrepancy was about 1.15 hours, whereas now it would seem to have been reduced.
It is worth mentioning that the airdrop will occur at block 16,890,400, which nobody knows exactly when it will be validated.
Therefore day and time of the airdrop are only an estimate, albeit a fairly accurate one, and the time of this estimate could still vary. The closer we get to block 16,890,400 the more precise the estimate becomes.
ARB tokens and the Arbitrum DAO
ARB will be Arbitrum’s cryptocurrency, more accurately the governance token of the Arbitrum DAO.
It will be in the classic ERC-20 format on the Ethereum blockchain, given that Arbitrum for that matter is an Ethereum layer 2, but it will also be present on the Arbitrum chain.
The governance of the Arbitrum DAO will be self-executing, that is, the votes cast within the DAO thanks to the ARB token will directly have the power to make and execute the decisions of the on-chain community, without having to rely on an intermediary.
Thus it will be for all intents and purposes only the ARB token holders who will decide the development and on-chain evolution of this project.
To avoid problems, it was decided to require that the voting process take a minimum of 21 or 37 days, depending on the nature of the proposal, before the actual on-chain execution of the decisions made by the vote.
Thus, DAO proposals cannot act quickly on the protocol, which is why it was also decided to create an Arbitrum Security Council, which is a multisig of 12 community representatives that is supposed to ensure security in case of vulnerabilities with quick actions.
Most ARB tokens are intended for the community, and tomorrow’s airdrop will distribute 12.75% of the existing tokens. The Arbitrum Foundation and the DAO will be responsible for distributing the next ones over time.
It is worth noting that tokens distributed with the airdrop will be usable and exchangeable immediately, while those given to investors and the team are subject to a lock-in period, with the first unlocks occurring within a year, and the following ones at monthly intervals for another three years.