Everything you need to know about Arbitrum Airdrop

Arbitrum, the popular Ethereum scaling solution, has finally announced the airdrop of the ARB token next Thursday to join other Layer 2 projects such as Optimism that have launched their native token.

According to Crepito Potito, Offchain Labs, Arbitrum’s developer team, has published documentation about eligible users to receive the airdrop:

• Users can now check their eligibility and token amount through the arbitrum.foundation website.
• There is a points system that determines how many tokens each user will receive, and everyone needs at least 3 points to receive an airdrop.
• The maximum number of points received will be 15, and doing some things such as using the Arbitrom One bridge or making a transaction has an effect on the amount of points received.
• Each wallet address can receive a maximum of 10,200 ARB tokens.
• The initial supply cap will be 10 billion tokens.
• 11.26% of the total supply equal to 1.162 billion tokens will be distributed in airdrop.
• 1.13% of the tokens will also be awarded to the daoes that helped build applications on Arbitrum.
• The snapshot that is used to determine the users’ score was prepared on February 6, 2023 (Bahman 17).
• Tokens for investors and the development team will be released during a 4-year program. A portion of the tokens will be released one year after the airdrop and monthly thereafter.

The following actions determine the points received by users and the amount of tokens allocated to them:

Arbitrum One

• Using Arbitrum One bridge
• Making transactions in 6 separate months
• Conducting transactions within 6 distinct months
• Making a transaction in the last 9 months
• Performing more than 4 transactions or interacting with more than 4 different smart contracts
• Perform more than 10 transactions or interact with more than 10 different smart contracts
• Perform more than 25 transactions or interact with more than 25 different smart contracts
• Perform more than 100 transactions or interact with more than 100 different smart contracts
• Making transactions with a total value of more than $10,000
• Making transactions with a total value of more than $50,000
• Making transactions with a total value of more than $250,000
• Deposit more than $10,000 in cash to Arbitrum
• Deposit more than $50,000 in cash to Arbitrum
• Deposit more than $250,000 in cash to Arbitrum

Nova Arbitrum

• Use of Nova Arbitrum bridge
• Make more than 3 transactions
• Make more than 5 transactions
• Make more than 10 transactions

According to DeCrypt, this governance token allows its holders to submit proposals and participate in voting related to the implementation of changes in the network to the arbitrum. This network is an optimistic rollup based solution that processes transactions outside of the Ethereum mainnet to reduce gas costs.

According to data from the L2 Beat website, Arbitrom has more than 55% of the Ethereum layer 2 solutions market share.

Of course, users will have the ability to nominate proxies to help with project decisions. Similar to proxy democracy, token holders who may have a particular interest in a cryptocurrency project, but may not have the time or technical ability to improve that protocol, can give their voting power to someone else.

Steven Goldfeder, co-founder and CEO of Offchain Labs, said that whether or not users are eligible to receive ARB tokens is determined by an internal eligibility criteria. He noted:

Over the past months, we have worked closely with Nansen to determine the criteria for receiving the airdrop.

According to available information, 11.6% of the total token supply will be distributed among the wallets of individual users, and 1.13% will be allocated to other projects built on Arbitrum. Goldfeather added:

Not only do we allow Arbitrum users to have a say in governance, but we also provide voting on the Dao of Arbitrum projects and projects built on Arbitrum.

Total Value Locked (TVL), or the amount of money involved in a particular project, is just one of the metrics used by the development team. However, Goldfeather insists that the terms for receiving an airdrop are general enough to cover most projects. He stated:

We try not to determine eligibility based on just one criterion. The total value of locked capital will not be the measure we use for games, social projects.

Previously, Offchain Labs was the only entity responsible for making changes or modifications to this scalable protocol.

But now, along with the ARB token distribution, Goldfeder and his team are handing over that responsibility to the Arbitrum community. Also, the added responsibility of the community is that once the vote is implemented by the Dao, the blockchain codes will be updated simultaneously.

Typically, development teams used the result of Dao votes as a signal for how to make changes; But past experience showed that sometimes these signals are not implemented on the network. More importantly, Arbitrum is not moving towards becoming a fully open source blockchain. Instead, it’s a middle ground that allows developers to be licensed by the community, Goldfeller notes.

He told Decrypt:

The community will have the ability to decide the future of this technology and how to license it. It is clear that the possibility of free and free use and the freedom to make changes in the Arbiterum ecosystem is for the benefit of the community and the entire ecosystem. I believe this will create a lot of innovation.