Arbitrum Users Claim 42M ARB Tokens in First Hour of Airdrop

According to Nansen statistics, more over 42 million Arbitrum tokens were claimed in the first hour after Arbitrum’s much-anticipated token airdrop went live on Thursday.

The airdrop was claimed by 23,000 individual wallets, accounting for 3% of all eligible wallets.

According to technical documentation, ARB has a total supply of 10 billion. It was worth little more than $1.30 at the time of writing on Thursday.

Arbitrum’s website and blockchain scanner were unavailable prior of the ARB token claim event due to high demand from token holders. A prompt on the site noted, “This Serverless Function was rate capped.” Arbitrum, the long-awaited coin, had its market debut Thursday, trading at $3.99 on Uniswap as volatility on decentralized exchanges increased.

Arbitrum Token Settles at $1.38 Amid Airdrop Claim Chaos

Following a bumpy debut, the Arbitrum token (ARB) is presently trading at roughly $1.38 on centralized and decentralized platforms.

According to CoinGecko, which combines token values from exchanges like as Uniswap, Kucoin, and Bybit, there has been a total of $27 million in trade volume in the first hour since the claim opened.

The front end of the Arbitrum website, where the bulk of users will claim tokens, is still unavailable due to severe server traffic. Users may still claim their airdrop by directly interacting with the smart contract. Prices are likely to be erratic once the claim website reopens.