The cryptocurrency market will witness a rare unlocking event.
Arbitrum (ARB), one of the most well-known Ethereum layer 2 projects, will have a highly charged token unlock event on Saturday, March 16, 2024.
The token lock opening event in question will take place at 16:00 UTC+3 Turkey time.
1.11 billion ARB will be unlocked, which is an impressive 76.62% of the circulating supply. It is noteworthy that the altcoins to be unlocked are worth 2.38 billion dollars at the exchange rate at the time this article was written. Arbitrum's total market value currently hovers around $2.7 billion.
It is also important to note that this token unlocking event that the altcoin will experience will take place soon with another important event in the same week. The Dencun update, which will take place on the Ethereum network and will especially affect layer 2 projects, will take place on March 13. This update is expected to significantly reduce transaction fees on layer 2 projects like Arbitrum and increase the efficiency of the network.
Of the ARB tokens to be unlocked, $937 million will be distributed to pre-determined selected investors, and $1.44 billion will be distributed to altcoin developers and advisors.
*This is not investment advice.