When the volume data on Upbit, the largest cryptocurrency exchange in South Korea, were examined, it was observed that the Arbitrum (ARB) altcoin constituted 21.61% of the total volume of the stock market with 435 million dollars.
ARB tokens were recently airdropped to users. In addition, the request of the Arbitrum Foundation to allocate about 750 million tokens to them was met with a reaction from the users and caused the ARB price to be badly affected.
Arbitrum altcoin price has recovered from these lows and at the time of writing, it is trading at $1.67 with an increase of 7% during the day.
Arbitrum airdrop recipients were selected on a points system that measures their activity on Arbitrum One and Arbitrum Nova before the snapshot date of February 6, 2023. Points could be earned by bridging funds, trading and depositing liquidity on Arbitrum One and Nova. A minimum of 3 points in total was required to qualify for the Airdrop.
Arbitrum (ARB) is an Ethereum layer-two (L2) scaling solution that uses optimistic rollups to increase Ethereum's speed, scalability, and cost efficiency.
It leverages the security and compatibility of Ethereum, but also moves most of the computational and storage load off-chain, offering higher throughput and lower fees.
Arbitrum's native token is called ARB and is used for administration. ARB holders can vote for proposals that affect features, protocol upgrades, funding allocation, and Security Council election. ARB was launched on March 23, 2023, with 12.75% of the total ARB token supply distributed to eligible buyers and DAOs.
*Not investment advice.
