Arbitrum Completes $120 mn Airdrop
Ethereum blockchain scaling Arbitrum completed the distribution of more than $120 million in ARB tokens to projects built on the network on Tuesday, according to blockchain data.
Arbitrum issued and airdropped tokens to individual users in amounts ranging from 625 ARB to more than 10,000 ARB, based on their network activity and wallet count, in March.
Airdrops occur when cryptocurrency projects distribute free tokens to their communities in order to increase adoption.
Users who frequently interact with new and existing platforms are more likely to receive an airdrop. Because large airdrops can be worth thousands of dollars in effectively free money, the narrative of “airdrop farming” has emerged.
Projects that built on the Arbitrum network, such as perpetual trading protocol GMX and token launchpad Camelot, were eligible for the airdrop, receiving tokens in proportion to the number of smart-contract deployments, users and trading volumes, among other factors.
(With inputs from Shikha Singh)
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