A treasure trove of crypto appeared on Thursday in a matter of minutes. The long-awaited native cryptocurrency for Arbitrum, the leading scaling solution for the Ethereum blockchain, finally became available for more than 600,000 recipients, according to Dune Analytics. With over 1 billion ARB tokens airdropped—distributed to select individuals—so far, the total market capitalization for the token has stabilized near $1.8 billion, per data from CoinMarketCap. Developers have planned to create an initial supply of 10 billion tokens—putting the current fully diluted market cap above $14 billion. Among the total number of eligible recipients—ARB was made available only to members of the Arbitrum community—more than half have claimed theirs. The token’s release, one of the most valuable in recent memory, follows last week’s announcement that Offchain Labs, the developer that created Arbitrum, was establishing the Arbitrum Foundation and an associated DAO, or decentralized autonomous organization. The two entities will govern the management and development of the Arbitrum ecosystem, which is composed of two layer-2 blockchains built on top of Ethereum: Arbitrum One, the larger of the two blockchains, and Arbitrum Nova, designed for Web3 games and social media applications. Both blockchains are designed to make transactions on Ethereum faster and less expensive.
Full story : Release of long-awaited Arbitrum cryptocurrency generates $1.8 billion in just 2 hours.
