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Arbitrum Network Sees Rapid Increase in Activity Ahead of Airdrop

Arbitrum Network Sees Rapid Increase in Activity Ahead of Airdrop

Arbitrum has experienced a surge in network activity recently, with a significant increase in the number of transactions and addresses.

The Arbitrum network processed over 1.3 million transactions on March 21, up from the previous day’s 1 million, according to Arbiscan data.

This surge began in January and accelerated after Arbitrum announced a massive airdrop of 1.27 billion ARB tokens to users based on a February 26 snapshot, representing 12.75% of the token’s circulating supply.

Around 56% of the 10 billion tokens will be allocated to the community. The airdrop will distribute 112.8 million ARB tokens distributed to various DAOs in its ecosystem.

This move aims to “empower the subcommunities” and encourage them to participate in governance decisions once the network fully transitions to a DAO. Several decentralized exchanges and other projects will also receive ARB.

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Unique addresses on Arbitrum are increasing significantly – the total number has grown by almost 1.5 million since the start of the year, and Binance and Coinbase‘s announcements that they will support the upcoming ARB token have further piqued interest.

Trading is expected to begin after the airdrop, and the current speculative value of ARB is around $1, with expectations that it could trade around $6 following the airdrop. Some users are already selling wallets eligible for the airdrop.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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