Summary:
Major crypto centralized exchanges Binance and Bitmex announced support for Arbitrum’s upcoming ARB token airdrop scheduled for Thursday, Mar. 23.
Arbitrum’s ARB is “tentatively set to open trading for these spot trading pairs at 2023-03-23 17:00 (UTC)”, Binance said on Monday. The crypto exchange will list two spot pairs for traders – ARB/BTC and ARB/USDT. This will allow users to trade ARB against crypto’s largest coin and USDT, the biggest U.S. dollar-pegged stablecoin on the market.
Binance plans to open ARB deposits once token claims kick off at Ethereum block height 16,890,400 while withdrawals will be enabled roughly five to six hours after. The leading exchange also announced isolated margin trading for the ARB/USDT pair 48 hours after ARB withdrawals officially open.
Crypto derivatives exchange BitMex also unveiled futures trading for the ARB token. According to a BitMex announcement tweet on Monday, ARB/USDT futures contract will go live on the exchange ahead of Thursday’s airdrop. BitMex traders can trade ARB/USDT will up to 20x leverage, the platform noted.
On Mar. 16, the Arbitrum Foundation unveiled the ARB token airdrop for users and active network participants. ARB was announced as the governance token for Abritrum’s ecosystem, along with a self-executing decentralized autonomous organization (DAO), a licensing initiative, and Layer 3 developers kit for builders.
The Ethereum L2 scaling protocol worked closely with on-chain data aggregator Nansen to flesh out eligibility criteria for the airdrop, said CEO of Offchain Labs and Arbitrum creator, Steven Goldfeder.
A snapshot was taken on Feb. 6 to confirm active users on the network over the past year. Eligible users will be able to claim tokens from Thursday. The L2 scaling solution allocated 12.75% of ARB’s total supply to the community via an airdrop. 11.5% was earmarked for users while 1.25% will be distributed to DAOs and project building on Arbitrum.
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