- Users could not claim their ARB tokens for the first hour after the airdrop launch.
- Twitter users criticized Arbitrum for poorly organizing the airdrop.
- ARB still managed to hit almost double digits once the airdrop launched.
Airdrops in crypto are important in decentralizing networks and rewarding early users for their participation. One such airdrop just launched, with Arbitrum airdropping a good chunk of its new ARB token to its users.
However, the token launch day for Arbitrum was quite bumpy, to say the least.
Arbitrum Airdrop Launch Flops
Arbitrum users have been waiting for a week for the highly-anticipated ARB airdrop. However, when the time came to claim the tokens on Thursday, users were met with a few unpleasant surprises.
First, when claiming started, the Arbitrum Foundation website crashed and didn’t come back online for more than an hour. When it did return, most users couldn’t claim their tokens due to high gas fees.
The whole experience received considerable criticism from frustrated Arbitrum users.
Arbitrum later acknowledged the problems and issued an apology on Twitter.
However, despite the high traffic issues, the ARB token reached the $8 mark, a price some predicted before the airdrop.
Arbitrum Hits $8
Speculation as to what the value of ARB would be once it launched had been rampant leading up to the airdrop day. Some even believed that ARB could hit $10, making it one of the most valuable blockchains in the world.
And they were almost correct. Upon launching, ARB soon reached all the way to $8.67, its current all-time high, according to data from CoinGecko.
However, it took only around an hour or so for ARB to go down to the $1-$2 range. It’s currently trading at $1.43, but the price is still volatile. The lowest ARB went down to is $1.11.
On the Flipside
- 63% of ARB has already been claimed. However, if the remaining tokens are claimed and sold, ARB could go even lower than it is now.
Why You Should Care
The airdrop of ARB is one of the largest airdrops in blockchain history. Those eligible can claim their tokens now that the high-traffic issues have been resolved.
Read more about ARB price predictions:
Binance to List Arbitrum Token: Is ARB Going to $10?
Read more about Justin Sun getting sued by the SEC:
SEC Sues Tron Founder Justin Sun Over Fraud, TRX Wash Trading Scheme