Arbitrum Token Listing And Airdrop Attract Buyers, But Caution Advised

PATNA (CoinChapter.com) — Arbitrum, a Layer-2 (L2) protocol that helps in scaling Ethereum, is generating a lot of hype thanks to an upcoming Arbitrum airdrop. Moreover, the Arbitrum Twitter page shared news of the Arbitrum token listing on Pancakeswap.

Speculation about an Arbitrum token has been rife for some time now. With the success of the Optimism token airdrop, anticipation around the Arbitrum airdrop was high. An increase in transactions on Arbitrum also led to the community speculating about a potential token launch.

Arbitrum’s TVL, a metric that measures the activity on a protocol, has been rising steadily since Jul 2022. Currently, the Ethereum L2 solution has a TVL of $1.37 billion, an increase of 131% since Jul last year.

The earliest hint of a token launch and airdrop came from an Apr 2022 tweet by Steven Goldfeder, the co-founder of OffchainLabs, the firm behind Arbitrum.

The Arbitrum airdrop aims to distribute $1 million worth of ARBI tokens. Per the announcement, the first ten recipients will get 500,000 ARBI tokens, while the next 20 airdrop participants will get 300,000 ARBI tokens in their wallets.

In addition, the airdrop requires users to complete an 8-step guide to “unlock the rest” of the steps for eligibility. Most tasks are benign, involving following a page, joining a group, or tweeting something.

However, it would be wise to exercise caution, as malicious elements often go to great lengths to hoodwink their victims. The spelling error in the Twitter post above and a lack of clarity on ARBI tokenomics and the percentage of total supply involved in the airdrop might raise a few eyebrows.

ARBI Token Listing On Pancakeswap

Arbitrum also announced listing the token on Pancakeswap, a decentralized exchange on the BNB chain.

The listing was welcome news for airdrop hunters who planned to profit from the upcoming Arbitrum airdrop. However, the ARBI token listing on Pancakeswap included a warning that asked users to interact with any BNB smart chain contract at their own risk.

Investors would be wise to keep in the recent fake news around the Pi Network token listing and do thorough research before investing their money.

Arbitrum is a blockchain-based Ethereum scaling solution that uses rollups to combine multiple transactions into one. As a result, the L2 layer helps lower the on-chain transaction costs and bolsters the scalability of the blockchain platform.