Key Takeaways:
- Binance listed the ARKM token on its launchpad program.
- The token acts as the native currency for the blockchain intelligence platform Arkham
NEW DELHI (CoinChapter.com) — Binance announced the launch of the ARKM token, the native currency for the blockchain intelligence platform Arkham.
The crypto exchange, currently fighting a lawsuit against the SEC, stated that it had completed the subscription launchpad process for Arkham along with the final token allocation.
Per the announcement, the world’s largest crypto exchange would list ARKM/BTC, ARKM/USDT, ARKM/TUSD, ARKM/BNB, and ARKM/TRY trading pairs on its platform.
Moreover, Binance stated users would have to pay ‘zero maker fees‘ on the ARKM/TUSD trading pair “until further notice.”
The announcement also stated that “114,454 participants committed 10,182,983.2626 BNB during the subscription period,” representing an oversubscription of 99,000%.
The early investors started booking profits immediately after the token’s listing. ARKM price rose to a high of $0.8082 before dropping 19%. At writing, ARKM was trading at $0.67.
The ARKM token is the native currency of the Arkham intelligence exchange. ARKM would serve two other purposes besides being the platform’s native token. Firstly, the blockchain platform would use the token in its incentive structure for rewards and discounts.
The ARKM token would also serve as the governance token for the Arkham Intel Exchange. The total supply of ARKM tokens is at 1 billion coins. Arkham offers multichain support for several blockchains, including Arbitrum, Avalanche, BNB Chain, Ethereum, Optimism, Polygon, and Tron.
What Is Arkham Intel Exchange?
On-chain intelligence firm Arkham announced the world’s first intelligence exchange on July 10. The platform would allow interested users to deanonymize blockchain and on-chain data.
Buyers using the Arkham Intel Exchange could request intelligence from the crypto community by placing an “intel bounty,” to which blockchain sleuths can respond.
However, crypto Twitter did not react well to the news, with several community members calling the platform a “dox-to-earn” program. The moniker went viral.
Yet, others started using the platform, with one putting up a bounty to identify “an individual or entity” responsible for a multi-million dollar theft from FTX after the exchange filed for bankruptcy.
The chief concern among users remained that the platform would be misused against normal users as part of smear campaigns or personal vendettas. Another reason the platform has opponents is that the platform exists against the core value of cryptocurrencies – anonymity.
