The Arbitrum community has been speculating and selling its unissued ARB tokens in the over-the-counter (OTC) markets following Arbitrum’s announcement.
Arbitrum Foundation announced that ARB, Arbritrum’s new token, will be released to eligible community members on Thursday, March 23rd. It was explained that ARB Marks Arbitrum’s official transition to a Decentralized Autonomous Organization (DAO), meaning ARB holders will be able to vote on key decisions governing Arbitrum One and Arbitrum Nova — networks that allow users to transact on the Ethereum blockchain with better speeds and lower fees .
OTC trading allows easy buying and selling of cryptocurrencies directly between seller and buyer. The process is usually very fast and the funds are transferred directly from the bank account to the seller. In this case, when the buyer and seller agree on a price, the seller receives payment from the buyer and then gives up the initial phrase associated with the eligible wallet.
Jack, who wishes to remain anonymous, explained to Cointelegraph that the frenzy for the unreleased ARB token sale was based on speculation about the market capitalization of the tokens when they were launched. He explained that the price of one $ARB coin, when launched, could be as low as $1, so most people don’t mind selling at $0.50 per token and leaving room for a possible $0.50 profit for buyers.
have secured 6-fig $ARB OTC average price of $0.98
wish me luck
— Cole (@cole0x) March 21, 2023
Decision hold 55% of the Ethereum layer-2 market share, according to the analytics site Layer-2 L2 Beat. As one of the largest tokenless crypto projects, anticipation for the Arbitrum token has been at fever pitch since the network launched in 2021.
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With a total ARB circulation of 10 billion, the Arbitrum community will control 56% of those tokens – the airdrop will allocate 11.5% of the total supply to eligible Arbitrum users and 1.1% to DAOs operating in the Arbitrum ecosystem.
The Arbitrum community also warned others to be cautious following reports of phishing websites and scams offering Arbitrum airdrop tokens.
Arbitrum’s main competitor in the Ethereum scaling space, Optimism, launched its OP token nearly a year ago when it made its own transition to managing the DAO.