Yesterday saw the highly anticipated airdrop of Arbitrum (ARB), the layer-2 scaling solution on the Ethereum (ETH) network, place. Prior to this, a huge hype had been created for this and there was intense speculation about the value of the token. But now it appears that a large number of wallets have yet to claim their free ARB tokens!
Unclaimed ARB Tokens
Data from blockchain analytics company Nansen shows that more than 428 million ARB tokens remain to be claimed. This means that almost 240,000 addresses have to be their governancestill claiming tokens, after 62% of eligible wallets – merchants, decentralized finance (DeFi) protocols and investment companies – have already claimed their ARB.
The 428 million unclaimed tokens, with a current value of approximately $603 million, represent 37% of the total 1.1 billion ARB allocated for the airdrop. The addresses eligible for the airdrop have 184 days left to claim their tokens, if they haven’t already.
As soon as the ARB tokens could be claimed, the Arbitrum Foundation’s website crashed and was down for more than an hour in total. However, the high gas costs again caused problems when the website came back online. There was a lot of criticism from Arbitrum users and the project apologized through a tweet.
In it the following was said:
“We understand that there have been issues connecting to the foundation site and claiming tokens. These issues have now been resolved and the claim is in full swing. We appreciate everyone’s patience during these times of exceptional traffic.”
All the problems surrounding the airdrop meant that there were fewer tokens in circulation during a period of huge demand. Accordingly, ARB rose as high as $14 on some crypto exchanges before falling to around $1.42.