Arbitrum IOU Token Trades Around $10 as Major Exchanges List ARB

With Ethereum (ETH) layer-2 network Arbitrum set to airdrop its tokens to users next week, community expectations have risen, pushing an IOU version to above $10 on little-known exchanges, HotBit and XT.com.

According to CoinMarketCap data, $ARB IOU traded for as high as $10.30 on March 17 but has fallen to $9.5 at the time of writing. While the IOU token’s current price might not reflect the asset’s value when it launches, it shows the level of interest surrounding the token.

$ARB IOU Price Performance (Source: CoinMarketCap)

Community Speculates on $ARB’s Value

The IOU asset price performance has drawn several community speculations, with many showing more optimism about the asset.

Jason Choi, an investor with crypto investment fund Tangent, said the $ARB IOU token valuation places it at “a $100B FDV, making it the third most valuable crypto asset.” However, he added that he does not “think Hotbit IOUs are reliable.”

Another crypto trader Ziv posited that the $ARB hype could catapult the asset into the top 10 crypto assets by market cap. Other community members who share the same view believe $ARB would profit from the current bull run of the crypto market.

Meanwhile, DeFi researcher Johannes mentioned that NFT marketplace Blur’s IOU token traded at a much higher valuation of $32 but dropped to around $0.8 at launch. Several others also predicted that the token’s value would dump at launch.

Top Exchanges Announce $ARB Listing

Top crypto exchanges like Huobi, MEXC, Bitrue, and ByBit have committed to listing the layer2 scaling solution token on March 23.

ByBit revealed a trading pair of the token with the two top stablecoins, $USDT and USDC. The exchange also urged users to stake $ARB tokens with its platform to earn more rewards.

Meanwhile, Huobi said it would start processing withdrawals for the token from March 17 and offer a trading pair in USDD and $USDT. MEXC Global revealed that $ARB would be listed in its Innovation Zone

Nansens Says Over 600,000 Addresses Eligible For $ARB Airdrop

Blockchain analytical firm Nansen said 625,143 addresses are eligible for the $ARB token airdrop. The firm added that the median airdrop size is 1,250 $ARB, while more than 4,400 addresses can claim 10,250 $ARB.

Arbitrum Airdrop Size (Source: Nansen)

Meanwhile, some users have complained that they were excluded from the airdrop despite meeting the criterion.