The long-awaited Arbitrum token ($ARB) made its market debut Thursday, trading at $3.99 on Uniswap as volatility spiked on decentralized exchanges.
The official claim for the token went live at the Ethereum block height of 16,890,400 at 13:05 UTC. The claim website went down under heavy traffic, as did the blockchain's block explorer. Arbitrum, which started operating in 2021, is the largest layer 2 blockchain on Ethereum, achieving scalability by using a technique called transaction rollups, which sends batches of transactions to the Ethereum mainnet.
It's worth noting that $ARB prices across all exchanges varied massively following the airdrop, with prices reaching as high as $14 on Bybit.
Activity on Arbitrum has been increasing since November, when Delphi Digital a report suggested investors were interacting with the blockchain to boost their chances of receiving an airdrop. Arbitrum's total value locked (TVL) is at $2 billion, double that of rival layer 2 chain Optimism, according to Defillama.
Arbitrum-based decentralized exchange $GMX became the largest single holder of $ARB, receiving 8 million tokens in the airdrop, spurring discussion about the use of tokens on the $GMX governance forum.
Binance, the largest crypto exchange by trading volume, will list $ARB at 17:00 UTC, with perpetual futures being rolled out about15 minutes later.
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