More than 42 million arb tokens were claimed in the first hour as Arbitrum's much-anticipated token airdrop went live on Thursday, Nansen data shows.
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Some 23,000 individual wallets claimed the airdrop, representing 3% of all eligible wallets.
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$ARB has a total supply of 10 billion, according to technical documents. It traded at just over $1.30 at the time of this writing on Thursday.
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Arbitrum's website and blockchain scanner was down ahead of the $ARB token claim event amid massive interest from token users. "This Serverless Function was rate limited," a prompt on the site stated.
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The long-awaited Arbitrum token made its market debut Thursday, trading at $3.99 on Uniswap as volatility spiked on decentralized exchanges.
Arbitrum airdrop wallet distribution. (Nansen)
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Of the 625,000 total eligible wallets, 445,000 received an airdrop of fewer than 2,000 $ARB tokens, representing the majority of claimers.
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