Ahead of the $ARB token claim event, Arbitrum's website and blockchain scanner were experiencing downtime due to high demand from users.
A couple of hours ago, users were prompted with a message saying that the serverless function was rate-limited.
However, users can still claim tokens directly from the smart contract, as the website is a mere front-end for the blockchain.
According to a tweet, over 85,000 users accessed the blockchain explorer Arbiscan within a 30-minute window as the claim went live.
Due to the airdrop of $ARB to community members based on their prior network activity, which marks Arbitrum’s official transition into a decentralized autonomous organization (DAO), it is expected that the price action of $ARB will be highly volatile on the first day.
READ MORE: Biden Administration’s Economic Report on Bitcoin and Crypto: Highlights and Criticisms
This was confirmed by Arbitrum developers last week.
Currently, the $ARB token is available for trading on multiple exchanges, including Binance. At the time of writing Arbitrum’s native token is priced at $1.43 on Binance with a $500 million total trading volume.
cointelegraph.com
beincrypto.com
1
thecryptobasic.com