Arbitrum network stalls amid ARB token airdrop

On March 23 at 15:00 Kyiv time on block #16 890 400 the ARB token airdrop began on the Arbitrum network.

Gm. The day has come Arbinauts.?? pic.twitter.com/k590XQBvkd

— Arbitrum (?,?) (@arbitrum) March 23, 2023

As of now, 1.16 billion tokens are in distribution, representing 11.6% of the total supply of 10 billion tokens. Another 113 million coins may be claimed by some DAOs in the Arbitrum ecosystem.

According to Dune Analytics, at the time of writing 9,761 addresses in total had received 19,439,625 ARB tokens.

Due to a surge in traffic, the Arbitrum Foundation site and the on-chain explorer Arbiscan are temporarily unavailable.

Remember #Arbinauts, you have 6 months to claim your tokens! Gas fees will be quite high, and there will be server congestion.

— Arbitrum (?,?) (@arbitrum) March 23, 2023

Simultaneously, ARB trading began on several centralized exchanges, including Coinbase, Binance, KuCoin, Bybit and OKX. The token price has swung widely, around $10.

The Arbitrum Foundation distribute 10 billion governance tokens, enabling holders to vote on changes to the code of the Arbitrum One and Nova networks.

Ahead of the airdrop, the Arbitrum community began selling additional unreleased ARB tokens on over-the-counter markets.