Google Searches for Arbitrum Soar Amid Airdrop Announcement

The Arbitrum token will be airdropped to users next Thursday.

AccessTimeIconMar 16, 2023 at 4:29 p.m. UTC
Updated May 9, 2023 at 4:10 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Google searches for Arbitrum, the largest layer 2 scaling system on Ethereum, have soared in the past 24 hours after the Arbitrum Foundation announced an airdrop Thursday.

Arbitrum appears to be attracting particular interest in China, with the country dominating the "interest by region" category on Google trends.

The Arbitrum blockchain has $1.66 billion in total value locked (TVL), with this figure distributed across derivatives exchanges, decentralized exchanges and lending protocols. The new token is part of Arbitrum's transition to a decentralized autonomous organization (DAO) that will feature governance votes and proposals for token holders.

The token will be airdropped to eligible users on on Thursday, March 23, with 11.5% of the total supply being allocated to Arbitrum users.

Arbitrum follows in the footsteps of Optimism, a rival layer 2 scaling system that issued an airdrop last April. The market capitalization of the Optimism token (OP) is $792 million with a market cap to TVL ratio of 0.84, according to DefiLlama. As Arbitrum has more than double the amount of capital locked on its blockchain, the token can be expected to have a market cap of around $2 billion using the same ratio.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.