Arbitrum’s token airdrop started off in a frenzy that broke multiple websites, and yet more than 428 million ARB tokens are left to be claimed, according to blockchain analytics firm Nansen.
Nearly 240,000 addresses still needed to claim their governance tokens late Thursday, after 61% of eligible crypto wallets – traders, decentralized finance (DeFi) protocols and investment firms – had already claimed their ARB.
The 428 million unclaimed tokens, worth nearly $596 million at press time, represents 37% of the total 1.1 billion ARB allocated for Arbitrum’s airdrop. These are tokens that have yet to enter the market. Eligible addresses have 184 days left to claim their tokens, if they haven’t already.
The effect that token supply can have on emerging markets was on full display Thursday morning when Arbitrum’s claims website collapsed due to heavy traffic, artificially restricting the airdrop’s initial redemption rate. That meant fewer tokens in circulation during a period of peak demand; ARB soared as high as $14 on some venues before settling out around $1.42 once more wallets had claimed their allocations.
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