The long-awaited Arbitrum token (ARB) made its market debut Thursday, trading at $3.99 on Uniswap as volatility spiked on decentralized exchanges.
The official claim for the token went live at the Ethereum block height of 16,890,400 at 13:05 UTC. The claim website went down under heavy traffic, as did the blockchain's block explorer. Arbitrum, which started operating in 2021, is the largest layer 2 blockchain on Ethereum, achieving scalability by using a technique called transaction rollups, which sends batches of transactions to the Ethereum mainnet.
It's worth noting that ARB prices across all exchanges varied massively following the airdrop, with prices reaching as high as $14 on Bybit.
Activity on Arbitrum has been increasing since November, when Delphi Digital a report suggested investors were interacting with the blockchain to boost their chances of receiving an airdrop. Arbitrum's total value locked (TVL) is at $2 billion, double that of rival layer 2 chain Optimism, according to Defillama.
Binance, the largest crypto exchange by trading volume, will list ARB at 17:00 UTC, with perpetual futures being rolled out about15 minutes later.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies 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 with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.