Arbitrum Airdrops $120M to Projects; Some Dump, Some Look to Bolster Themselves

Ethereum scaling blockchain Arbitrum on Tuesday completed the distribution of more than $120 million worth of its arb tokens to projects that were built on the network, blockchain data shows.its tokens to individual users in amounts ranging from 625 arb to over 10,000 arb, based on their network activity and number of wallets.

Projects that built on the Arbitrum network, such as perpetual trading protocol GMX and token launchpad Camelot, were eligible for the airdrop, receiving tokens in proportion to the number of smart contract deployments, users and trading volumes, among other factors. Other projects decided to sell as soon as they received the tokens, however. Gaming-focused TridentDAO sold $175,000 worth of arb, or half the amount it received, through three addresses. The move invited criticism from the community for its action.

Source: News Formal (newsformal.com)

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