Arbitrum ARB Token Trading Goes Live, Remarkable Price At $1.70
- Recipients of the Arbitrum airdrop have begun claiming their tokens, giving them governance powers on the DAO that will control the Arbitrum One and Nova networks.
- ARB trading has gone live on Huobi, and the price has initially reached $14 before going down to around $1.70.
- Binance, the world’s largest cryptocurrency exchange by trading volume, is set to list ARB at 17:00 UTC, with perpetual futures following 15 minutes later.
ARB, the long-awaited Arbitrum token, has finally made its trading debut. Trading at $1.70, the token’s volatility has spiked on decentralized exchanges. Find out more about ARB’s journey to launch in our latest article.
Recipients of the Arbitrum airdrop have begun claiming their tokens, which will give them governance powers on the DAO that will control the Arbitrum One and Nova networks. The claim process started at block height 16,890,400 and will see 1.16 billion ARB tokens being distributed, representing 11.6% of the total supply of 10 billion tokens. Additionally, some DAOs in the Arbitrum ecosystem will have the chance to claim 113 million tokens.
The ARB collection page, arbiscan, and other related pages were down due to too many visits, and the current ARB price is about $1.70 with significant fluctuations. However, ARB trading has gone live on Huobi, and the price has already reached $14 before going down to around $1.70.
Arbitrum is a Layer 2 scaling project on the Ethereum network that rewards early users and hands control of future governance decisions to token holders. The ARB token will grant governance rights to holders, but it won’t have other use cases like paying transaction fees on the network. As the project transitions to a self-executing DAO, governance votes will be automatically executed on-chain. However, a 12-member council will be able to intervene in the event of emergencies like malicious governance actions being forced through.
The ARB token is expected to be available on multiple centralized exchanges such as Coinbase, Binance, KuCoin, ByBit, and OKX. Before the claim process went live, there was considering bidding for the token on decentralized exchanges. Additionally, speculative activity included OTC deals, IOUs, and options for the ARB token.
At 17:00 UTC, Binance, the world’s largest cryptocurrency exchange by trading volume, is set to list ARB, with perpetual futures following 15 minutes later.
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