Unreleased Arbitrum Cryyptocurrency Tokens are Offered on OTC Market
Following the press release of the Arbitrum airdrop, the Arbitrum group is betting and selling their unreleased ARB tokens on over-the-counter (OTC) markets. The Arbitrum Foundation revealed on March 23 that ARB, the upcoming Arbritrum token, would be airdropped to qualified community members. It was clarified that ARB signifies Arbitrum’s official transfer into a decentralized autonomous organization (DAO), allowing ARB investors to cast their votes on significant decisions regulating Arbitrum One and Arbitrum Nova — networks that enable users to conduct transactions on the Ethereum blockchain at greater speeds and with fewer fees.
OTC trading facilitates the straightforward purchase and sale of cryptocurrencies directly between merchants and purchasers. Typically, the funds are transmitted immediately from the buyer’s bank account to the seller’s. In this case, when the buyer and vendor agree on a price, the seller receives payment from the buyer and then provides the seed phrase associated with the eligible wallet.
Jack, who would like to stay unidentified, stated that the desire to sell off unreleased ARB crypto tokens is predicated on rumors about the tokens’ market capitalization when they are released. He noted that the value of a single ARB coin at launch could reach $1, so most sellers are willing to accept $0.5 per token in exchange for an eventual profit of $0.5 for the purchasers.
have secured 6-figs of $ARB OTC at an avg. price of $0.98
wish me luck
— Cole (@cole0x) March 21, 2023
L2Beat, a layer-2 analytics website, reports that 55% of the Ethereum layer-2 market share belongs to the Arbitrum protocol. Since the network initially went online in 2021, the expectation for an Arbitrum token has been intense considering it’s one of the most prominent crypto initiatives without a native token.
With 10 billion ARB in distribution, the Arbitrum community will possess 56 percent of the crypto tokens. The airdrop will distribute 11.5% of its entire supply to qualified Arbitrum users and 1.1% to DAOs running within the framework of Arbitrum.
Following reports of fraudulent websites and hoaxes providing Arbitrum airdrop tokens, the Arbitrum group has also urged others to be vigilant. Optimism, the primary rival of Arbitrum in the Ethereum scalability space, released its OP token almost a year back when it switched to DAO administration.
Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.