After Frenzied Arbitrum Airdrop Day, 37% of Eligible Wallets Still Haven’t Claimed Their ARB

After Frenzied Arbitrum Airdrop Day, 37% of Eligible Wallets Still Haven’t Claimed Their ARB

written by John Murphy | March 24, 2023

About 240,000 addresses have yet to claim governance tokens worth about $596 million.  Arbitrum’s token airdrop began in a frenzy that destroyed several websites, but more than 428 million ARB tokens have been claimed, according to blockchain analytics firm Nansen.  

Nearly 240,000 addresses still needed to claim a governance token, even though 61% of eligible cryptocurrency wallets (merchants, decentralized finance (DeFi) protocols, investment firms) had already claimed ARBs.

Key Takeaways

  • ARB tokens have yet to be claimed by over one-third of eligible wallets.
  • Some users may have difficulty claiming due to apathy.
  • Arbitrum’s success depends on widespread adoption.
  • Continual efforts may be needed to help users claim their tokens. 

The 428 million unclaimed tokens are worth approximately $596 million at the time of writing and represent 37% of the total 1.1 billion ARB contributed to Arbitrum’s airdrop. These are tokens that are not yet on the market. Eligible addresses have 184 days to claim tickets, even if they have yet to claim tokens. 

The impact of the token supply on emerging markets became apparent on Thursday morning when Arbitrum’s claiming website crashed due to heavy traffic, artificially limiting the airdrop’s initial redemption rate.

This meant there were fewer tokens in circulation during peak demand times. ARB surged to $14 at some venues before settling around $1.42 after more wallets demanded allocation. 

The airdrop was part of a broader initiative by the Arbitrum team to incentivize users to switch from the Ethereum blockchain to their Layer 2 solution. The goal of the airdrop was to reward early adopters and provide them with a financial incentive to continue to use the platform.

One potential explanation for the lack of claims is that many wallets need help accessing the Arbitrum website or using the necessary tools to connect to their wallet. Some users have reported that they could not claim their tokens due to issues with MetaMask or other wallets, indicating that there may be technical difficulties preventing some users from claiming their tickets.

Another possibility is that many eligible wallets are not interested in using the Arbitrum platform. While the goal of the airdrop was to incentivize users to use the forum, it is possible that many users are happy with their current blockchain solution and see no reason to try Arbitrum.

Despite the lack of claims, the Arbitrum team seems happy with the results of the airdrop. The team thanked users for participating and stated that the airdrop had been a “huge success.

The team also stated that they would be using the feedback from the airdrop to improve their platform and continue to incentivize users to use their solution.

The Arbitrum airdrop was a significant event in the blockchain world. While the lack of claims is somewhat concerning, it is possible that many eligible wallets need more time to claim their tokens or are holding off due to technical issues. Regardless of the reasons behind the lack of claims, the airdrop has provided a significant boost for the Arbitrum project and has likely attracted many new users to the platform.