Next week, Arbitrum will airdrop its tokens to customers, raising public anticipation as well as the price of its IOU token on two obscure exchanges, HotBit and XT.com.
ARB IOU reached a high of $10.30 on March 17 but is currently trading at $9.5, based on data from CoinMarketCap. The IOU token's current price may not accurately reflect the asset's value at launch, but it does demonstrate the level of interest in the token.
The usefulness of ARB is a topic of much speculation among community members, some of whom are more upbeat than others. Jason Choi, an investor with the cryptocurrency investment firm Tangent, stated that the ARB IOU token valuation places it at "a $100B FDV, making it the third most valuable crypto asset," but he added that he does not "think Hotbit IOUs are reliable." DeFi researcher Johannes also noted that NFT marketplace Blur's IOU token traded at a much higher valuation of $32 but dropped to around $0.8 at launch.
The layer-2 scaling solution token will be live on top crypto exchanges on March 23, including Huobi, MEXC, Bitrue, and ByBit. ByBit encouraged users to stake ARB tokens on its platform in order to receive greater incentives by revealing a trading pair of the token with the two most popular stablecoins, USDT and USDC. Huobi announced that it would begin processing token withdrawals on March 17 and provide a trading pair in USDD and USDT. ARB will be included in MEXC Global's Innovation Zone, the company said.
In line with blockchain analytics company Nansen, there are 625,143 eligible addresses for the ARB token airdrop. The average amount of ARB distributed is 1,250 ARB, but more than 4,400 addresses are able to receive 10,250 ARB. Several users, however, have reported that despite fulfilling the requirements, they were not included in the airdrop.
Many people in the cryptocurrency industry are curious to see how the token will perform after it opens, which has led to a lot of excitement and speculative discussion about the ARB airdrop.