At least four major crypto exchanges, namely MEXC, Huobi, Bybit and Bitrue, have announced their plans to list Arbitrum’s upcoming crypto asset, ARB. These exchanges are set to list ARB next Thursday, March 23rd, which is also the date of the token’s airdrop. In light of the listing, the opening time for deposits and trading on Bitrue will be updated, as stated in a Twitter post.
Arbitrum is an Ethereum (ETH) scaling solution that plans to airdrop 12.75% of its ecosystem’s total token supply to users next Thursday. The developers have created a special points system that takes into account various metrics to determine which users will receive the crypto assets.
In a blog post this week, Arbitrum developers announced the airdrop and outlined the protocol’s upcoming plans to switch to being governed by a self-executing decentralized autonomous organization (DAO). The Ethereum scaling solution currently ranks fourth among all chains in terms of total value locked (TVL) with $1.77 billion. It is surpassed by Ethereum, Tron (TRX) and BNB Smart Chain. Polygon (MATIC) follows in fifth place, with $1.06 billion in TVL.
To explain, TVL represents the total capital held within a blockchain’s smart contracts. It is calculated by multiplying the amount of collateral locked into the network by the current value of the assets. Therefore, the higher the TVL, the more capital is held within a blockchain’s smart contracts.
It is worth noting that these announcements come at a time of cautious optimism in the crypto market. With many crypto assets, including Bitcoin, experiencing a plunge in their value in the past few weeks, the crypto market, in general, has seen a period of correction. However, many experts believe that the market has reached the bottom and will soon rebound.
In light of this, these exchanges listing ARB could be seen as a sign of confidence in the future of the crypto market. With more exchanges set to list the asset, it could also be a signal of increasing interest and demand for it, which could positively impact its value.
Beyond the immediate market impact, however, the listing of ARB on major exchanges could also have more significant implications for the broader crypto landscape. By expanding the accessibility of ARB, it could increase the adoption and reach of the underlying technology, potentially serving as a catalyst for further innovation and development in the space.
Overall, the listing of ARB on multiple major crypto exchanges is a positive development for the asset, the project, and the broader crypto market as a whole. It is an indication of the growing interest and demand for new and innovative solutions in the space, and it could potentially serve as a catalyst for further innovation and development in the future.