How to Check Eligibility for the Arbitrum Airdrop

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Contributor, Benzinga
March 17, 2023

In the fast-paced crypto realm, airdrops provide thrilling and rewarding experiences that captivate countless enthusiasts. The upcoming Arbitrum airdrop is set to be one of the most notable events in recent history, distributing over 1 billion tokens to 600,000+ wallet addresses on March 23, 2023.

Arbitrum, a pioneering Layer 2 Ethereum scaling solution, outshines rivals Polygon and Optimism, standing twice their size and ranking fourth by total value locked (TVL) among all cryptocurrency projects. This innovative project seeks to enhance Ethereum's speed, scalability and efficiency while reducing costs. The airdrop's aim is to celebrate Arbitrum's growth and distribute governance tokens to early supporters.

In this comprehensive guide, Benzinga delves into the captivating world of the Arbitrum airdrop, helping you navigate the process of checking your eligibility and unlocking your share of this highly anticipated token distribution.

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Eligibility Criteria: The Golden Ticket to the Airdrop

The Arbitrum Foundation aimed to involve numerous authentic users in the airdrop, but inevitably, some recent or sporadic users didn't make the cut. To differentiate between newcomers and airdrop farmers, a points system was employed to determine token eligibility.

The snapshot occurred on Feb. 6, 2023. Points accrued (minimum of three) prior to Arbitrum Nitro's mainnet launch held double the value of those earned afterward. Nitro made its debut at block #22207817.

Points-Based System

Before the snapshot, each qualifying action earned a user one point, with a maximum limit of 15 points. A range of actions enabled users to gain points, including:

Bridged to Arbitrum

  • You’ve bridged funds into Arbitrum One.
  • You’ve bridged funds into Arbitrum Nova.

Transactions Over Time

  • You’ve conducted transactions during 2 distinct months.
  • You’ve conducted transactions during 6 distinct months.
  • You’ve conducted transactions during 9 distinct months.

Transaction Frequency and Interaction

  • You’ve conducted transactions with more than $10,000 in aggregate value.
  • You’ve conducted transactions with more than $50,000 in aggregate value.
  • You’ve conducted transactions with more than $250,000 in aggregate value.

Assets Bridged to Abitrum One

  • You’ve deposited more than $10,000 of assets.
  • You’ve deposited more than $50,000 of assets.
  • You’ve deposited more than $250,000 of assets.

Assets Bridged on Abritrum Nova

  • You’ve conducted more than 3 transactions.
  • You’ve conducted more than 5 transactions.
  • You’ve conducted more than 10 transactions.

A minimum of three points are needed to be eligible. All criteria will be disqualified if you received fewer than three points. Sybil detection criteria were used, which affected eligibility.

User Protections

Numerous anti-Sybil measures were implemented to prevent bots from taking advantage of the airdrop. These measures are as follows:

  • If an airdrop recipient's wallet transactions have all occurred within a 48-hour period, one point is subtracted.
  • If an airdrop recipient's wallet balance is less than 0.005 ETH, and if the wallet hasn't interacted with more than one smart contract, one point is subtracted.
  • If an airdrop recipient's wallet address has been identified as a Sybil address during the Hop protocol bounty program the recipient is disqualified.

Step-by-Step Guide to Check Eligibility

Arbitrum has refrained from revealing the full list of airdrop recipients. However, you can check your eligibility quickly through Arbitrum's official website. The team has also provided the essential criteria and data set, allowing users to independently assess the process's fairness and precision. The following is a concise guide on determining your eligibility.

Confirm Your Address

The initial step is to pinpoint your Arbitrum wallet address and confirm that it aligns with the address employed during the eligibility period.

Verify Your Transaction History

A helpful way to check your transaction history is by using a blockchain explorer like Arbi Scan. A blockchain explorer is like a search engine for blockchain networks, allowing you to review your wallet's activity with the Arbitrum network during the eligibility period and making sure you have the right wallet.

Utilize the Official Arbitrum Eligibility Tool

Visit the official Arbitrum website to determine your airdrop eligibility. Input your wallet address into the tool, and you will receive a confirmation regarding your eligibility status. This user-friendly method streamlines the process, saving time and effort.

Crucial Steps Following the Airdrop: Navigating Your Next Moves

As you prepare for the Arbitrum airdrop, it's essential to look ahead and consider the crucial steps to take after the event. Here are several factors to consider to ensure you make the most of your newly acquired tokens.

Claiming the Arbitrum Airdrop Token

Once the airdrop occurs, you'll be eager to claim your tokens. At the time of writing, the airdrop claiming period is scheduled to commence on March 23. Expect a lot of volatility as the market reacts to the launch of the new ARB token.

Storing Your New $ARB Tokens

It's vital to store your airdrop tokens safely and securely. After the token is officially released, it is advised that you explore the best available hardware wallet, such as Ledger or Tangem, and software wallets such as Trust Wallet to safeguard your tokens. Ledgers are a great choice for storing $ARB tokens especially because of its close integration with Metamask. This lets you use any EVM-compatible blockchains like Arbitrum, BSC, Optimism, Avalanche, Polygon and many more with ease.

Use Cases Within The Arbitrum Ecosystem

The ARB token is only for making decisions about the protocol, not for paying fees like ether (ETH) on Ethereum and Arbitrum. The Arbitrum DAO's governance lets users directly change the main code without any middleman.

The release of ARB is planned alongside Arbitrum Obit's start, which lets other apps and protocols create new Layer 3 blockchains on Arbitrum's low-cost system.

Wrapping Up: Insights from Your Arbitrum Airdrop Journey

As the much-anticipated Arbitrum airdrop approaches, the excitement is palpable. Set to distribute over 1 billion tokens to more than 600,000 wallet addresses, this event is shaping up to be truly memorable. Get ready to embark on this remarkable journey, verify your ARB eligibility and seize the chance to make your mark in the ever-evolving world of cryptocurrency.

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