More than 42 million arb tokens were claimed in the first hour as Arbitrum's much-anticipated token airdrop went live on Thursday, Nansen data shows.
Some 23,000 individual wallets claimed the airdrop, representing 3% of all eligible wallets.
ARB has a total supply of 10 billion, according to technical documents. It traded at just over $1.30 at the time of this writing on Thursday.
Arbitrum's website and blockchain scanner was down ahead of the ARB token claim event amid massive interest from token users. "This Serverless Function was rate limited," a prompt on the site stated.
The long-awaited Arbitrum token made its market debut Thursday, trading at $3.99 on Uniswap as volatility spiked on decentralized exchanges.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/BVA5UZRXNBGGNMGTUFRNMSRFGY.png "Arbitrum Users Claim 42M ARB Tokens in First Hour of Airdrop (1)")
Of the 625,000 total eligible wallets, 445,000 received an airdrop of fewer than 2,000 ARB tokens, representing the majority of claimers.
(This is a developing story.)
