As the much-anticipated ARB airdrop was completed, the total value of the cryptocurrencies locked up in Arbitrum began a meteoric rise. This comes not long after the much-anticipated ARB token was finally distributed by the protocol, which was done so through an airdrop to early users.
According to information provided by DeFi Llama, the total locked value (TVL) in Arbitrum has increased by more than 20% over the course of the past week alone.
Following Ethereum, Tron, and the BNB Chain, Arbitrum is now the fourth-largest network measured by TVL, with a total value of $2.18 billion. This places it directly behind the BNB Chain. Also, it represents around 4.43% of the total value that is currently locked across all blockchains.
The decentralized exchange with the greatest TVL on Arbitrum is GMX, which has over $500 million. Uniswap’s V3, which has close to $300 million, is in second place. Throughout the previous week, the trading volume on the protocol for Uniswap increased by almost 60 percent, which is an interesting development.
Why the surge?
The aforementioned occurred after Arbitrum finally distributed its highly anticipated ARB token to early adopters by means of an airdrop. This took place on March 23rd, while the airdrop itself was announced on March 16th.
The ARB token in and of itself is a mechanism for governance, and the development team has given over 11 percent of the token’s total supply to early adopters who have finished a variety of tasks over the course of the last few years.
Moreover, over 1% was distributed to decentralized autonomous organizations (DAOs) that assisted in the development of applications on the Arbitrum platform.
ARB is now trading at a price of roughly $1.26 representing a decrease of over 2% as of the time of writing. The trading volume ass also decreased by over 8% as of the time of writing.
The token currently has a market cap of $12,615,260,523, representing a 2.5% decrease.
