Arbitrum to Unlock Large Amount of Tokens Soon

The Layer 2 developed by Offchain Labs - Arbitrum will unlock a very large batch of ARB tokens on March 16, 2024.

Azcnews Breaking

Arbitrum (ARB), one of the most prominent Ethereum Layer-2 projects, is set to host a token unlocking event on Saturday, March 16, 2024.

Specifically, 1.11 billion ARB tokens will be unlocked, accounting for 11.1% of the total supply and 76.5% of the current circulating supply. Additionally, the unlocked altcoins will have a value of $2.38 billion at the current exchange rate.

Arbitrum Unlock
Arbitrum Unlock

The token unlocking action by Arbitrum coincides with the anticipated Dencun update scheduled for the Ethereum mainnet on March 13, 2024.

According to many experts, this upgrade event will significantly impact Layer 2 projects. Specifically, it is expected to substantially reduce transaction fees for Layer 2 projects like Arbitrum and enhance network efficiency.

Among the unlocked ARB tokens, $937 million will be distributed to investors, while $1.44 billion will be allocated to developers and advisors.

Arbitrum is a Layer 2 solution aimed at alleviating the burden on Ethereum by reducing the number of transactions on the Ethereum network and decreasing transaction fees.

This platform is designed to enable developers to easily migrate dApps from Ethereum to Arbitrum while still benefiting from Ethereum’s security features. Additionally, Arbitrum boasts transaction speeds of up to 40,000 transactions per second.

Related: Arbitrum Foundation Funds Crypto Film

Chart Arbitrum

Chart Arb

ARB/USDT Chart on TradingView as of 3:15 AM on March 11, 2024

5.0/5

(2 votes)
  1. Avatar of Lucien Razafindrafeno
    Lucien Razafindrafeno

    Thanks for your application

  2. Avatar of Ibrahim Adedamola
    Ibrahim Adedamola

    I love to your article, well written, thanks

  3. Avatar of
    Anonymous

    Yes

  4. Avatar of
    Anonymous

    Very informative article.

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

Azcnews Nigeria Confirm

News | Editor Choice | Policy & Regulations

Central Bank of Nigeria Confirms Not Blocking Crypto Users

The Central Bank of Nigeria (CBN) has officially confirmed reports of their freezing of user accounts on platforms such as Bybit, OKX, Kucoin, and Binance as fraudulent.

Azcnews President Joe Biden Proposes Highest Tax Rate In History

News | Editor Choice | Policy & Regulations

President Joe Biden Proposes Highest Tax Rate in History

US President Joe Biden has just proposed increasing capital gains tax to 44.6%, marking the highest federal capital tax rate ever.

Bitcoin Dip 64500

News | Bitcoin | Editor Choice

Bitcoin Dips to $64,500, Yet Scarcity Remains High

Despite Bitcoin dipping slightly to $64,500 currently, most experts believe that prices will soon enter a bullish cycle.

What Is Gas Fee

Blockchain | Editor Choice | Research

What is Gas Fee? A Guide to Optimizing Gas Fees Effectively

In any blockchain environment, Gas fees play a crucial and nearly irreplaceable role. So, what is Gas fee? How can you optimize Gas fees? Let's find out!

Nigeria Ban Binance

News | Editor Choice | Policy & Regulations

Nigeria Freezes User Accounts on Bybit, KuCoin, OKX, Binance

The CBN, in the circular, also mentioned that financial institutions under its regulation are not allowed to engage in cryptocurrency activities or assist in transactions for crypto exchanges.