- On Monday, Polymarket saw a spike in traders predicting that Arbitrum will airdrop its token by the end of March.
- The odds are now favoring the other side.
- Arbitrum made a record-breaking amount of transactions last month.
The Ethereum Layer-2 space has been heating up. Polygon is aiming to launch its zkEVM scaling solution on March 27 and zkSync has just released the next phase of its zkEVM.
On top of that, the market-leading Layer-2 project Arbitrum has recently overtaken Ethereum in terms of transaction volume. This comes as no surprise as users believe Arbitrum will launch a token soon.
Some traders even have high conviction that Arbitrum will airdrop its token by March 31.
Traders Bet Arbitrum Will Airdrop Its Token by March 31
An increasing number of traders are betting that Arbitrum will launch and airdrop its token to users by March 31.
Traders bet on Polymarket, a predictions market platform that allows traders to trade contracts related to an event and predict whether that event will happen.
On Monday, the odds of the Arbitrum token launching by March 31 on Polymarket almost quadrupled to 67%. The “Yes” contract traded at $0.67, and the “No” contract traded at $0.33 for a few hours.
However, the odds are currently favoring the “No” side, with the “No” contract trading at $0.28 and the “Yes” contract trading at $0.72.
While Arbitrum has neither confirmed nor denied its native token, speculation has been rampant for months. The Arbitrum ecosystem has been so active that last week it overtook Ethereum regarding transaction volume.
Arbitrum Overtakes Ethereum in Transaction Volume
Airdrop hunters have been targeting Arbitrum for some time now. This – together with organic activity – has allowed Arbitrum to overtake Ethereum in transaction volume.
On February 22, Arbitrum processed 1,100,333 transactions, while Ethereum processed 1,084,290 transactions. That marked the first time in history that Arbitrum overtook Ethereum mainnet.
On February 27, Arbitrum reached an all-time high of active addresses, with 108,303 addresses transacting on the network.
This activity has made Arbitrum the most used Ethereum Layer-2 scaling project. Arbitrum has $1.08 billion in total value locked (TVL) and is the third most active blockchain, only behind Ethereum and Binance Smart Chain, according to data from DefiLlama.
On the Flipside
- Arbitrum has not confirmed whether they’ll have a token or not.
Why You Should Care
Arbitrum is the most popular Ethereum Layer-2 scaling solution. If Arbitrum launches its own token, it will probably be one of the market’s most traded and sought-after tokens.
Read more about an Arbitrum-based DEX rugging its users:
Arbitrum-Based DEX ArbiSwap Rugs Its Users, $ARBI Plummets 100%
Read more about a potential BTC dump:
Bitcoin Dump Incoming? U.S. Government Moves $1B of Seized BTC
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