Market Commentary

Arbitrum Airdrop — An Opportunity For Free Money

Nhial MajokNov 28, 20222 MINS
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Arbitrum network is a layer-2 functionality on Ethereum that aims to help it scale. It’s being developed by the New York-based company Offchain Labs who have raised $120 million dollars to date.
Using optimistic roll-ups, it seeks to solve the congestion that the Ethereum network has been experiencing by improving how smart contracts are validated
Arbitrum has the backing of some of the largest investors in the Crypto space. The list includes the likes of Lightspeed Venture Partners, Redpoint Ventures, Ribbit Capital, Polychain Capital, Pantera Capital, Mark Cuban.
Arbitrum does not have a token now. Recent projects like Optimism, Aptos have given their early users airdrops, doing their best to distribute their token widely. It’s safe to assume that Arbitrum is one to watch and get involved in for the chance to get an airdrop.
Here are two approaches that one could take across the Arbitrum ecosystem for a chance at an airdrop.
Quick & Dirty — Budget $50 in USD
If you have very little time and just want to see how generous the folks at Offchain labs are going to be, do the following.
  • Ensure you have Metamask or Coinbase wallet setup and ready to go with some Eth in it. Any wallet that uses WalletConnect like TrustWallet will do as well.
  • Connect your wallet and enter the amount you want to transfer from Layer 1 to Layer 2.
  • Follow the guidelines to approve the transactions and readying to use the layer 2 platform dAPPs.
  • If you can, do at least two transactions on two major dAPPs e.g., GMX and Stratos.
The above steps should take you 30 minutes or so if you are comfortable with Ethereum and have wallets already setup.
Deeper and More Organized — Budget $100 to $500 USD
These steps are for those with about a day to dedicate to this without feeling under pressure and wasting time.
At this point, you should already have done the steps in the Quick and Dirty Section prior to this and are comfortable with the Arbitrum layer 2.
As per Miles Deutscher's twitter guide, here is a list of Arbitrum-focused applications that you should start with to increase your chances.
GMX is a decentralized Perpetual Exchange on Arbitrum that allows users to trade with up 50X leverage.
Radiant aims to be the first omnichain money market, where users can deposit any major asset on any major chain and then borrow across multiple chains.
  • DopexDopex (Twitter: @dopex_io)
Dopex is a Decentralized Options Exchange. You will need to learn the basics of options trading and test out ideas on Dopex. It uses liquidity pools to enable traders to buy or sell options contracts for digital assets in a permissionless manner.
Vesta Finance enables users to borrow against their crypto assets without selling them. VST is a collateralized stablecoin powered by Vesta Finance. Users can mint VST through Vesta finance and participate in the ecosystem accordingly.
If you have more time, play around with more dAPPs in the ecosystem like Uniswap, Stargate, Sushiswap, balancer, and Aave. That should more than cover the basics of getting a chance at an airdrop.
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