arcadean Ethereum-based DeFi protocol for NFT lending, will launch its next airdrop of its native ARCD token next week, the company announced.
On February 21, a bundle of 750 ARCD tokens will be airdropped to 4,000 lucky holders of a curated collection of NFTs and Bitcoin Ordinals, which are often used as loan collateral in arcades. Approximately 2,000 wallets holding Ethereum-based NFTs Pudgy Penguins, Lil Pudgys, and Sappy Seals will be randomly selected and airdropped. whitelist.
Another 2,000 wallets holding Solana-based Mad Lads and Tensorians NFTs or the Ordinal collection of Bitcoin Puppets, NodeMonkes, and RSICs embedded in Bitcoin will also be randomly selected for the whitelist. The snapshot of the airdrop is taken two days ago, on February 19th. various countriesCountries including the United States cannot participate in the airdrop.
The majority of Arcade’s business takes place on Ethereum, and ARCD is an Ethereum-based token, but company co-founder Robert Masiello said the upcoming airdrop signals Arcade’s intention to expand its presence on Solana and Bitcoin.
“We’re fans of that community,” Masiello said. decryption. “In the future, you can imagine arcades having their own protocols on that network and supporting their collections directly through lending missions.”
Drawing winners of the NFT collection whose wallets have been added to the airdrop’s whitelist will have just two hours to claim their ARCD tokens starting February 21st at 1PM EST. Afterwards, all unclaimed spots in the 4,000 wallet airdrop will be released on a competitive first-come, first-served basis to the NFT and Ordinal holders listed above. The arcade is called “Clash of Claims.”
Initially, the entire upcoming 3 million ARCD airdrop was designed to work on that competitive model. However, after backlash from frustrated community members who were worried they would lose due to slow reflexes, the Arcade team decided to tone down the “Crash” element of the “Claim Crash” sweepstakes.
“I think some people aren’t used to first-come, first-serve mechanics,” Maisello said. “We wanted to hear community feedback.”
First released during Arcade’s initial airdrop last October, ARCD tokens are currently locked to prevent transfer or sale on secondary markets, and can only be used to vote on governance proposals. ArcadeDAO. ARCD will eventually have a total token supply of 100 million. After next week’s airdrop, the token’s circulating supply will increase to approximately 6.5 million.
However, Masiello said steps are already underway to unlock ARCDs and allow for their sale within ArcadeDAO. He didn’t go into much detail, but said next week’s airdrop is largely geared toward setting the stage for ARCD unlocks.
“There is no exact date,” he said. “But we expect that to happen relatively soon.”
Editor: Andrew Hayward
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