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Arcade is a DeFi protocol based on Ethereum for NFT lending. The company announces the upcoming launch of the next airdrop of its native ARCD token.
On February 21st, 750 ARCD token bundles will be airdropped to 4,000 lucky holders of selected NFT and Bitcoin common collections, which are often used as collateral for loans on Arcade. Approximately 2,000 wallets holding Ethereum-based NFTs such as Pudgy Penguins, Lil Pudgys, and Sappy Seals will be randomly selected for whitelist inclusion in the airdrop.
Additionally, 2,000 wallets holding Solana-based Mad Lads and Tensorians NFTs, or Bitcoin-engraved Ordinal series Bitcoin Puppets, NodeMonkes, and RSIC, will also be randomly selected for whitelist inclusion. The snapshot for the airdrop was taken on February 19th, two days prior. Users from several countries, including the United States, will not be eligible to participate in the airdrop.
While most of Arcade's business is conducted on Ethereum and ARCD is an Ethereum-based token, the company's co-founder, Robert Masiello, stated that the upcoming airdrop signifies Arcade's intention to expand its operations on Solana and Bitcoin.
"We're fans of these communities," Masiello told Decrypt. "In the future, we could envision Arcade having its own protocol on these networks and directly supporting these collections through our lending mission."
Starting from 1:00 PM Eastern Time on February 21st, winners of the lottery for NFT collections added to the airdrop whitelist will have only two hours to claim their ARCD tokens. Afterward, any unclaimed slots in the airdrop of the 4,000 wallets will be opened to holders of the aforementioned NFTs and common stocks, on a first-come, first-served basis, which Arcade refers to as "claim conflicts."
Initially, the entire upcoming 3 million ARCD airdrop was intended to operate under this competitive mode. However, amid concerns from frustrated community members about potential failure due to slow response, the Arcade team decided to reduce the "conflict" element in the "claim conflicts" giveaways.
"Some people aren't used to the first-come, first-served mechanic," Masiello said. "We want to take community feedback."
The ARCD token was initially introduced during Arcade's first airdrop in October and is currently locked to prevent transfer or sale on the secondary market, only being usable for voting on governance proposals in ArcadeDAO. ARCD will ultimately have a total supply of 100 million tokens; following next week's airdrop, the token's circulating supply will increase to approximately 6.5 million tokens.
However, Masiello stated that measures are already being taken within ArcadeDAO to unlock ARCD and allow its sale. While he is unaware of the specifics, he mentioned that the timing of next week's airdrop is primarily to lay the groundwork for the unlocking of ARCD.
"We don't have an exact date," he said. "But we anticipate it being relatively soon." |
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Post time 25-2-2024 04:28:41
