The Arbitrum (ARB) token is now live on the Bybit exchange’s trading platform. The announcement comes after Arbitrum decided to list its native $ARB token, marking the beginning of the Ethereum Layer 2 scaling solution’s transition into a decentralized autonomous organization (DAO). Users of Bybit can now deposit ARB and trade the newly created spot pairs, perpetual contracts, and trading bot pairs involving ARB.
In tandem with the launch of ARB, the first users of the chain will receive a reward: 12.75% of the total quantity of $ARB tokens will be distributed via airdrop. As one of the most successful L2 platforms on the Ethereum blockchain, Arbitrum has risen to prominence, making its airdrop one of the most anticipated in the cryptocurrency industry.
The hype around $ARB and how Bybit is incentivizing users
The market is likely to react positively to the launch of $ARB, since several exchanges have already prepped their users for the airdrop. Significantly, the launch is taking place when the crypto market is showing renewed vigor. Bitcoin (BTC), the market’s gold standard, has been trading near $28,000 this week, its highest price in the last nine months.
Bybit is celebrating by launching a series of campaigns that give ARB traders the chance to win a share of a big $400K prize pool. If you deposit 250 ARB, you’ll get 25 USDT (Tetther) as a bonus. Also, if you’re a new user who hasn’t yet utilized the Arbitrum-native trading platform GMX, you can get another 0.5 GMX for a deposit of 500 ARB.
As an added incentive, Bybit is offering a $20,000 prize pool to users who trade ARB using the platform’s automated spot grid traders. Furthermore, there will be a second launch pool campaign with incentives of up to $150,000 for ARB subscribers. Additionally, for investors looking to maximize their returns, Bybit Earn now offers a fixed-rate ARB product with a high annual percentage yield.