Speculators flock to Arbitrum IOU tokens ahead of this week’s ARB airdrop

Developers from the Arbitrum Foundation announced the motorboat of Arbitrum DAO and its autochthonal governance token, ARB, connected March 16. Eligible users and developers volition person 12.75% of the token’s full proviso of 10 cardinal connected March 23, erstwhile the token volition beryllium deployed. 

Speculation astir ARB began soon aft the token motorboat announcement connected OTC desks, derivatives exchanges and spot exchanges via IOUs (I Owe You).

ARB tokens summation steam successful pre-launch trading

BitMEX launched the derivatives declaration for ARB June futures connected Monday astir 11 p.m. EST. The futures contracts were trading astatine astir $1.30 astatine the clip of writing, implying that traders are betting that ARB’s terms volition beryllium adjacent this magnitude by June’s end.

The futures declaration allows speculators to stake connected the token’s terms and Arbitrum airdrop receivers to hedge their holdings. Eligible ARB holders tin bargain a abbreviated futures declaration to merchantability ARB tokens astatine a circumstantial amount, protecting them against the downside successful the token’s terms post-launch connected Thursday.

ARB/USDT monthly derivatives declaration terms connected BitMEX. Source: BitMEX

Some backstage Discord and Telegram OTC desks are witnessing progressive trading of ARB tokens for prices betwixt $1 to $1.50. This commercialized is executed via a transportation of ownership of Ethereum wallets that are eligible for ARB airdrop.

The trading prices connected futures contracts and OTC groups align with the estimated worth of ARB tokens based connected a examination with Optimism’s OP token valuation.

Analysts connected Crypto Twitter person suggested that ARB token terms could fluctuate betwixt $1 to $2 soon aft launch. Optimism is different Ethereum Layer-2 web that launched its token successful May 2022.

Related: Arbitrum token finds its mode to OTC marketplace earlier airdrop

Besides futures contracts, immoderate exchanges similar Hotbit and XT are dealing successful IOU tokens that entitle holders to an adjacent magnitude of ARB tokens upon launch. The 2 exchanges person done $2.7 million successful measurement successful the 24 hours since motorboat connected Monday. The IOUs are trading much than six times higher than BitMEX derivatives astatine astir $8.31.

Almost each apical crypto exchanges similar Bitfinex, Binance, Huobi, and Bybit announced ARB listing connected March 23 motorboat day.

Given the important pre-launch hype and contiguous listing connected apical exchanges, the token’s terms volition apt grounds important volatility soon aft launch.

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