Arcadethe Ethereum-based DeFi protocol for NFT lending, will launch the next airdrop of its own ARCD token next week, the company has announced.
On February 21, bundles of 750 ARCD tokens will be shipped to 4,000 lucky holders of select NFT and Bitcoin Ordinals collections that are often used as collateral for loans on Arcade. Approximately 2,000 wallets containing Ethereum-based NFTs Pudgy Penguins, Lil Pudgys and Sappy Seals will be randomly selected for the airdrops admission list.
Another 2,000 wallets containing Solana-based Mad Lads and Tensorians NFTs, or Bitcoin-enrolled Ordinal collections Bitcoin Puppets, NodeMonkes and RSIC, will also be randomly selected for the whitelist. The snapshot of the airdrop is taken two days earlier, on February 19. Users inside multiple countriesincluding the United States, are not eligible to participate in the airdrop.
While the majority of Arcade’s business takes place on Ethereum, and ARCD is an Ethereum-based token, company co-founder Robert Masiello said the upcoming airdrop signals Arcade’s intention to stake out its presence on Solana and Bitcoin expand.
// ARCD airdrop claim comes in
Codename: Clash of Claims – A PVP airdrop where holders of select collections have a chance to win 3% of the total supply (3 million) of Arcade’s token ARCD.
Next week, the first 4,000 wallets will be able to claim 750 ARCD each,… pic.twitter.com/hotbOlZAyz
— Arcade (@Arcade_xyz) February 14, 2024
“We are fans of those communities,” Masiello said Declutter. “In the future, we can envision Arcade having its own protocols on those networks and directly supporting those collections with our lending mission.”
NFT Collections lottery winners whose wallets have been added to the airdrop whitelist will have just two hours to claim their ARCD tokens on February 21, starting at 1:00 PM EST. After that, all unclaimed spots in the 4,000-wallet airdrop will be open to any holder of the above-mentioned NFTs and Ordinals on a first-come, first-served basis, which Arcade calls “Clash of Claims.”
Initially, the entire upcoming 3 million ARCD airdrop was designed to operate on that competitive model. But after some resistance from frustrated community members who were afraid of losing due to slow reflexes, the Arcade team decided to lighten up the ‘clash’ element of their ‘Clash of Claims’ giveaway.
“I don’t think some people were used to the first-come, first-served mechanic,” Maisello said. “We wanted to take feedback from the community into account.”
First launched in October during Arcade’s initial airdrop, the ARCD token is currently locked to prevent transfer or sale on secondary markets, and can only be used to vote on governance proposals in the United States. ArcadeDAO. ARCD will eventually have a total token supply of 100 million; after next week’s airdrop, the token’s circulating supply will rise to around 6.5 million.
However, Masiello said that steps are already being taken within ArcadeDAO to unlock ARCD and enable its sale. While he was sparse on details, he indicated that next week’s airdrop was largely timed to pave the way for ARCD’s unlock.
“We don’t have an exact date,” he says. “But we expect this to happen relatively quickly.”
Edited by Andrew Hayward