Retroactive Airdrop is an event where governance tokens are distributed to users who used and supported the project in the early days from trading or providing liquidity. This event is completely free and has contributed to the surge in user numbers as well as the popularity of many famous decentralized exchanges (DEXs) such as Uniswap, 1inch and, more recently, dYdX.
Arbitrum, a Layer 2 scaling solution for Ethereum, is one of the next potential projects to airdrop its native token soon. In this article, Bitcoin Magazine will walk you through the steps to get the Arbitrum Airdrop.
What is arbitrum?
Arbitrum is a Layer 2 protocol that improves the speed, scalability, and security of smart contracts. Arbitrum interacts closely with Ethereum so that Ethereum developers can easily process their contracts on Arbitrum. Arbitrum achieves these capabilities through a unique combination of incentives, network protocol design, and virtual machine architecture.
* The Layer 2 protocol is a model built as the second layer of another blockchain platform (known as Layer 1). These Layer 2 platforms were developed to extend the functionality of Layer 1 chains – for example to improve scalability or to strengthen other smart contract functions.
According to L2beat, a comparative analytics platform for Layer 2 protocols, Arbitrum’s Total Locked Assets (TVL) value peaked at $ 2.5 billion as of press time because of DeFi degens.
Tip: Since Ethereum gas fees are very expensive, please deposit around 10-20 USD ETH per wallet on the platform (recommended using multiple wallets to increase the bonus), and then use that money to pay into one exchange any token and leave it on when you airdrop later, come back to withdraw it, if not forget about it. Or later, when that token increases many times over, then come back and subtract it.
Instructions on how to do this
Step 1: Visit the website of Arbitrum
Step 2: Connect to the Arbitrum One Mainnet with the following metamask settings:
- Network name: Arbitrum One
- New RPC URL: https://arb1.arbitrum.io/rpc
- Chain ID: 42161
- Symbol: AETH
- Block Explorer URL: https://arbiscan.io
Step 3: Select “Bridge Into Arbitrum” or go directly Arbitrum Bridge
Step 4: Enter the amount of ETH or other tokens you want to bridge and click “Deposit”.
Then you need to confirm and approve the transaction. Here you will have to pay a gas fee to complete the transaction, currently around $ 30-35.
You can follow the status of the transaction in the area below. After about 5 minutes, your assets will be available for use on Arbitrum.
* Please act early in the morning at 6 a.m., on weekends at 7 a.m., as gas prices are usually cheaper then, as traders in western and eastern countries have not yet worked.
Step 5: To switch to Arbitrum One, go to Swapr and select the Arbitrum One wallet.
Step 6: Click on “Swap” and select the trade pair you want to swap and enter the value.
Step 7: Then click the “Swap” button. You will be billed a fee of 0.25% of the transaction.
Finally, confirm your transaction and wait for it to be sent and recorded on the Metamask wallet.