Gate.io Market Watch: Get in Early on Arbitrum and More with Gate Startup
Arbitrum’s token airdrop is just a few days away and will see the project transition into a decentralized autonomous organization (DAO) governance model. Arbitrum takes up a staggering 55% of the layer-2 market share on Ethereum, and its token airdrop is expected to reel in new users, similar to the token launch and DAO transition of its closest rival, Optimism, last year.
ARB governance tokens will begin airdropping to Arbitrum users on March 23, empowering holders to propose and vote on future changes to Arbitrum. Additionally, the crypto exchange Gate.io has announced that it will list the ARB token once live.
The airdrop is speculated to be worth around $1 billion at launch. Regular users of Arbitrum will receive 11.6% of the airdropped tokens. In comparison, projects in the Arbitrum ecosystem will receive 1.1%, many of which could see increased attention and usage following the airdrop.
Arbitrum’s diverse ecosystem
Arbitrum has attracted countless developers and projects because of its high EVM compatibility and much higher performance at a lower cost compared to Ethereum. Using Optimistic Rollups, Arbitrum executes transactions off-chain and then submits batched transactions to the Ethereum mainnet, benefiting from Ethereum’s security without being beholden to its scalability issues. Leading up to the token launch, several projects on Arbitrum are gaining attention and showing growth potential.
GMX (GMX) — Market Cap: $680 Million
A decentralized perpetual contract trading platform that supports trading on cryptocurrencies like BTC, ETH, and more. Governed by holders of the GMX governance token, the DAO-based exchange has processed nearly $100 billion in trades since its launch.
Radiant Capital (RDNT) — Market Cap: $400 Million
Offering a decentralized, non-custodial lending protocol that allows anyone with a wallet and some cryptocurrency to lend or borrow assets across multiple chains. RDNT holders govern the protocol through the Radiant Capital DAO.
Treasure (MAGIC) — Market Cap: $395 Million
As the largest decentralized gaming ecosystem and one of the biggest NFT marketplaces on Arbitrum, TreasureDAO provides interoperability for GameFi projects, with several successful games released since launch. It is governed by MAGIC stakers and those with $MAGIC-WETH SLP in the Arbitrum LP Rewards contract.
Gains Network (GNS) — Market Cap: $248 Million
Gains Network is a decentralized exchange that supports leveraged trading on various cryptocurrencies, foreign exchange, stocks, commodities, and indices. In addition, Gains Network has announced much-anticipated plans to launch a DAO governed by the GNS token.
Dopex (DPX) — Market Cap: $86 Million
As Arbitrum’s largest decentralized options exchange, Dopex features a fully collateralized market with deep liquidity and fair option pricing. DPX is Dopex’s governance token that generates revenue from fees, liquidity pools, vaults, and token wrappers.
Getting in early on Arbitrum and more
Although many of these projects and their tokens are already well-established, there are still opportunities to get in early on the Arbitrum ecosystem. If you’re looking to get in on new projects as soon as possible, including ones on Arbitrum, Gate Startup offers early discounts to vetted, high-quality projects before they list or fully launch.
Gate Startup is a token launch platform that exposes innovative and advanced projects to millions of traders in the global crypto market before they reach the masses, covering tokens in DeFi, NFTs, GameFi, Web3, and more from nearly every major blockchain. The platform provides ample opportunity to find the next big project.
Traders are gearing up
If Arbitrum’s token launch follows a similar trend to Optimism’s OP token in early 2022, Arbitrum may be gearing up for a spike in usage on its already thriving ecosystem, which could lead to further expansion and popularity. For example, over the past week alone, Camelot, the Arbitrum-native decentralized exchange, has experienced a 50% rise in total value locked, reaching $100 million. Again, this could signal that users are gearing up for a surge in trading activity on Arbitrum.