Arcade, a leading Ethereum-based DeFi protocol specializing in NFT lending, has announced its next airdrop of the ARCD token. This move marks Arcade’s intention to broaden its presence on the Solana and Bitcoin platforms despite its primary operations on Ethereum.
Airdrop Details
The airdrop is set to take place on February 21 and will distribute 750 ARCD tokens to 4,000 selected holders of specific NFT and Bitcoin Ordinals collections. These collections are often used as collateral for loans on Arcade.
Approximately 2,000 wallets holding Ethereum-based NFTs such as Pudgy Penguins, Lil Pudgys, and Sappy Seals, as well as 2,000 wallets holding Solana-based NFTs such as Mad Lads and Tensorians or Bitcoin-inscribed Ordinal collections like Bitcoin Puppets, NodeMonkes, and RSIC will be chosen randomly for the whitelist. The snapshot for eligibility will be taken on February 19.
It’s important to note that users from certain countries, including the United States, are ineligible to participate in the airdrop. Selected raffle winners must claim their ARCD tokens within a two-hour window on February 21. Unclaimed tokens will then be available on a “first come, first served” basis in an event named “Clash of Claims.” This process aims to ensure fairness and reduce the competitive aspect, addressing concerns raised by the community.
ARCD Token and Future Plans
The ARCD token was launched in October during Arcade’s initial airdrop and is currently non-transferable. It is solely used for voting on governance proposals within ArcadeDAO. The total supply is capped at 100 million, with the circulating supply set to increase to approximately 6.5 million post-airdrop.
Arcade has also revealed that steps are being taken to unlock ARCD for sale in the future and preparation for this event is one of the main reasons behind the timing of next week’s airdrop. While an exact date for unlocking has not been specified, it is anticipated to occur relatively soon.
Continued Expansion
The upcoming ARCD airdrop not only showcases Arcade’s commitment to expanding its presence on other platforms but also highlights the potential for continued innovation within the DeFi space. By offering NFT-based lending services, Arcade has created a unique niche for itself within the larger DeFi ecosystem. This airdrop is just one example of the ways in which Arcade is constantly evolving and adapting to meet the needs and demands of its growing user base.
In conclusion, the upcoming ARCD airdrop is an exciting development for both Arcade and the DeFi industry as a whole. With plans for further expansion and innovation, this is just another step towards Arcade’s vision of creating a more inclusive and accessible DeFi ecosystem. Stay tuned for updates on the ARCD token and Arcade’s continued growth in the months to come.
