Arcade Announces ARCD Token Airdrop

The ARCD token is primarily for governance voting within ArcadeDAO, and the airdrop aims to prepare for its activation and sale.

The Ethereum-based DeFi protocol for NFT lending, Arcade, will distribute its native ARCD token via airdrop the following week, the company announced.

Bundles of 750 ARCD tokens will be airdropped to 4,000 fortunate owners of select NFT and Bitcoin Ordinals collections frequently used as collateral for Arcade loans on February 21.

At random, 2,000 wallets containing Pudgy Seals, Lil Pudgys, and Pudgy Penguins, all Ethereum-based NFTs, will be included in the airdrop’s allowlist.

An additional 2,000 wallets that contain Bitcoin-inscribed Ordinal collections, such as Bitcoin Puppets, NodeMonkes, and RSIC, or Mad Lads and Tensorians NFTs domiciled in Solana, will be chosen at random for the whitelist.

A photograph of the airdrop will be captured two days beforehand, on February 19. Participants from various nations, including the United States, will be deemed ineligible to partake in the airdrop.

Arcade’s Expansion Strategy

Arcade conducts most of its operations on Ethereum and issues ARCD, a token based on Ethereum. However, according to company co-founder Robert Masiello, the forthcoming airdrop indicates Arcade’s intention to broaden its market reach on Solana and Bitcoin.

“Those localities have our support,” Masiello declared. “We can envisage Arcade in the future having its protocols on those networks and directly supporting those collections to further our lending mission.”

On February 21, at 1:00 pm EST, raffle victors from NFT collections whose wallets are added to the airdrop’s whitelist will have only two hours to claim their ARCD tokens.

Subsequently, any unclaimed slots in the 4,000-wallet airdrop will be made available to the NFTs and Ordinals holders in a “Clash of Claims”-style competition based on first-come, first-served.

At the outset, the forthcoming airdrop of 3 million ARCD was intended to function by that competitive framework.

However, in response to criticism from disgruntled community members concerned about losing because of their sluggish reflexes, the Arcade team chose to reduce the emphasis on the “clash” aspect of their “Clash of Claims” giveaway.

Maisello stated, “I believe some individuals were not accustomed to the first-come, first-served system.” “We desired to incorporate community feedback.”

The ARCD token, which debuted in October during the initial airdrop of Arcade, is immobilized to impede its transfer or sale on secondary markets. Its sole utility is to cast votes on governance proposals within the ArcadeDAO.

ARCD will ultimately have a total supply of 100 million tokens; following the airdrop next week, that number will increase to approximately 6.5 million in circulation.

However, according to Masiello, ArcadeDAO is already taking measures to activate ARCD and enable its sale. Although he was reticent to provide specifics, he suggested that the primary purpose of next week’s airdrop was to prepare the way for the unleashing of ARCD.

He stated, “We do not have an exact date.” “However, we anticipate it to be relatively imminent.”