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Arcade announces airdrop rewards for NFT collectors

TL;DR

  • Arcade has announced plans to give out airdrops to holders of its NFTs across different networks.
  • Navigating community feedback.

Arcade, a DeFi protocol operating on Ethereum and specializing in NFT lending, is preparing for its upcoming ARCD token airdrop scheduled for next week. On February 21, a total of 4,000 lucky holders of specific NFT and Bitcoin Ordinals collections, frequently utilized as collateral for loans on Arcade, will receive bundles of 750 ARCD tokens each.

Arcade to share rewards among 4,000 holders

These recipients will be selected randomly from two categories: holders of Ethereum-based NFTs such as Pudgy Penguins, Lil Pudgys, and Sappy Seals, and holders of Solana-based Mad Lads and Tensorians NFTs, or Bitcoin-inscribed Ordinal collections like Bitcoin Puppets, NodeMonkes, and RSIC.

To qualify for the airdrop, wallets containing the specified NFT collections will be randomly chosen for inclusion on a whitelist, with 2,000 wallets from each category being selected. The snapshot for the airdrop will be taken on February 19, two days before the distribution date. Notably, users from certain countries, including the United States, will be ineligible to participate in the airdrop.

Despite Arcade’s primary focus on Ethereum and ARCD being an Ethereum-based token, co-founder Robert Masiello highlighted the protocol’s intention to broaden its presence on Solana and Bitcoin networks. Masiello expressed admiration for these communities and hinted at plans for Arcade to establish its protocols on these networks and extend support to corresponding NFT collections.

Winners of the raffle, whose wallets are included in the whitelist, will have a two-hour window on February 21, starting at 1 pm EST, to claim their allocated ARCD tokens. After this period, any unclaimed tokens from the 4,000-wallet airdrop will be made available to holders of the specified NFTs and Ordinals on a first-come, first-served basis, termed as “Clash of Claims” by Arcade.

Navigating community feedback

Initially, the entire 3 million ARCD token airdrop was planned to operate under this competitive model. However, due to concerns raised by some community members regarding the fairness of this approach, particularly regarding slower reflexes leading to missed opportunities, Arcade decided to adjust its strategy. Masiello acknowledged the feedback received from the community and expressed a desire to address their concerns.

The ARCD token, introduced during Arcade’s initial airdrop in October, is currently locked to prevent its transfer or sale on secondary markets. It serves the purpose of voting on governance proposals within the ArcadeDAO. With a total token supply of 100 million planned, the upcoming airdrop will increase the token’s circulating supply to approximately 6.5 million.

Masiello revealed that preparations are already underway within ArcadeDAO to unlock the ARCD token and permit its sale. While specific details were not disclosed, he indicated that the timing of next week’s airdrop aligns with the broader objective of unlocking ARCD. Although an exact date for the token’s unlock was not provided, Masiello hinted at it being relatively soon.

Arcade’s upcoming ARCD token airdrop marks the protocol’s efforts to expand its reach beyond Ethereum onto Solana and Bitcoin networks. The distribution aims to reward holders of select NFT collections, encouraging community engagement and participation. Despite initial plans for a competitive distribution model, adjustments have been made in response to community feedback, reflecting Arcade’s commitment to inclusivity and fairness. With preparations underway for the ARCD token unlock, Arcade is poised for further growth and integration within the broader DeFi ecosystem.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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