Arcade, a decentralized finance (DeFi) protocol that operates on the Ethereum network and specializes in lending non-fungible tokens (NFTs), is getting ready for its upcoming ARCD token airdrop, which is scheduled to take place next week. On February 21, a total of 4,000 lucky holders of specific NFT collections and Bitcoin Ordinals collections, which are commonly used as collateral for loans on Arcade, will receive bundles of 750 ARCD tokens each.
The recipients of the airdrop will be randomly selected from two categories: holders of Ethereum-based NFTs such as Pudgy Penguins, Lil Pudgys, and Sappy Seals, and holders of Solana-based NFTs like Mad Lads and Tensorians, or Bitcoin-inscribed Ordinal collections such as Bitcoin Puppets, NodeMonkes, and RSIC.
To be eligible for the airdrop, wallets containing the specified NFT collections will be randomly chosen to be included in 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. It is important to note that users from certain countries, including the United States, will not be able to participate in the airdrop.
Despite Arcade’s main focus on Ethereum and the fact that ARCD is an Ethereum-based token, co-founder Robert Masiello emphasized the protocol’s intention to expand its presence on the Solana and Bitcoin networks. Masiello expressed admiration for these communities and hinted at plans for Arcade to establish its protocols on these networks and provide support for corresponding NFT collections.
The winners of the airdrop, 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, which Arcade refers to as “Clash of Claims.”
In response to feedback from the community, Arcade decided to adjust its strategy for the airdrop. Initially, the entire 3 million ARCD token airdrop was planned to be distributed through the “Clash of Claims” model. However, concerns were raised about the fairness of this approach, particularly regarding slower reflexes leading to missed opportunities. Masiello acknowledged the feedback and expressed a desire to address the community’s concerns.
The ARCD token, which was introduced during Arcade’s initial airdrop in October, is currently locked to prevent its transfer or sale on secondary markets. It is used for voting on governance proposals within the ArcadeDAO. With a total token supply of 100 million planned, the upcoming airdrop will increase the circulating supply of ARCD to approximately 6.5 million.
Masiello revealed that preparations are already underway within ArcadeDAO to unlock the ARCD token and allow 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 that it will happen relatively soon.
Arcade’s upcoming ARCD token airdrop demonstrates the protocol’s efforts to expand beyond Ethereum onto the Solana and Bitcoin networks. The distribution aims to reward holders of selected NFT collections, promoting community engagement and participation. Adjustments have been made to the distribution model in response to community feedback, reflecting Arcade’s commitment to inclusivity and fairness. With preparations underway for the unlock of the ARCD token, Arcade is poised for further growth and integration within the broader DeFi ecosystem.