Nasdaq-listed cryptocurrency trading platform Coinbase has added Arbitrum’s $Arb, a highly anticipated governance token the Ethereum layer-2 scaling solution is airdropping in the near future, to its listing roadmap, which outlines the digital assets that will be traded on the exchange in the near future.
Arbitrum is a layer-2 scaling solution for the Ethereum network that makes it easy for developers to build on it just as they build on Ethereum. It helps users deal with high transaction fees and slow processing times on Ethereum through its sidechain.
The project is looking to airdrop 12.75% of $ARB’s token supply later this week. The Coinbase listing roadmap, which both increases transparency and helps reduce the possibility of their listing announcements being targeted by frontrunning actors,
The airdrop was announced last week through a blog post that also revealed the protocol is going to switch to being governed by a self-executing decentralized autonomous organization (DAO). Arbitrum is using a specific set of criteria to determine which users are eligible to receive $ARB in the airdrop. These include using the network and activity within it.
Coinbase is not the only major exchange that is rolling out support for ARB. Binance has also announced its plan to list the token on Thursday after it launches. Last week, at least four other major crypto exchanges, including MEXC, Huobi, Bybit, and Bitrue, also announced their intention to list the highly anticipated new crypto asset.
Notably, last month Coinbase announced the launch of a new product called “Base” —a new layer 2 solution testnet for Ethereum, built on OP Stack, a development kit used by layer-2 Optimism.
Base offers a decentralized, cost-efficient, secure and developer-friendly space to invite crypto developers and teams to build decentralized apps on-chain and therefore onboard the next generation of Web3 users.