Arcade, a prominent Ethereum-based DeFi protocol specialising in NFT lending, has revealed its plans for the next ARCD token airdrop. The move signifies Arcade’s strategic shift towards expanding its presence on Solana and Bitcoin platforms while maintaining its primary operations on Ethereum.
Scheduled for February 21, the airdrop will distribute 750 ARCD tokens to 4,000 selected holders of specific NFT and Bitcoin Ordinals collections. These collections often serve as collateral for loans on Arcade.
The eligibility criteria for the airdrop include approximately 2,000 wallets holding Ethereum-based NFTs such as Pudgy Penguins, Lil Pudgys, and Sappy Seals, along with 2,000 wallets holding Solana-based NFTs like Mad Lads and Tensorians, or Bitcoin-inscribed Ordinal collections such as Bitcoin Puppets, NodeMonkes, and RSIC. The snapshot for eligibility will be taken on February 19.
However, users from certain countries, including the United States, are ineligible to participate in the airdrop. Winners of the random selection must claim their ARCD tokens within a two-hour window on February 21. Unclaimed tokens will be available on a “first come, first served” basis in an event named “Clash of Claims.”
The ARCD token, launched in October during Arcade’s initial airdrop, is currently non-transferable and is solely used for voting on governance proposals within ArcadeDAO. With a total supply capped at 100 million, the circulating supply is expected to increase to approximately 6.5 million post-airdrop.
Arcade has disclosed plans to unlock ARCD for sale in the future, with preparations for this event being one of the main reasons behind the timing of the upcoming airdrop. Although an exact date for unlocking has not been specified, it is anticipated to occur relatively soon.
The forthcoming ARCD airdrop underscores Arcade’s dedication to expanding its presence on diverse platforms while highlighting the potential for continued innovation within the DeFi space. By offering NFT-based lending services, Arcade has carved a unique niche for itself within the broader DeFi ecosystem, demonstrating its commitment to inclusivity and accessibility.
The upcoming ARCD airdrop signifies a significant milestone for Arcade and the DeFi industry at large. With plans for further expansion and innovation, Arcade continues to progress towards its vision of fostering a more inclusive and accessible DeFi ecosystem. Stay updated for more developments on the ARCD token and Arcade’s ongoing growth in the coming months.
