23 February, 2024

TRIDENT Dumps ARB on Market, Selling Over 131,000 Tokens for $172K

10 months ago

21 Nov, 2023

TRIDENT has sold a substantial portion of its ARB tokens, offloading 131,345 tokens worth $172,000 at a price of $1.31 each. This sale followed the recent airdrop by Arbitrum during which TRIDENT received 257,540 ARB tokens, valued at $337,000.

The airdrop involved distributing approximately 90.15 million ARB tokens, worth $118 million, to one hundred and thirty-one decentralized autonomous organizations (DAOs) eight hours ago. Among the recipients were notable platforms such as SushiSwap, Treasure, DOPEX, Radiant Capital, Aave, and 1inch.

Arbitrum shared on Twitter that the full distribution of the DAO airdrop was completed on April 19, following the confirmation of test transactions sent to recipient addresses earlier last week. The Twitter post explained that the DAOs in the Arbitrum ecosystem were set to receive an initial 1.13% token allocation of the ARB airdrop supply.

The allocation did not come from the Arbitrum DAO treasury or the Foundation wallet; rather, it was part of the initial airdrop token distribution and was set aside separately until all DAO treasury wallets were collected and verified.

Over the past few weeks, the majority of the DAOs have tweeted to confirm their destination addresses as part of the verification process. With most DAOs having completed this step, Arbitrum has started test transactions with those that have publicly provided their treasury wallets. The full distribution is expected later this week, although a few DAOs have yet to provide their addresses.

It is important to note that the tokens distributed in this allocation cannot be used to vote in any currently active snapshot proposal. Furthermore, the allocation is not considered a grant but is instead part of the initial airdrop distribution.