From the Tokenlon Team
The $ARB airdrop is here.
If you have used Tokenlon's Limit Orders on Arbitrum at all in the past, or participated in any Arbitrum network activity, you may be eligible for the biggest anticipated airdrop recently.
Check your eligibility here: https://arbitrum.foundation/eligibility
Arbitrum to Airdrop New Token and Transition to DAO
Arbitrum, a long-term partner of Tokenlon and the current largest Ethereum layer 2 scaling solution, is launching its ARB token and transitioning to a decentralized autonomous organization (DAO). The ARB token will be airdropped to community members on March 23, and holders will have the ability to vote on decisions regarding the Arbitrum One and Arbitrum Nova networks.
The Arbitrum community will control 56% of the total 10 billion ARB tokens, with 11.5% airdropped to eligible users and 1.1% given to DAOs in the ecosystem. The remaining tokens will go to a treasury managed by the Arbitrum DAO. The other 44% will be allocated to investors and employees of Offchain Labs, the firm that developed Arbitrum. Unlike ether (ETH), ARB will only be used for protocol governance.
If you have used Tokenlon's Limit Orders on Arbitrum at all in the past, or participated in any Arbitrum network activity, you may be eligible for the biggest anticipated airdrop recently. Check your eligibility here: https://arbitrum.foundation/eligibility
3 major banks down in a week
Silicon Valley Bank was shut down after being unable to meet a surge in outflows. Shortly after, U.S. authorities took control of Signature Bank. Additionally, Silvergate Bank collapsed a few days prior to these events.
Despite these failures, US officials have ensured all depositors at SVB and Signature will be made whole, deviating from standard practice. This decision may prevent other bank failures due to depositor concerns. Silvergate and Signature were essential to the US crypto ecosystem, providing institutional-grade payment systems.
Crypto firms will now need to find new banking relationships, with a limited number of willing partners. The crypto industry will remain under scrutiny as it's blamed for the issues at Silvergate and Signature.
USDC depegs to $0.87
Circle's USD Coin (USDC), a stablecoin, lost its dollar peg and fell to a record low after the company revealed that nearly 8% of its $40 billion reserves were tied up in the collapsed Silicon Valley Bank (SVB). USDC, which is designed to trade at $1, fell below 87 cents.
SVB's failure marks the largest U.S. banking collapse since the 2008 financial crisis. Circle has $3.3 billion in remaining reserves at SVB and is following guidance from regulators. The cryptocurrency industry, still recovering from FTX's collapse last year, may face more trouble as stablecoins, like banks, are vulnerable to runs. SVB customers withdrew $42 billion of deposits, resulting in a negative cash balance of $958 million for the bank.
USDC has since recovered and slowly re-pegged itself, trading at $0.99 once again.
Tokenlon Product & Community
- ETH mainnet Limit Orders optimization: On low trading amounts, the minimum transaction amount will be estimated and user will be reminded increase the order amount for faster transactions
- ETH mainnet Limit Orders trading leaderboard: Entered development stage, overall progress of 30%.
- Instant Swap on-chain transactions have been integrated with flashbots to prevent sandwich attacks.
- Before the official launch of ETH mainnet limit orders, community members are invited to try out the beta version at: https://tokenon.im/limit-order
- ETH Mainnet limit order campaign in planning, partners confirmed
- Discord March event re-organized, to be announced next week
- Liquid Staking Derivatives article in preparation
- SSV, LQTY trading pairs launched
- The 18th phase of trade mining has begun, please remember to claim your rewards!
Tokenlon & LON Weekly Statistics
Important Risk Warning
- LON token contract address:
- LON is Tokenlon’s native token, where holders will enjoy fee discounts and voting rights
- Beware of fake Tokenlon imitations, the official website is: https://tokenlon.im
- Please do not download any app or DApp from non-official Telegram, Whatsapp, Facebook, or Wechat
Digital Assets are highly volatile and unpredictable. Please do your research before trading.