Coinspeaker
Blockchain Layer 2 Network Arbitrum Set to Expand as $2.32B Token Unlock Nears
To all that it may interest, anticipation for the unlock of $2.32 billion worth of vested Arbitrum (ARB) tokens on March 16 is in top gear. Coinspeaker reported the unlock on Tuesday, which is expected to bring about changes in the price of ARB tokens. However, there is even more expectation that it will also cause unprecedented growth for the gaming ecosystem on Arbitrum.
According to data from digital asset tracker Token Unlocks, Arbitrum is going to release nearly 1.1 billion in locked ARB tokens. That represents around 76% of the circulating supply of the token, and by current prices would be worth $2.32 billion.
Price Movements
Traders remain skeptical about what direction the token unlock would cause ARB prices to swing in. If Solana’s similar token unlock during the previous cycle is anything to go by, then ARB prices may also see good gains shortly after March 16.
For people like this Reddit user, however, they are not willing to take any chances. So, they have already sold their tokens. Other users believe it would be wise to take short positions against the token on the day.
Big Boost for Arbitrum’s Gaming Plans
As earlier mentioned, much of the anticipation surrounding the token unlock is not even about the prices of the ARB token. It is about the possibility that it may catalyze the expansion of the gaming sector on Arbitrum.
For clarity, Arbitrum is eager to replicate its huge success in decentralized finance (DeFi) in its gaming ecosystem. To this end, it recently floated a proposal called the Gaming Catalyst Program (GCP). The GCP is a strategic model set up to help game builders on the network, as well as allocate resources towards expanding the ecosystem.
With the burgeoning popularity of blockchain-based gaming, it comes as no surprise that Arbitrum has made gaming a top priority that must be achieved within the year.
So, the influx of unlocked tokens is expected to accelerate the development of new gaming projects. That, and the fact that it would also likely attract existing projects to migrate to Arbitrum, further enriching the ecosystem.
As the countdown to March 16 continues, excitement mounts within the crypto community, especially among Arbitrum users. That is as they wait impatiently to witness the potential impact of the $2.32 billion token unlock on Arbitrum’s gaming landscape. Moreso, having received maximum support from its community, Arbitrum looks well on track to redefine the future of blockchain gaming.
Blockchain Layer 2 Network Arbitrum Set to Expand as $2.32B Token Unlock Nears
