Arcade, an Ethereum-based DeFi platform specializing in NFT lending, is set to launch its next ARCD token airdrop with revised eligibility criteria, the company announced recently.
Scheduled for February 21, the airdrop will distribute 750 ARCD tokens to 4,000 holders of specific NFT and Bitcoin Ordinals collections, often used as collateral on Arcade.
Among the recipients, 2,000 wallets containing Ethereum-based NFTs like Pudgy Penguins, Lil Pudgys, and Sappy Seals have been randomly selected for whitelist inclusion.
Another 2,000 wallets holding Solana-based Mad Lads and Tensorians NFTs or Bitcoin-inscribed Ordinal collections like Bitcoin Puppets, NodeMonkes, and RSIC will also be randomly selected for whitelist inclusion. The snapshot for the whitelist will be taken on February 19. However, participants from certain countries, including the United States, will not be eligible for participation.
Arcade’s co-founder, Robert Masiello, emphasized the importance of the upcoming airdrop in signaling Arcade’s expansion plans onto Solana and Bitcoin networks.
// ARCD airdrop claim incoming
Code name: Clash of Claims – A PVP airdrop where holders of selected collections enter for a chance to win 3% of the total supply (3 million) of Arcade’s token ARCD.
Next week, the first 4,000 wallets will have the ability to claim 750 ARCD each,… pic.twitter.com/hotbOlZAyz
— Arcade (@Arcade_xyz) February 14, 2024
“We’re fans of those communities,” Masiello said. “In the future, we can envision Arcade having its own protocols on those networks and supporting those collections with our lending mission directly.”
Raffle winners with whitelisted wallets will have a two-hour window on February 21, starting at 1 pm EST, to claim their ARCD tokens. Following this initial period, any unclaimed spots in the 4,000-wallet airdrop will be available to holders of the specified NFTs and Ordinals on a first-come, first-served basis—a protocol modification referred to as “Clash of Claims.”
Initially, the entire 3 million ARCD airdrop was intended to operate on this competitive model. However, following community feedback expressing concerns about potential exclusion, the Arcade team decided to moderate the competitiveness of the giveaway.
“Some folks I think were not used to the first-come, first-served mechanic,” Maisello said. “We wanted to take in the community feedback.”
Introduced during Arcade’s initial airdrop in October, the ARCD token is currently locked, limiting its transfer or sale. Instead, it can only be used for voting on governance proposals within the ArcadeDAO. Post the upcoming airdrop, the circulating supply of ARCD will increase to approximately 6.5 million out of an eventual total token supply of 100 million.
Masiello hinted at ongoing efforts within ArcadeDAO to unlock ARCD for trading, suggesting that next week’s airdrop serves as a precursor to this unlocking.
“We don’t have an exact date,” he said. “But we expect it to be pretty relatively soon.”
