Arbitrum IOU Listed at $10 USD
Cryptocurrency enthusiasts have been buzzing about the recent news that ARB IOU is now being traded on the Hotbit exchange at a price of 10.22 USD.
According to CoinGecko data, the price has gradually increased from an initial 10 USD since the announcement was made on March 17th at around 1:00 pm.
The announcement, which was made on Hotbit’s Twitter account, quickly garnered attention from the crypto community. This is largely due to the fact that the ARB coin was just launched by the Arbitrum project the day before. As reported by AZCoin News, Arbitrum, the largest Ethereum layer, recently revealed that ARB will be airdropped to its community members on March 23rd. The initial total supply of ARB is 10 billion coins, with 11.5% of the supply planned to be allocated to users. Additionally, 1.1% of the coins will be distributed to the DAO for airdrop implementation.
Ahead of the airdrop, many have already speculated about the future price of ARB. While some users expect the coin to be listed at a price of around 0.5 USD to 1 USD, others are more optimistic, with one member even jokingly predicting a price of 50 USD.
However, it’s important to note that ARB IOU is not the actual coin itself. Rather, IOU tokens are debt tokens established for future trading. This is a common trading practice that has been in use for a long time.
Overall, trading ARB IOU on exchanges is not conducted on-chain, and those who hold the coin are considered to be Hotbit’s creditors. Once ARB is officially listed, the platform will return the correct amount of coins according to the contract.
It’s worth noting that ARB has also been listed on the Bybit exchange, with trading pairs including ARB/USDT, ARB/USDC, ARBUSDT, ARB3L/USDT, and ARB/USDT and ARB/USDC available for DCA bot and Spot Grid bot. Margin trading will also be available, with up to 5x leverage on Spot with 60% Collateral Ratio Value.
The timeline for listing ARB on Bybit is as follows: ARB deposits will open at a time to be announced, with ARB listing set for March 23rd (timing to be announced) and ARB withdrawals available from March 24.
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