Arcade, the leading Ethereum-based DeFi protocol for NFT lending, is gearing up to launch its next airdrop of the native ARCD token, signaling a strategic move to extend its presence beyond Ethereum to the Solana and Bitcoin ecosystems. The airdrop, scheduled for February 21, will distribute 3 million ARCD tokens to lucky holders of select NFT and Bitcoin Ordinals collections.
A total of 4,000 wallets will receive bundles of 750 ARCD tokens each, with the eligibility criteria spanning Ethereum-based NFTs such as Pudgy Penguins, Lil Pudgys, and Sappy Seals, as well as Solana-based Mad Lads and Tensorians NFTs, and Bitcoin-inscribed Ordinal collections including Bitcoin Puppets, NodeMonkes, and RSIC. The snapshot for the whitelist selection will be taken on February 19, excluding users from certain countries, including the United States.
Robert Masiello, co-founder of Arcade, emphasized the company’s commitment to expanding its footprint on Solana and Bitcoin, citing its support for these communities and its vision of introducing protocols on these networks to bolster its lending mission directly.
The airdrop mechanism includes a two-hour window for raffle winners to claim their ARCD tokens, followed by a competitive allocation process dubbed “Clash of Claims” for any unclaimed spots. Originally designed as a fully competitive model, the Arcade team adjusted the approach in response to community feedback, opting for a more inclusive allocation process.
The ARCD token, initially introduced during Arcade’s inaugural airdrop in October, currently serves as a governance token within the ArcadeDAO and is locked from transfer or sale on secondary markets. However, plans are underway to unlock ARCD and enable its sale, with next week’s airdrop serving as a precursor to this development.
With a total token supply of 100 million, the upcoming airdrop will increase the circulating supply to approximately 6.5 million, paving the way for broader community engagement and participation in Arcade’s decentralized governance framework.
While the exact timeline for ARCD’s unlocking remains unspecified, Masiello hinted at imminent progress within ArcadeDAO, indicating a forthcoming opportunity for ARCD holders to unlock its full utility and potential.
Arcade’s ARCD airdrop represents a strategic initiative to foster inclusivity and community engagement across multiple blockchain ecosystems, signaling its commitment to driving innovation and accessibility in the burgeoning NFT lending space.