Arbitrum Airdrop Causes Chaos On Arbitrum Network, Avorak AI Launch Will Be Much Smoother
The buzz has been all around Arbitrum recently, with the ARB coin release on all exchanges and free ARB claims for users who conformed to a set of qualification tasks.
These tasks included bridging into Arbitrum networks, adding liquidity, making transactions, and a number of other tasks.
It’s not all rosy, though; here is a rundown of things that went wrong and how future launches for prominent projects can learn from this experience.
Arbitrum ARB Launch
Many were excited to learn they had qualified for a free allocation of the ARB token on launch. The Arbitrum Foundation site had been prepared for users to claim their tokens once word had been sent out about the site going live.
The moment the claiming was available though, the site ran into issues with too many requests and being overloaded, an oversight from the team who were aware of the demand that would be on the website the moment the claiming came available.
During this time of inability to claim, the ARB token had launched for trading on a number of exchanges already, including Bybit and Kucoin, with Binance launching the trading several hours afterward.
With no one able to claim, the ARB price was essentially forced upward through lack of sell pressure and order book asks. Immediately, the ARB/USDC pair on Bybit was sent from $0.40 on launch to over $100, those buying market price taking a hard hit from extreme slippage.
It is hard when looking at the chart to even see the price action after this initial pump and dump, with those who got caught in the early crossfire losing up to 99% of the value of their trades. This kind of botched launch shows that projects still have plenty of work to ensure the safety of investors with these types of crypto launches.
Avorak AI
One project certainly likely to learn from the mistakes of token launches past is Avorak AI. Already confirmed with a 100% audit pass, the developers are leaving nothing to chance. With sound tokenomics, gnosis safes for project funds, BscScan having already listed the AVRK token, and CEX rumors buzzing, Avorak is gearing up for a solid launch. The ICO is performing well so far and is looking likely to generate even more interest as time goes on and the market remains bullish.
Set to host a full set of AI tools to assist those in the financial and creative industries, Avorak is looking like it will gain traction quickly, but it is also is a strong choice for a multi-year investment. The revenue gained from people using the Avorak services is shared with AVRK holders, meaning those who wish to use the products will buy AVRK in addition to those just wanting a form of passive income from the revenue share, meaning multi-purpose to the token not seen in other crypto projects.
All eyes will be on the launch, expected to be a very bullish one, especially with high APR but non-inflationary staking open to investors straight after launch.
Want to learn more about Avorak AI?
Website: https://avorak.ai
Whitepaper: https://avorak-labs-and-technology.gitbook.io/avorak-a.i-technical-whitepaper/
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