Arbitrum, a leading layer two scaling solution for Ethereum, is set to launch an airdrop of its native ARB token on BitMEX. The airdrop will take place through the listing of ARB/USD perpetual linear futures on the BitMEX platform. This move is expected to increase the adoption and liquidity of ARB, which is currently being used for gas fee payments on the Arbitrum network. This airdrop marks a significant milestone for Arbitrum and is expected to attract more users to the platform. The launch is highly anticipated by the crypto community, and it is expected to have a positive impact on the ARB token’s market value.
BitMEX to list ARB Token from Arbitrum to enhance crypto trading experience
BitMEX has recently announced that it is making the ARB token from Arbitrum available for listing, and it will be airdropped on the platform on March 23, 2023, at 3:00 UTC. This airdrop would allow token holders to be either long or short the token and use a maximum 20x leverage. The maritime USDT linear future contracts have been given the designation ARBUSDTM23 and have almost the same functionality as the regular contract.
The expiration date of ARBUSDTM23 has been set for June 30, 2023. ARB tokens will be available in lots of 1,000, with a minimum trade size of 1 ARB. As USDT is the margin currency, the take fee of 0.075% and a maker fee of 0.02% applies. BitMEX does not want to take any chances in terms of safeguarding clients’ interests and has implemented a mark method of Last Price. The platform will also establish a Limit Up and Limit Each hour to ensure that the price remains within the range. The mark price for adjustment is +/- 20%.
BitMEX is a speculative contract, and therefore it may transition to auto-deleveraging, which is higher and worth noting for every customer. To ensure that holders of the token can have easy access to Arbitrum DAO, the company has established a .BARBT index that aims to represent the spot price of the token. Once the index is active, BitMEX will consider shifting from mark method to fair price, subject to community discussions.
BitMEX is a cryptocurrency exchange that was established in 2014 and is headquartered in Hong Kong. There are over 15 trading pairings, and a variety of cryptocurrencies are listed on the platform. BitMEX operates globally, except for the United States of America. To facilitate access to customer service, the company has provided form submissions and FAQs.
The testnet version of Tether’s ARB listing enables users to access various customer service options, including other similar aspects of the platform. BitMEX is facing issues in the US, but it is actively functional in other regions of the world. The platform provides cryptocurrency trading through tools and services that traders need. Its customer base is verified through KYC, and it is backed by an advanced API consisting of technology that top-notch hedge funds and investment banks deploy.
In conclusion, the ARB token will go live on March 23, 2023, on the platform, and holders will be able to participate in the DAO and take a stand on all critical aspects of the community. The BMEX token discount will apply, and the settlement price will be .BARBT30M to mark another significant difference in comparison to other contracts.