Daily Crypto News Digest

Tokonomo Daily Crypto News Digest – March 23rd

The Arbitrum token has stabilized at a value of $1.43 amidst a period of disorder caused by the airdrop

On Thursday, the much-anticipated Arbitrum token (ARB) finally debuted on the market.

Arbitrum Airdrop

The token’s official claim was made at the Ethereum block height of 16,890,400 at 13:05 UTC.
However, the claim website and blockchain explorer went down due to heavy traffic.

Arbitrum, the largest layer 2 blockchain on Ethereum, uses transaction rollups to achieve scalability by sending batches of transactions to the Ethereum mainnet.

Following the airdrop, ARB prices across exchanges showed significant variation, with prices going as high as $14 on Bybit.
GMX, an Arbitrum-based decentralized exchange, became the largest holder of ARB after receiving 8 million tokens in the airdrop. This has sparked conversations about the use of tokens on the GMX governance forum.

After a tumultuous launch, the Arbitrum token (ARB) is currently trading at around $1.43 on both centralized and decentralized exchanges.

Arbitrum Token Chart
ARB Token Chart. Source: CoinGecko

In the first hour since the claim opened, there was a total of $27 million in trading volume, according to CoinGecko, which tracks token prices from exchanges such as Kucoin, Bybit, and Uniswap.

The Interior Minister announced that Do Kwon has been detained in Montenegro

According to a tweet by Montenegro’s Minister of Interior, Filip Adzic, the founder of Terraform Labs, Do Kwon, has been arrested in Montenegro.

Adzic announced that Montenegrin police have detained Kwon, a South Korean citizen and co-founder/CEO of Singapore-based Terraform Labs, who was suspected of being one of the most wanted fugitives.

Filip Adzic Tweet

Kwon has been the subject of several investigations and was even on Interpol’s red notice after the collapse of stablecoin TerraUSD (UST) and its $40 billion ecosystem last year, which sent shockwaves across the crypto markets.

UST Price Chart

Adzic added that the suspect was caught at the Podgorica airport with falsified documents, but he was still awaiting official confirmation of identity.

According to a report by the Yonhap news agency, the Korean National Police Agency has confirmed that the suspect appears to be Kwon based on an examination of his age, name, and nationality on his ID card.

DappRadar reports that the trading volume of Metaverse NFTs has reached a new all-time high

DappRadar’s report, published on Thursday, stated that NFT trading across virtual worlds has increased in Q1 2023, amounting to $311 million thus far this year.

DappRadar's report

The report highlighted that virtual land trading reached an all-time high this quarter, with 147,000 trades, largely due to platforms like Yuga Labs’ Otherside and MG Land that dominated the space.
The report noted that Otherdeed NFTs, which are associated with land in the Otherside metaverse, experienced a 237% increase in trading volume, with $222 million registered in the first quarter.

DappRadar's report

One Otherdeed NFT sold for 186 ETH (around $293k at the time), which was the highest recorded sale for virtual land in the previous quarter.

Otherdeed sale

The announcement by Yuga Labs of the official date of its “Second Trip” for holders of Otherdeed NFTs likely contributed to the uptick.

The report also indicated that $417.5 million was invested in blockchain gaming and metaverse projects in Q1 2023.

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