Market Maker Shares ARB Tokens to Binance, Bybit, KuCoin for Testing

Lookonchain, an on-chain tracker, has revealed that the well-known crypto market maker, Wintermute Trading, recently received 40 million units of the yet-to-be-launched Arbitrum network tokens, ARB.

According to two snapshots of blockchain data shared by Lookonchain, Wintermute Trading distributed various amounts of the ARB tokens upon receipt to centralized and decentralized exchanges.

The exchanges included Binance, Bitfinex, OKX, Kraken, Bybit, KuCoin, and Huobi. The market tracker noted that the transfers to these prominent asset managers were for testing to ensure no hiccups at the official launch.

Wintermute Trading, the market maker of $ARB received 40M $ARB and transferred a small amount of $ARB to exchanges for testing. #Arbitrum

The market maker is ready, are you ready?https://t.co/U6NJqynPCt pic.twitter.com/XNXjtGZlPZ

— Lookonchain (@lookonchain) March 23, 2023

On Monday, the largest crypto exchange, Binance, announced that it would list the Arbitrum token Thursday evening and open Bitcoin and USDT trading pairs for the coin. While users can start depositing their ARB from 12:30 UTC, Binance noted that withdrawals would be available from Friday evening.

#Binance is listing @arbitrum $ARB.

➡️ https://t.co/6YOugDSXrU pic.twitter.com/jnamYKI71U

— Binance (@binance) March 20, 2023

Notably, ARB is the native governance token of the Arbitrum Layer two scaling solution for the Ethereum blockchain, which also supports other ETH-based apps. According to official documentation, Arbitrum utilizes Optimistic roll-up technology to group batches of transactions to save on gas fees.

As of March 23, 2023, the total supply of ARB is 10,000,000,000, with a current circulating supply of 1,275,000,000, representing only 12.75% of the total token supply. Notably, the 12.75% in circulation was airdropped to eligible users in the past week. The Arbitrum Foundation and its DAO are responsible for gradually distributing the remaining community tokens.

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