Disclaimer: This is not investment nor investment advice. Only you are responsible for any capital-related decisions you make and only you are accountable for the results.
The information made available in this report is NOT for replication. The purpose is to share the thought process behind the DAO’s decision-making. Additionally, this is a HIGH-RISK journey for the DAO which means capital has also been allocated in accordance with this. Once again, DO NOT REPLICATE.Asset
Arbitrum airdrop and Arbitrum-exclusive free-mints NFTs.Thesis
Arbitrum is the most popular scaling solution, with nearly 100 dApps in the ecosystem. Think Ethereum across Layer-1s, Arbitrum is the same - large network. Arbitrum is a fully functional and working product. Anyone who has used Arbitrum knows what a great user experience it provides.[caption id="attachment_220868" align="aligncenter" width="869"]
50.6% market share across all Layer-2s - not just Rollups.[/caption]
The only thing preventing Arbitrum from reaching its full potential is decentralisation. That's where the Arbitrum native token comes in.
Arbitrum token rumours have circulated widely on Twitter and in news outlets, while the team has not officially announced it, it stands to reason that it will happen soon.
Arbitrum outperforms Optimism in network statistics (users, TVL, volume).
OP launched at a price of roughly $1.5 on most exchanges. Even launched $2+ on some exchanges.
The OP airdrop was worth $408-$41,302 when dropped to users initially (assuming OP was trading at $1.5 when launched).
In a conservative world, it would be reasonable to assume that the Arbitrum token will be valued the same as Optimism’s OP when launched, if not higher.
Participating in the Arbitrum Odyssey is an easy way to gain exposure to an Arbitrum airdrop.
Description
The Arbitrum Odyssey is an 8-week event that allows users to try out and use apps in the Arbitrum ecosystem, for a chance to win 17 Arbitrum-exclusive free-mint NFTs. The NFT artists are Ratwell & Sugoi.The event officially started on Tuesday, June 21st, 2022 at 1 pm EST.
There are 14 dApps included in the event that has been selected via snapshot votes by the community.
Week 1 of the event will involve transferring ETH to Arbitrum via decentralised bridges, or fiat-on-ramps, to begin the onboarding process. No minimum amount of ETH is required for bridging.
Note: the official Arbitrum bridge is not included in this initiative.
Decentralised bridges & fiat-on-ramps that are included in the event:
Users who use the most popular decentralised bridge that everyone else uses will receive a bonus NFT. Bridge usage is judged by volume.
Once onboarding week is over, the journey will begin from week 2 until week 8.
2 projects will task their users to complete an on-chain task, specific to their protocol – i.e. lending, borrowing, providing liquidity, or buying an NFT.
This is what the entire event will look like during the 8 weeks:
Week 1: Bridge Week.
Week 2: Yield Protocol and GMX.
Week 3: Aboard Exchange and TofuNFT.
Week 5: 1inch and Izumi/ Yin Finance.
Week 7: TreasureDAO and Battlefly.
Week 8: Ideamarket and Sushi.
Users will claim Arbi-verse NFTs for completion of every task, representing their involvement. Claims will take place on Project Galaxy’s website here, after the end of each week. The mints will be completely free, but you will need ETH on Arbitrum to pay the transaction fee to claim the free NFT.
If a user collects at least 13 of the 16 NFTs along the way, they will receive a final prize NFT, indicating that their journey into the Arbi-verse is complete.
Participating in the event should generate a lot of network activity. 16 times throughout the whole event. The NFTs are rumoured to play a significant role in obtaining an airdrop. Also, dApps in the event, such as Yield, Abroad, and TofuNFT, are token-less (chances for more airdrops).
Execution
I propose we load 0.75 ETH to 3 MetaMask wallets. Split 0.75 ETH from the original 5.5 ETH owned by the DAO, among the wallets. 0.75 ETH should be enough to cover expenses required for the on-chain tasks for the 8 weeks. The 3 addresses are :- 1 new ERC20 address controlled by Karim
- 2 new ERC20 addresses controlled by Yazan
During bridge week, I recommend we use Hop to bridge ETH from Ethereum L1 to Arbitrum L2, to earn that extra NFT. Hop is the most used bridge.
Sources
https://cryptonary.com/research/layer-2-ecosystem-update/https://l2beat.com/scaling/summary
https://dune.com/springzhang/arbitrum-odyssey-event-tracking
https://arbiscan.io/chart/address
Proposal 22 has been executed✅
- Transferred 0.25 ETH from 0xde0579d783ae175c8dca097b729ae4b2eb29863a (Alpha-DAO.ETH address) to 0xdce5f4ddedc5f15e0e7699dc23cd41040a268c57 (Yazan's address #1).
- Transferred 0.25 ETH from 0xde0579d783ae175c8dca097b729ae4b2eb29863a (Alpha-DAO.ETH address) to 0xc9c7a22fcf47ddd86bfbfe66d96e86d2bcc7ee21 (Yazan's address #2).
- Bridged 0.25 ETH from 0xde0579d783ae175c8dca097b729ae4b2eb29863a (Alpha-DAO.ETH address) to Arbitrum L2 via Hop Protocol - TX Hash 0x815bf75d7fcbd03d26bd67c3fb504f9c56515f0e00957fad419241bfc6910000.
- Bridged 0.25 ETH from 0xdce5f4ddedc5f15e0e7699dc23cd41040a268c57 (Yazan's address #1) to Arbitrum L2 via Hop Protocol - TX Hash 0xd77087768ac5fa376edf3e806d092c41e34a9ce84626073fff75b102141179c2.
- Bridged 0.25 ETH from 0xc9c7a22fcf47ddd86bfbfe66d96e86d2bcc7ee21 (Yazan's address #2) to Arbitrum L2 - TX Hash 0x2c30e037d48f22566d203be885fcc2360690e29a6494bdfe21549215ec041b71.
Update
The Arbitrum Odyssey was paused on the 29th of June during week one because of network congestion. Gas fees rose astronomically to almost $10.Arbitrum released its latest mainnet upgrade, Nitro, on the 31st of August to solve this problem. Transactions have never been cheaper, and the user experience improved drastically.
The Odyssey will resume in the coming months. The team confirmed the event should continue after upgrading to Nitro - no confirmed date yet.
We have completed bridge week and used Yield protocol in week one. We will be looking to complete the rest once the event resumes.
We never stopped looking for airdrop opportunities, even after the odyssey paused.
We posted opportunities like this in Discord and wrote the latest report on Arbitrum for an ecosystem overview and potential airdrops.
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