The social protocol The Arena will launch the ARENA token and initiate an airdrop
ChainCatcher news, according to official information, the social protocol The Arena (formerly Stars Arena) has announced the launch of the ARENA token and will initiate an airdrop. The main function of ARENA will be as a governance token, which is an ERC-20 asset built on the Avalanche C chain.According to The Arena's disclosure, a total of 37,120,167 points have been airdropped to over 100,000 users, with each point redeemable for 60 ARENA tokens, meaning the total airdrop will amount to 2,561,292,000 ARENA tokens.The Arena also stated that in the initial phase, only 10% of all airdrop tokens will be distributed, with the remaining 90% expected to be distributed monthly next year. More specific details regarding ARENA will be released closer to the launch.