Crypto punters who bet on the bearish side of a possible layer 2 network Arbitrum issuing its native tokens were caught offside on Thursday when ARB tokens were launched.
Users of Arbitrum, which has seen immense growth in recent months, had long been expecting the network to issue its own token. Despite developers previously denying that they planned to do so, traders still placed bets on whether or not this would happen soon enough for an airdrop by March 31st.
The decentralized prediction market place PoolTogether saw $4 million worth of volume come in since Mar 10th as users chose between “no” and “yes” based upon whether or not there would be both launch and an airdrop before Mar 31st. The criteria was defined as having active transferrability/tradability with listing on exchanges such as Uniswap being necessary for it to count towards the bet result outcome.
Bearish bets trended until Thursday when news broke out that ARB was indeed launched – catching many crypto punters off guard! This is yet another example showing how quickly things can change within cryptocurrency markets; no matter what your opinion may be it is always important to stay up-to-date with current events if you want success trading digital assets!