Pantera Capital-backed NFT lending startup Arcade to airdrop 3m ARCD tokens

Lending platform for digital collectibles Arcade will airdrop 3% of the total supply of ARCD tokens to holders of select NFT collections.

In a Medium blog, Arcade unveiled its “Clash of Clans” airdrop initiative, aiming to distribute ARCD tokens among 4,000 wallets, each eligible to claim 750 ARCD tokens. On Feb. 19 at 8:00pm UTC, the team will take a snapshot, with token distribution divided into two phases: whitelist and public claim.

During the whitelist phase, Arcade plans to “randomly select” 2,000 wallets at the time of the snapshot, holding NFT collections such as Pudgy Penguin, Lil Pudgy, or Sappy Seal. The remaining 2,000 wallets will be chosen based on successful linkage of Solana or Bitcoin wallets containing NFT collections including Mad Lads, Tensorians, BTC Puppets, NodeMonkes, or RSIC, also at the time of the snapshot.

While specific details regarding the random selection process remain undisclosed, Arcade outlined the timeline for participants. The Claim Raffle Whitelist phase will allow participants to claim tokens on Feb. 21 between 6:00 pm and 8:00 pm UTC, followed by the launch of the public claim phase on the same day at 9:00 pm UTC. The public claim phase will remain open “until all remaining spots leftover” from the whitelist phase have been claimed, the blog announcement reads.

Arcade, formerly known as Pawn.fi, is an NFT platform where users can borrow funds against blue-chip digital collectibles. In December 2021, the platform successfully secured $15 million in a Series A funding round led by Pantera Capital, with additional investments from Castle Island Ventures, Franklin Templeton Blockchain Fund, and Golden Tree Asset Management.