Arbitrum follows in the footsteps of Optimism, a rival layer 2 scaling solution that issued an airdrop last April. The market capitalization of the Optimism token (OP) is $792 million with a market cap to TVL ratio of 0.84, according to DefiLlama. As Arbitrum has more than double the amount of capital locked on its blockchain, the token can be expected to have a market cap of around $2 billion using the same ratio.
Source: https://www.coindesk.com/business/2023/03/16/google-searches-for-arbitrum-soar-amid-airdrop-announcement/?utm_medium=referral&utm_source=rss&utm_campaign=headlines