ARB Rush brings 80% fee rebates on cross chain swaps to Arbitrum until March 31. ARB Rush is automatically available to Matcha users through third-party bridging provider Socket. Claim your ARB now!
Bridge aggregator Socket has announced 700,000 ARB to redeem as part of ARB Rush, a campaign running until the end of March. Fee rebates are available to anyone who makes a cross chain swap using a Socket partner such as Matcha. Claim back 80% of bridge fees from today until March 31!
Matcha cross chain users who swap tokens to Arbitrum are eligible for a share of the total amount, which has been funded by the Arbitrum foundation.
From Monday February 12 to March 31 2024, you can visit socketscan.io/rewards to check your eligibility and claim back a percentage of bridge fees and gas spent. To be eligible, simply send a cross chain swap to Arbitrum from any of the 6 other chains where cross chain swaps are active on Matcha.
Please note that this is a third-party promotion organized and managed entirely by Socket.
What is ARB Rush?
ARB Rush is a promotional initiative funded by a grant from the Arbitrum foundation. Socket has received 1,000,000 ARB in funding to run this campaign, allocating 70% for users who trade cross chain with ecosystem partners including Matcha.
How it works
Each time you bridge tokens to Arbitrum on Matcha during the promotional period, you will accumulate ARB token rewards. At the end of the month, accumulated tokens can be claimed from Socket’s reward page. If you forget to claim, rewards from the previous month should still be claimable.
Since Matcha Auto now provides gasless swaps on Arbitrum, this could be an ideal opportunity to swap cross chain and try out Arbitrum, an Ethereum Layer-2 chain, for less.
How rewards are calculated
The reward amount is calculated as 80% of bridge fees (the USD value difference between the source amount and destination amount, this is charged by the bridge Socket chooses when you make a cross chain swap), plus your source gas fees, in terms of USD (based on the daily ARB price)
That means a transaction which costs $2.5 in bridging fees and gas should result in $2 of ARB tokens for you to claim!
How to claim your ARB
To claim your ARB tokens, simply:
- Use the cross chain feature on Matcha to bridge a token to Arbitrum.
- Visit the rewards page on SocketScan.
- Connect your wallet to see a breakdown of your pending and claimable rewards.
- Pending rewards shows how much you can claim during the claim period.
- If you have claimable rewards, click Claim.
Note that it may take several hours for eligible rewards to appear on the page. Rewards can only be claimed within the last week of each month, so set a reminder! If you encounter any issues, please reach out to the Socket support team.
Previous campaign: OP Rush
In August last year, Socket ran the first Rush campaign on Optimism, titled OP Rush. This offered a total of 400,000 OP, following a similar format to ARB Rush.
It’s likely that Socket will aim to do similar campaigns in future with other ecosystems, so keep an eye on Matcha social media for future announcements!
