What is Arkham?
Arkham is a blockchain analytics company that labels wallets with the people and organizations behind them, using AI-assisted tools. ARKM is its token, used for bounties on the Arkham Intel Exchange and for trading-fee discounts on the company's exchange.
Utility Lens
What Arkham actually does
Lets users pay or earn rewards for identifying who controls blockchain addresses, and gives traders discounts on Arkham's exchange.
- Real-world usage
- earlyArkham's analytics platform is widely used (the company cites more than 3 million registered users), but use of ARKM itself is limited to bounties and fee discounts, and the exchange struggled for volume.
- Token necessity
- optionalThe analytics platform works fully without ARKM; the token only matters for bounties and trading discounts.
- Decentralization
- centralizedA private company runs the platform, controls the labeling data and decides how the token is used.
- Track record
- developingARKM launched in July 2023, and the company's exchange strategy has already changed course once.
What it’s used for
Most people use Arkham's free analytics platform to track wallets of funds, companies and governments, and none of that requires ARKM. The token is used on the Intel Exchange, where users post ARKM bounties for information about specific wallets, and for fee discounts on Arkham Exchange. In February 2026 Arkham said the exchange was moving from a centralized to a decentralized model.
Role of the ARKM token:
Evidence of real use
- ARKM has a fixed initial supply of 1 billion tokens, launched with 15% circulating, and fully unlocks seven years after listing, with no planned emissions. Source
- Arkham Exchange began offering spot trading to users in 17 US states on March 1, 2025. Source
- After a report that the exchange would close, Arkham's CEO said in February 2026 that it was becoming a fully decentralized exchange; CoinDesk noted daily volume under $620,000 at the time. Source
The AI angle
- AI role
- data/labeling
- What actually happens
- Arkham uses AI-assisted tools inside its own platform to attribute blockchain addresses to real-world entities, and the Intel Exchange pays humans in ARKM for labeling work. The AI runs on Arkham's servers, not on a decentralized network, and ARKM does not pay for any AI computation. Treat it as a data company's token rather than an AI infrastructure token.
How Arkham works
Arkham's core product is a blockchain explorer that adds identities. It attributes addresses to entities such as exchanges, funds, companies and public figures, using a mix of automated, AI-assisted analysis and human research. Users can view an entity's holdings and transfers across many blockchains, set alerts and trace flows. This platform is free to use and is often cited by news outlets tracking large transfers.
The Intel Exchange, launched in July 2023 alongside ARKM, is a marketplace for that kind of attribution work. A user can post a bounty in ARKM asking who controls a particular wallet, and researchers who submit valid answers collect the reward once it is approved. Arkham charges a marketplace fee on these trades. Critics, including privacy advocates, have raised concerns that paying people to de-anonymize wallets could put ordinary users' privacy and safety at risk.
In late 2024 Arkham launched a trading platform for perpetual futures and in March 2025 added spot trading for users in 17 US states. Holding ARKM gave traders discounts on taker fees. Trading volumes stayed far below larger exchanges, and in February 2026, after a news report said the venue would close, the company said it would instead become a fully decentralized exchange.
Key moments
- 2020Miguel Morel founds Arkham Intelligence.
- 2023Arkham launches the Intel Exchange and the ARKM token in July.
- 2024Arkham Exchange launches with perpetual futures trading and ARKM fee discounts.
- 2025Spot trading opens to users in 17 US states on March 1.
- 2026In February, Arkham says its exchange will move from a centralized to a decentralized model.
Supply
ARKM has a fixed supply of 1 billion tokens and no planned emissions. About 15% circulated at launch; investor, team and advisor tokens unlock over three years after a one-year lock, and the foundation treasury unlocks over seven years, so supply keeps growing until full unlock in 2030.
Risks to understand
- Scheduled unlocks continue until 2030, adding to circulating supply.
- The token's usefulness depends on business decisions by one private company, which has already changed its exchange strategy.
- The planned shift to a decentralized exchange is unproven and may not attract more volume than the centralized version did.
- Paying to identify wallet owners raises privacy and legal questions that could invite regulatory attention.
Arkham FAQ
Do I need ARKM to use Arkham?
No. The analytics platform is free. ARKM is used only for Intel Exchange bounties and trading-fee discounts.
Is Arkham Exchange shutting down?
In February 2026, after a news report said it would close, Arkham's CEO said the exchange would instead become fully decentralized. Check Arkham's official announcements for its current status before depositing funds.
Will more ARKM be created?
No. Arkham says there are no planned emissions; supply is fixed at 1 billion, though locked tokens keep unlocking until 2030.
Sources
- Tokenomics — The Arkham Codex
- Announcing the Arkham Intel Exchange — Arkham
- Arkham denies exchange closure plan, says switching to decentralized platform — CoinDesk
- Arkham Exchange to offer spot trading to users in 17 U.S. states — The Block
- Arkham (cryptocurrency exchange) — Wikipedia
- Backlash Over Arkham's Intelligence Platform Highlights Blockchains' Double-Edged Sword — The Defiant
Last reviewed October 4, 2026 by The Crypto Guide editorial team. Utility Lens ratings are editorial judgments, not investment advice. Market data from CoinGecko. Spot an error? Request a correction.