Arbitrum Witnesses Surge In Daily Active Users And Trading Volume Post-Airdrop

Key Points:

• Arbitrum experiences significant growth post-airdrop, attracting a surge in daily active users and trading volume.
• Nansen data reveals that Arbitrum competes with Ethereum in terms of user base and transaction numbers, indicating a positive trend for the platform.

The recent airdrop by Arbitrum has sparked a significant increase in daily active users and trading volume within its ecosystem. 

In fact, the platform user base and transaction count are now on par with Ethereum, demonstrating its growing popularity and potential. Data from Nansen reveals that following the ARB token airdrop on March 23, the number of unique users and transactions on this platform has remained consistently high, surpassing pre-airdrop levels. 

The airdrop proved to be a game-changer, driving transaction numbers to record highs and attracting a substantial influx of new users. While the number of new users has slightly declined from its peak, it still remains above optimistic levels. Remarkably, Arbitrum has successfully competed with Ethereum, frequently surpassing it in terms of user count and transaction volume.

Post-airdrop, the activity of ARB token recipients has decreased, echoing a trend observed after the Optimism airdrop. Prior to March 2023, airdrop recipients accounted for a significant portion (ranging from 5% to 20%) of transactions on the Arbitrum network. However, after the airdrop, their contribution dropped to just 5% of total transactions.

Furthermore, the amount of gas spent on Arbitrum has been steadily increasing, indicating a rising adoption of the blockchain. Nansen data reveals that approximately $29.6 million worth of Ethereum (ETH) has been utilized for transaction fees on Arbitrum in the past six months, with Ethereum generating around 71% of these fees.

Although other layer 2 solutions like Starkware, zkSync, PulseChain, and Across have gained market share between March and May 2023, Arbitrum continues to be a popular choice for bridging from Ethereum, following Polygon.

As the demand for layer 2 scalability solutions grows, Arbitrum’s impressive post-airdrop performance showcases its potential to become a prominent player in the blockchain ecosystem, providing users with enhanced scalability and transaction capabilities.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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