Arbitrum’s post-airdrop update.
The on-chain analytics company Nansen has published a report analyzing the impact of the Arbitrum network’s popular airdrop event. The report examines how the network’s ecosystem has been affected, from the surge in users and transactions to a decline in new wallets conducting their first transaction.
The airdrop event took place on March 23, when the Arbitrum Foundation distributed its new token to eligible members of the community. The organization stated that the launch of the Arbitrum (ARB) token marked its transition into a decentralized autonomous organization (DAO).
More than two months after the airdrop, Nansen analyzed various on-chain metrics to assess the blockchain’s performance. The analytics company found that the influx of on-chain activities had been sustained, with transactions and daily users remaining at historically high levels even after the airdrop.
Nansen’s data also showed an upward trend in gas spending on Arbitrum, indicating growth in the chain’s usage. The value of transactions and transfers also exhibited similar patterns.
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While many metrics showed significant growth for the ecosystem, the number of wallets conducting their first transaction on the chain slowly declined after the airdrop, suggesting a drop in the number of new users coming in since the event.
Despite this, the Arbitrum network has retained a significant share of bridging volume from Ethereum, with data showing that the gross volume of Ethereum bridging to Arbitrum has remained strong after the airdrop. Arbitrum has kept the second-largest spot just after Polygon.
The Arbitrum airdrop was one of the most hyped crypto events in the first half of 2023, sparking an airdrop season and allowing some airdrop hunters to collect tokens and consolidate assets worth up to $3.3 million into two wallets.