Home | Crypto News | Massive Airdrop Triggers Significant Growth In Arbitrum Userbase, Surpasses 5 Million Accounts

Massive Airdrop Triggers Significant Growth In Arbitrum Userbase, Surpasses 5 Million Accounts

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arbitrum 5 million

Arbitrum (ARB), an Ethereum layer-2 scaling solution, has more than 5 million accounts, or wallet addresses, as of April 17, according to data provided by user Henrystats on Dune Analytics. ARB’s ecosystem now has more than four million active accounts in addition to individual addresses, and approximately 200 million transactions have been completed since the ecosystem’s start.

The development cycle for Arbitrum has been hectic, and the excitement around its March 23 airdrop, in which 1.275 billion ARB tokens were distributed to a total of 625,143 eligible addresses, has contributed to the rise. After the most recent ARB airdrop, there were 3.4 million accounts in total.

On the day following the airdrop, it was reported that there was evidence of consolidation activity observed by two individual accounts. These accounts seemed to be consolidating tokens from almost 1,500 separate addresses. According to Lookonchain, a blockchain analysis platform, one of the wallets received 1.4 million ARB from 866 addresses, while the other wallet received 933,375 ARB from 630 addresses, which is estimated to be worth approximately $1.38 million.

The proposal was rejected by 84% of the total votes, which amounts to 118 million votes. On the other hand, 14.5% of the total votes, equivalent to 21 million ARB tokens, supported the proposal. Approximately 2 million ARB tokens did not participate in the voting.

Weekly user activity has decreased noticeably since the high of 1.38 million users on March 20 to about 333,000 users, a number more in line with Arbitrum’s pre-airdrop activity, despite the tremendous surge that propelled Arbitrum past the 5M account barrier. Extrapolating the data further reveals the rest of the story, even if Dune Analytics estimates that 83.7% of all ARB accounts had at least one transaction. A pool of users that sold their ARB as soon as they received the airdrop may be represented by the 24.2% of the more than five million Arbitrum accounts that have only one transaction.

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