The Arbitrum Airdrop hype surges ARB Accounts to surpass 5 Million!

Being one of the leading Ethereum layer 2 scaling solutions Arbitrum has brought in cheap transactions to tens of thousands of users for the crypto community; the environment that it has created gives a very similar feeling to that of Ethereum. As per the statistics that has been put together by user Henrystats on the blockchain ecosystem analytics platform; Dune Analytics; the Ethereum layer-2 scaling solution Arbitrum, or ARB, has surpassed 5 million number of accounts, or wallet addresses as of April 17, 2023! Besides looking into individual addresses, ARB now has more than four million active accounts in the Arbitrum ecosystem! Not only that, the ARB also has about 200 million transactions in its pocket, which has been completed since the inception of the network.

Source: Dune Analytics

This growth of the Arbitrum network has come after the back-end of two incidents. One of which is a busy development cycle for the Arbitrum ecosystem and the other is the hype that came from its March 23 airdrop! It was an event which saw the distribution of about 1.275 billion ARB tokens to a total number of 625,143 eligible addresses. The number of accounts in the ARB ecosystem amounted to about 3.4 million after the last ARB airdrop.

Read more about Abritrum Airdrop Launch

Remember #Arbinauts, you have 6 months to claim your tokens! Gas fees will be quite high, and there will be server congestion.

— Arbitrum (💙,🧡) (@arbitrum) March 23, 2023

The main aim in introducing of the ARB token was to transform the Arbitrum platform into a DAO, which is also referred to as Decentralized Autonomous Organization. With the transition if the ARB tokens, the ARB holders will have the ability to vote on the critical decisions governing both the networks of Arbitrum that allow users to transact with Ethereum while having high speed and low fees! These networks are:

• Arbitrum One
• Arbotrum Nova

According to the Arbitrum Foundation, “Arbitrum DAO will have the power to control key decisions at the core protocol level, from how the chain’s technology is upgraded to how the revenue from the chain can be used to support the ecosystem.”

1/10 With the ArbitrumDAO reaching consensus against AIP-1, it's now time to incorporate community feedback, and move forward with new AIPs and documentation that address key areas of concern.

Details below🧵👇

— Arbitrum (💙,🧡) (@arbitrum) April 5, 2023

Even though there has been a massive growth in Arbitrum which pushed the network to have over the 5M accounts, data from Dune shows that ARB might have been through a though few weeks, as the weekly user activity has dropped significantly since March 20, 2023. While data from Dune shows that 83.7% of all ARB accounts, have at least one transaction, taking a deeper look into the data further tells the rest of the story. Among the five million of the total Arbitrum accounts, about 24.2% of these accounts have only had one transaction, which can indicate that there might have been a pool of users who sold their ARB right after they received the airdrop.

Source: Dune Analytics

News Source: Cointelegraph

Additional Read: Polygon vs Arbitrum vs Optimism