Arbitrum Airdrop Qualifies for More Than 625,000 Addresses, Sparks Record High L2 Transactions Surpassing ETH by 148%

Arbitrum, one of the leading Ethereum scaling solutions, has launched its much-anticipated token, ARB, which will be airdropped to community members on March 23. This news has created a buzz in the cryptocurrency community as it marks the network’s transition into a decentralized autonomous organization (DAO), and ARB holders will be empowered to vote on key decisions that govern Arbitrum One and Arbitrum Nova networks.

According to Blockworks Research, a total of 625,143 addresses are eligible for the Arbitrum airdrop, which accounts for 23.5% of the total addresses. The average airdrop is 1,895, of which 625 are the main proportion, accounting for 16.8%. The number of addresses that meet the full allocation airdrop conditions is 4,428.

Source: Dune Analytics

The announcement of the airdrop seems to have driven a surge of activity on the Arbitrum network, with the number of L2 transactions reaching a record high of 1.546 million on March 16, which is about 148% of the Ethereum L1. The number of Arbitrum transactions exceeded 1 million, which may be the withdrawal of funds after the announcement of the airdrop.

Source: orbiter.finance

Arbitrum One is an optimistic rollup and the leading L2 in terms of TVL, bringing cheap transactions to tens of thousands of users in an environment that feels very similar to Ethereum. Some of the largest dApps live on Arbitrum, including GMX, Radiant, Uniswap V3, and Gains Network. However, it is important to note that rollups are in their infancy and carry risks. Arbitrum relies on a centralized sequencer, which could exploit its centralized position to front-run user’s transactions to extract MEV.

Additionally, the optimistic rollup design assumes a whitelisted verifier is monitoring transactions to ensure their validity and challenge malicious transactions via fraud proofs. Arbitrum One’s most relevant competitor is often considered Optimism, another optimistic rollup seeking to help scale Ethereum. To compare relevant statistics on both protocols, one can refer to the L2 Comparison Dashboard.

The launch of the ARB token is a significant development for the Arbitrum ecosystem as it marks the network’s transition into a DAO, and ARB holders will have a say in key decisions that govern the network.

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