Arbitrum’s ARB Airdrop Spurs Record Network Activity with Daily Transactions Surpassing 1.3 Million

Arbitrum, one of the leading scaling solutions for Ethereum, has been making significant progress lately, as reported by Arbiscan. The network has achieved new milestones in terms of its transaction volume and user adoption.

The number of daily transactions on Arbitrum has surged to a new all-time high of 1,312,052, which is a remarkable increase from the previous high of 1,103,398 recorded on February 21.

Arbiscan reports Arbitrum’s daily transaction volume as of March 21

The surge in transactions is attributed to the recent airdrop of ARB tokens, which has attracted more than 400,000 new users to the network in just two weeks. The expansion project has now attracted over 3 million users in total, according to Dune Analytics.

According to Dune Analytics, there has been a significant increase in both new users and active addresses

Arbitrum surprised its community on March 16 by announcing an airdrop of ARB tokens. The initial supply was 10 billion tokens, and there is no limit to the total supply. The tokens will be airdropped to eligible users on March 23. The airdrop will see 1.27 billion ARB tokens distributed to users based on a Feb. 26 snapshot, representing 12.75% of the token’s circulating supply. Out of the 10 billion tokens, around 56% will be allocated to the community.

The airdrop is a significant milestone in the transition of Arbitrum to a decentralized autonomous organization (DAO). ARB holders will have the right to vote on important decisions regarding Arbitrum One and Arbitrum Nova. Furthermore, 112.8 million ARB tokens will be distributed to various DAOs in the ecosystem to encourage community participation in governance decisions once the network fully transitions to a DAO.

Several decentralized exchanges (DEXs) will receive a share of the ARB tokens. GMX and TREASURE will get 8 million tokens each, while Uniswap (UNI) and SushiSwap (SUSHI) will get 4.3 million and 4.2 million ARB tokens, respectively. Other projects such as MakerDAO, KyberSwap, DODO, Camelot, and 24 other projects will receive over 1 million ARB tokens.

Arbitrum’s user base has been growing at an impressive rate, with almost 1.5 million new addresses created since the beginning of the year. The growth can be attributed to the network’s ability to offer fast and cheap transactions compared to the Ethereum network. With the upcoming transition to a DAO and the airdrop of ARB tokens, Arbitrum is expected to attract even more users and continue to drive the growth of the Ethereum ecosystem.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like