- Artibrum records booming activities after airdrops.
- Its new wallets hit a daily peak after the airdrop.
Most projects record an incredible number of positive activities after airdrops, however, only a few can sustain the traction. Interestingly, Arbitrum has joined this list. After the airdrop on March 23, 2023, the Arbitrum network recorded a high number of users and transactions.
One interesting observation is that the daily count of transactions and users has been consistently high compared to its historical averages. There has also been an increased utilization of the chain as the gas spending on the network has been on an upward trend. The value of transactions and transfers is said to be on an upward trend too.
Another interesting observation is that the number of new wallets facilitating their first transaction hits its daily peak. Over the two months after the airdrop, the number has been falling gradually but still averaging higher than the previous averages.
There was also an all-time high of new wallets on Arbitrum a day after the token airdrop became available to be claimed. Even after the airdrop, the number of users remains very high, overtaking Optimism. For now, the network is closely approaching Ethereum.
Arbitrum has maintained a significant share of bridging volume from Ethereum, while smaller entities like Starkware and zkSync have gained a notable market share in bridging activities from March to May. The long-term impact of the airdrop on user retention is still uncertain. As of now, the ratio of transactions performed by airdrop recipients versus other wallet addresses has steadily decreased, settling at approximately 5%.
Artibrum Token Holders and Voting Power Delegation
According to the report, ARB token holders can delegate the voting power of their tokens to other wallets. Upon research, it was observed that 200k distinct wallets have decided to delegate their voting power to another 16k distinct wallets.
Delegation enables token holders that might not have the time to keep up with various proposals to indirectly facilitate the Arbitrum DAO’s governance, by transferring their rights to a token “delegate” who will vote in their place. We analyze the current delegation breakdown by looking at the delegates and their respective voting power.
Another research disclosed that airdrop recipients were about 5 percent to 20 percent of transactions made before March 2023. With Optimism, there was a similar decline post OP-airdrop-1. These airdrops represented about 30 percent to 60 percent of transactions recorded before the airdrop. This ratio was said to have declined to 6 percent after the airdrop.
The review of Arbitrum’s on-chain metrics over the past six months reveals some compelling insights. The number of daily active users, transaction count, and on-chain value all seem to have stabilized at a level higher than before the airdrop. The upward trends in gas fee spending, and creation of new wallets, also indicate a growing use of the chain.
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Arbitrum (ARB) currently has a bearish market sentiment and has fallen by 18 percent in the last seven days to trade at $0.922262. The asset is still 99 percent down from its all-time high of $0.029835.
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