Nansen, an on-chain analytics firm, has published a report that examines the effects of the Arbitrum network’s airdrop event. The analysis covers the rise in users and transactions, as well as the decrease in new wallets making their first transaction, to assess the impact of the airdrop on the network’s ecosystem.
On the 23rd of March, the Arbitrum Foundation distributed its new token to qualified community members. The organization stated that the Arbitrum (ARB) tokens signified their transition into a decentralized autonomous organization (DAO).
More than two months after the airdrop, Nansen conducted a review of the blockchain’s performance in several metrics on-chain. In a new report, the analytics firm noted that the influx of on-chain activities had been maintained.
Nansen’s data showed that even after the airdrop, transactions and daily users stayed at levels that were historically high.
The data also revealed a rising trend in the amount of money spent on Arbitrum gas, signifying an expansion in the utilization of the chain. Furthermore, the value of transactions and transfers mirrored the same pattern.
Although numerous metrics displayed considerable expansion for the ecosystem, the amount of wallets conducting their initial transactions gradually decreased after the airdrop. This implies that the quantity of new users joining has decreased since the well-known event.
Arbitrum’s airdrop was reportedly used to divert $500K through the use of hacked vanity addresses.
Despite this, Arbitrum was able to maintain a sizable portion of Ethereum’s bridging volume. Data showed that the amount of Ethereum bridging to Arbitrum remained strong after the airdrop, with Arbitrum holding the second-highest spot behind Polygon.
The Arbitrum airdrop was a highly anticipated crypto event during the first half of 2023, launching an airdrop season and enabling some airdrop hunters to amass tokens and accumulate assets with a total value of up to $3.3 million into two wallets.
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