Summary
- Arbitrum, an Ethereum-based layer-2 scaling solution, has seen unprecedented growth in anticipation of the ARB token airdrop.
- The network processed around 157,000 transactions over the last 24 hours and had nearly 495,000 unique wallets interacting with it.
- Users claimed 42 million ARB tokens within the first hour of the airdrop.
Surge in Activity on Arbitrum Network
Ethereum’s (ETH) layer-2 scaling solution Arbitrum (ARB) is experiencing unprecedented growth in anticipation of its native governance token ARB’s upcoming airdrop. According to Dune Analytics data, Arbitrum reached an all-time high with nearly 495,000 unique wallets interacting with the network on March 23rd. For comparison, Ethereum only saw 457,000 daily active addresses on that day. Additionally, the platform processed approximately 157,000 transactions over the past 24 hours.
ARB Token Airdrop
The highly anticipated airdrop of ARB tokens is likely to contribute to further increases in activity on the network. More than 625,000 eligible addresses will be able to claim their share of tokens. According to Coindesk reportage, users already declared 42 million ARB tokens within the first hour of its launch alone.
Sybil Activity Detected
Experts have noticed Sybil activity when it comes to claiming ARB tokens from its airdrop which could be caused by what they call „ineffective“ detection rules.
Conclusion
It appears that more and more users are flocking towards Arbitrum as news about its native governance token’s airdrop spreads across crypto communities and media outlets alike. The airdrop is expected to bring additional attention and increase usage numbers further as more people become aware of this project and its capabilities