On-chain analytics firm Nansen has just released a detailed report on the state of the Arbitrum network following the popular airdrop event. This report analyzes the impact of the airdrop on the Arbitrum ecosystem, from sustaining an increased number of users and transactions to a decrease in the number of new wallets entering transactions.
On March 23, the Arbitrum Foundation conducted an airdrop of their new tokens to eligible community members. According to information from the Foundation, this airdrop marks the transformation of Arbitrum into a new decentralized autonomous organization (DAO).
Over two months after the airdrop, Nansen analyzed the performance of this blockchain through on-chain metrics. In the new report, the analytics firm emphasizes that the operation on the Arbitrum chain is still maintained.
Data from Nansen shows that the number of transactions and daily users remains at historic highs, even after the airdrop. This shows that the airdrop has not only generated interest and engagement in Arbitrum, but has also helped sustain the growth of the network.
the data also shows an increase in gas spending on Arbitrum, indicating that usage of the chain is increasing. The values of transactions and transfers also exhibit similar patterns.
Despite many signs of significant growth in the ecosystem, the number of wallets that made the first transaction declined after the airdrop. This shows that the number of new users joining has decreased since the airdrop event.
Even so, the Arbitrum network retains a significant portion of the bridging volume from Ethereum. The data shows that the total volume of Ethereum connected to Arbitrum remains strong after the airdrop, with Arbitrum ranked second only to Polygon.
Arbitrum’s airdrop became one of the most buzzing crypto events of the first half of 2023. It was a special airdrop event and opened the airdrop season, allowing a number of airdrop hunters. Collect tokens and total assets up to 3.3 million USD into two wallets.