For the vast majority of blockchains, all indicators of on-chain activity and value transfer typically see a dramatic fall following an airdrop. When the “tourists” and “airdrop hunters” have left, they solely reflect the L1 or L2’s genuine utility. Here is what we may infer about these procedures from the Arbitrum (ARB) case.
Arbitrum (ARB) network metrics rocketing following airdrop
The daily active user count, total number of transactions, and net on-chain value of the Arbitrum (ARB) network have all stabilised at greater levels than they were before to the ARB token distribution in March. Analysts at the on-chain data provider Nansen disclosed these findings.
Data on petrol consumption and the turnover of the Arbitrum-Ethereum bridge showed comparable trends. The final measure continues to rise despite the rival protocols zkSync and Starkware’s explosive growth in popularity.
Only Polygon (MATIC), the biggest EVM ecosystem blockchain, surpasses Arbitrum in this category, where it still holds the second place.
As previously reported by U.Today, Arbitrum (ARB) also onboarded a Bitcoin-Ethereum interoperability solution known as tBTC in May 2023.
Airdrop hunters responsible for 5-6% of transactions on top L2s
The impact of airdrop recipients on the continuing activity on two of the biggest L2s on Ethereum (ETH), Optimism (OP) and Arbitrum (ARB), was carefully monitored by Nansen analysts.
“Airdrop hunters” are only in charge of one out of every twenty deals for them both. As a result, rather than the advantages of the airdrop, the great majority of users are drawn to the networks’ long-term value offer.
According to the total value locked in its protocols, Arbitrum (ARB) continues to be the greatest scaling solution for Ethereum (ETH). It is in charge of over 65% of the total L2 ecosystem as of mid-June 2023.
According to L2Beat tracking, Optimism (OP), its nearest rival, barely accounts for 18.55%.
