Ethereum Layer-2 Arbitrum Sustains Growth and User Influx Following ARB Airdrop, Total Assets Reach $5.77 Billion: Report
Per Nansen's Arbitrum Quarterly Report for Q2 2023, the Arbitrum (ARB) airdrop on March 23, 2023, led to a peak in users and transactions. Following the ARB airdrop, daily transactions and user numbers have consistently exceeded the chain's past averages.
Arbitrum, an Ethereum rollup hosting asset valued at $5.77 billion, sustained robust growth in the previous quarter. Throughout Q2, Arbitrum maintained its momentum by enhancing its infrastructure and advancing its ecosystem.
After the ARB airdrop incentives concluded and the airdrop resulted in a "sell-the-news" reaction for the native token and its associated ecosystem projects, noteworthy activity levels persisted, evident in transaction and user counts surpassing pre-airdrop figures.
The influx of new users underscores Arbitrum's enduring strength and flourishing ecosystem.
A group of "super airdrop hunters" who amassed ARB tokens using multiple Ethereum addresses contributed significantly to the selling pressure.
The ARB token experienced significant selling during the airdrop, causing its price to plummet from $10.29 to $1 in just a few hours.
Nansen's report stated that the stability of Arbitrum after its Airdrop "points towards more organic activity" as new users have been increasing, even "surpassing Ethereum on certain days in Q2."
In the second quarter of 2023, daily transactions and gas prices on Arbitrum One, one of the critical components of Arbitrum utilizing Arbitrum Rollup technology to enhance transaction throughput while maintaining security, remained steady, averaging 800k transactions.
The quarter saw a consistent rise in transaction count compared to the previous quarter, indicating heightened activity since the airdrop. Daily active addresses on Arbitrum
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