Home Metaverse Arbitrum network activity booms ahead of airdrop

Arbitrum network activity booms ahead of airdrop

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Network activity on Arbitrum is booming, with the popular Ethereum Layer 2 solution seeing an unprecedented increase in the number of transactions and addresses.

According to Arbiscan data, the network processed over 1.3 million transactions on March 21st. This is up from his one million transaction recorded on March 20th. that user.

Arbitration transaction
Chart showing the number of daily trades on Arbitrum from July 2021 to March 2023 (Source: Arbiscan.io)

The airdrop will distribute 1.27 billion ARB tokens to users based on the February 26th snapshot. 1.27 billion ARB tokens represent 12.75% of the circulating supply of tokens. About 56% of the 10 billion tokens will be allocated to the community.

The scheduled airdrop on March 23rd will distribute 112.8 million ARB tokens to various DAOs in the ecosystem. The network said this is a way to “empower sub-communities” and encourage them to participate in governance decisions once they fully transition to DAOs.

Decentralized exchanges (DEX) GMX and TREASURE will get 8 million tokens each, while Uniswap (UNI) and SushiSwap (SUSHI) will get 4.3 million and 4.2 million ARB tokens respectively. manufacturerDAOKyberSwap, DODO, Camelot, and 24 other projects will receive over 1 million ARB tokens.

The number of unique Arbitrum addresses is also growing rapidly. About 1.5 million new addresses have been created in the network since the beginning of the year.

Arbitration address
Graph showing Arbitrum unique addresses from July 2021 to March 2023 (Source: Arbiscan.io)

Interest in Arbitrum has also increased following the announcement that Coinbase will support and list the upcoming ARB token for trading. After the airdrop, trading is expected to begin once sufficient supply and liquidity conditions are met. The exchange said the USD-ARB trading pair will be launched in phases and is considered “experimental.”

Due to the Arbitrum frenzy, many users started selling airdrop eligible wallets. ARB currently has a speculative value of around $1, but various his IOU markets show that the token is expected to trade at around $6 after the airdrop.

Arbitrum IOU
Chart showing expected IOU price for Arbitrum on March 23 (Source: CoinGecko)
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