Arbitrum network activity booms ahead of airdrop Arbitrum network activity booms ahead of airdrop
Arbitrum saw a record number of daily transactions and unique addresses as the market gears up for the upcoming ARB airdrop on March 23.
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Updated: Mar. 31, 2023 at 5:24 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Network activity on Arbitrum has been booming, with the popular Ethereum layer-2 solution seeing an unprecedented uptick in the number of transactions and addresses.
According to data from Arbiscan, the network processed over 1.3 million transactions on March 21 — up from 1 million transactions recorded on March 20. The sharp increase in the number of daily transactions began in late January and pumped further after Arbitrum announced a massive airdrop to its users.
The airdrop will see 1.27 billion ARB tokens distributed to users based on a Feb. 26 snapshot. The 1.27 billion ARB tokens represent 12.75% of the token’s circulating supply. Out of the 10 billion tokens, around 56% will be allocated to the community.
Set to take place on March 23, the airdrop will also see 112.8 million ARB tokens distributed to various DAOs in its ecosystem. The network said that this was a way to “empower the subcommunities” and entice them to participate in governance decisions once it fully transitions to a DAO.
Decentralized exchanges (DEXs) GMX and TREASURE would get 8 million tokens each, while Uniswap (UNI) and SushiSwap (SUSHI), would get 4.3 million and 4.2 million ARB tokens, respectively. MakerDAO, KyberSwap, DODO, Camelot, and 24 other projects would receive over 1 million ARB tokens.
The number of unique addresses on Arbitrum has also been growing rapidly. Since the beginning of the year, the network saw almost 1.5 million new addresses created.
Interest in Arbitrum has also gone up thanks to Coinbase following the announced that it would support its upcoming ARB token and list it for trading. Trading is expected to begin sometime after the airdrop once sufficient supply and liquidity conditions are met. The exchange said that the USD-ARB trading pairs will launch in phases and be considered “experimental.”
The Arbitrum frenzy also saw many users start selling wallets eligible for the airdrop. The current speculative value of ARB hovers around $1, but various IOU markets show that the token is expected to trade around $6 following the airdrop.
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Author 
Andjela Radmilac
Armed with a classical education and an eye for news, Andjela dove head deep into the crypto industry in 2018 after spending years covering politics.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
GMX
$30.8959
GMX is a decentralized spot and perpetual exchange that supports low swap fees and zero price impact trades.
Uniswap
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Since its inception, the Uniswap Protocol (“Uniswap”) has served as a trustless and highly decentralized financial infrastructure.
SushiSwap
$1.67536
SushiSwap is an automated market-making (AMM) decentralized exchange (DEX) currently on the Ethereum blockchain.
Maker
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Maker is a decentralized autonomous organization on the Ethereum blockchain seeking to minimize the price volatility of its own stable token — the Dai — against the IMF’s international currency basket SDR.
Kyber Network
$0.56429
Kyber Network is a hub of liquidity protocols that aggregates liquidity from various sources to provide secure and instant transactions on any decentralized application (DApp).
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
