Ethereum’s (ETH) layer-2 scaling solution Arbitrum (ARB) experiences unprecedented growth in anticipation of the ARB token airdrop.
The Ethereum-based layer-2 scaling solution, Arbitrum, has reached an all-time high in daily transactions and unique wallets interacting with the network, according to Dune Analytics. This surge in activity comes just ahead of the highly anticipated airdrop of the platform’s native governance token, ARB.
On March 23, nearly 495,000 unique wallets interacted with the Arbitrum network, almost double the previous peak recorded in February 2023. For context, the leading smart contract-enabled blockchain, Ethereum, only saw 457,000 daily active addresses on the same day. Arbitrum also processed approximately 157,000 transactions over the last 24 hours.
The airdrop is likely to contribute to an even more significant surge in activity on the network, as more than 625,000 eligible addresses will be able to claim their ARB tokens. According to a recent Coindesk report, users claimed 42 million ARB tokens within the first hour of the airdrop alone.
The report follows other publications on the airdrop reportedly encountering significant Sybil activity, exacerbated by what experts have called “ineffective” detection rules.