Ethereum (ETH) Layer 2 scaling solution Arbitrum (ARB) sees unprecedented growth in anticipation of ARB token airdrop.
Ethereum-based Layer 2 scaling solution Arbitrum has hit an all-time high in daily transactions and unique wallets interacting with the network, according to dune analysis. This spike in activity comes just before 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, nearly double the previous peak recorded in February 2023. For context, the major smart contract-enabled blockchain, Ethereum, only Mountain range 457,000 daily active addresses on the same day. Arbitrum also processed approximately 157,000 transactions in the last 24 hours.
The airdrop is likely to contribute to an even more significant increase 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 in the first hour of the airdrop alone.
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The report follows other posts about the airdrop that allegedly found significant Sybil activity, exacerbated by what experts have called “ineffective” detection rules.
