It has been over two months since the Arbitrum airdrop, and Nansen researcher deranzxc has analyzed the fundamentals of the Arbitrum blockchain, as well as the behavior dynamics of ARB holders and activity changes before and after the airdrop, in order to gain a deeper understanding of the ecosystem’s condition after the Arbitrum airdrop.
The airdrop on Arbitrum on March 23, 2023 resulted in record high numbers of users and transactions. Interestingly, after the airdrop, daily transaction volume and number of users have remained consistently high compared to the historical average of the chain.
Gas consumption on Arbitrum has been on an upward trend, indicating an increase in utilization of the chain. The value of transactions, transfers, and tracking in USD also follows a similar pattern.
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The number of new wallets initiating the first transaction on Arbitrum peaked the day after the airdrop and gradually decreased over two months, but still remains higher than the historical average.
Arbitrum has consistently maintained a significant share of bridging volume from Ethereum, while smaller entities like Starkware and zkSync gained noticeable market share in bridging activity from March to May.
The long-term impact of the airdrop on user retention remains uncertain. So far, the ratio of transactions with airdrop recipients to other wallet addresses has steadily decreased and stabilized at around 5%.