Report: Airdrop Hype Drives Total Arbitrum Accounts Beyond 5 Million

    In less than a month after a highly anticipated airdrop, Ethereum's layer-2 scaling solution, Arbitrum (ARB), achieved a significant milestone.

    On April 17, statistics compiled by user Henrystats on Dune Analytics showed that the number of wallet addresses for ARB exceeded 5 million. Additionally, there are now more than four million active accounts in the ARB ecosystem, and nearly 200 million transactions have been completed since it began.

    The growth is attributed to both a busy development cycle for Arbitrum and the excitement surrounding its March 23 airdrop. During the airdrop, 1.275 billion ARB tokens were distributed among 625,143 eligible addresses. After the last ARB airdrop, the number of accounts amounted to 3.4 million.

    After the airdrop, Cointelegraph reported that two individual accounts seemed to consolidate tokens from almost 1,500 separate addresses, indicating evidence of consolidation activity.

    According to Lookonchain, a blockchain analysis platform, one wallet received 1.4 million ARB from 866 addresses, while another wallet received 933,375 ARB from 630 addresses, equivalent to approximately $1.38 million.

    Arbitrum DAO’s proposal to recall 700 million governing tokens to its treasury was overwhelmingly rejected on April 15. According to Cointelegraph, the proposal received only 21 million ARB tokens in favor, which is almost 14.5% of the total votes, while 118 million votes (representing 84% of the total votes) rejected the proposal. Additionally, about 2 million ARB tokens abstained from voting.

    Arbitrum’s growth has exceeded 5 million accounts, but it seems that weekly user activity has decreased significantly from its peak of 1.38 million on March 20 to about 333,000 users, which is more consistent with Arbitrum’s pre-airdrop activity. Although 83.7% of all ARB accounts have at least one transaction, data extrapolation tells the rest of the story. About 24.2% of the more than five million Arbitrum accounts only have one transaction, suggesting a group of users who may have sold their ARB after receiving the airdrop.

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