- Arbitrum announced the distribution of 9 million ARB tokens.
- Arbitrum’s daily transactions clocked a year-to-date (YTD) growth rate of about 259%.
Arbitrum achieved a big milestone last week when it surpassed Ethereum [ETH] in daily transactions for the first time ever.
The layer-2 scaling solution has seen significant growth in its user base of late with most of its key-performing indicators (KPIs) recording an uptick.
And now, this surge in trading activity has culminated in a much-awaited token airdrop, speculations for which were rife on social media.
🚨 #Arbitrum Token #Airdrop 1st round is live!
A total of 9 million $ARB will be distributed.
Eligible people can clаim based on their chain-activity.✅ To check if you are eligible for round [1/3]:
➡️ https://t.co/PRh9e8XKkM🌐 For more information please visit our website. pic.twitter.com/I4LeRLFNMw
— Arbitrum (💙,🧡) (@arbitrum_ann) February 27, 2023
As part of the airdrop, Arbitrum announced the distribution of 9 million ARB tokens, which could be claimed by users based on their on-chain activity.
There’s no stopping Arbitrum!
It remained to be seen whether airdrop would continue to boost trading activity on the chain. But as things stand, the surge in Arbitrum’s daily transactions was remarkable, clocking a year-to-date (YTD) growth rate of about 259%, per data from Arbiscan.
Source: Arbiscan
There was considerable growth in the number of new users who transacted on the platform. As per Dune Analytics, the network growth soared by more than 70% in the YTD period.
Furthermore, the active addresses on the chain more than doubled in the same time period, indicating that Arbitrum found 2023 very supportive.
Source: Dune Analytics
One of the most notable aspects of Arbitrum was its low gas fees. This advantage could have helped it in eclipsing Ethereum in daily transactions previously.
The average gas price for Ethereum stood at 21.39 Gwei at the time of writing while it was just 0.1 Gwei for Arbitrum.
Source: Dune Analytics
Read GMX’s Price Prediction 2023-2024
Arbitrum posts solid TVL growth
Arbitrum’s performance in the DeFi space has been a revelation of late and it has been primarily driven by popular protocols like GMX [GMX] and Gains Network [GNS].
According to data from DeFiLlama, Arbitrum’s total value locked (TVL) jumped 55% since the start of February, of which GMX had a dominance of more than 38%.
This was the highest monthly rise for any major chain in the ecosystem.
Source: DeFiLlama