- Arbitrum’s network usage metrics, such as daily active user count, transaction number, and net on-chain value, have stabilized at higher levels following its DAO token airdrop.
- Despite the rising popularity of competitor protocols like zkSync and Starkware, Arbitrum maintains its position as the second-largest solution for Ethereum scaling by total value locked in its protocols.
In a departure from the norm, Arbitrum (ARB), following its much-anticipated DAO token airdrop, experienced a sustained upswing in all key usage metrics. Conventionally, the post-airdrop period sees a sharp downturn in blockchain activity, reflecting the transient interest of “airdrop hunters” and “tourists.” However, Arbitrum has defied this trend, presenting a more complex and intriguing case study in the crypto landscape.
The analysis by the Nansen on-chain data provider revealed an unexpected trajectory for Arbitrum’s network usage. Metrics such as the daily active user count, transaction number, and net on-chain value have stabilized at higher levels than they were before the ARB token distribution in March. Similarly, gas spending data and Arbitrum-Ethereum bridge turnover have followed comparable patterns. This development persists despite the rising popularity of competitor protocols such as zkSync and Starkware.
Maintaining its position in the Ethereum Virtual Machine (EVM) ecosystem, Arbitrum currently ranks second, surpassed only by Polygon (MATIC), the most prominent EVM ecosystem blockchain. Despite the ever-evolving landscape, Arbitrum continues to evolve, recently integrating a Bitcoin-Ethereum interoperability solution known as tBTC in May 2023.
In a nuanced view of the post-airdrop user activity, Nansen’s experts examined the role of airdrop recipients in the ongoing activity on both Arbitrum (ARB) and Optimism (OP), two of Ethereum’s largest Layer 2 solutions. Contrary to conventional belief, these “airdrop hunters” are only responsible for one in twenty transactions. Thus, a significant majority of users appear to be drawn by the long-term value proposition of these networks rather than the immediate benefits of the airdrop.
As of mid-June 2023, Arbitrum stands as the dominant solution for Ethereum scaling by the total value locked in its protocols, accounting for almost 65% of the entire Layer 2 ecosystem. Its closest competitor, Optimism (OP), trails at just 18.55%, according to the L2Beat tracker. These statistics reinforce Arbitrum’s resilient position in the crypto ecosystem, demonstrating the ripple effect of its DAO airdrop beyond anticipated norms.