- Arbitrum has witnessed a notable increase in user activity and transactions since the launch of its native token ARB.
- As of 15 June, ARB saw a downward trend with a 7.82% dip in the past 24 hours.
Ethereum’s much-celebrated Layer-2 (L2) rollup, Arbitrum, experienced a significant uplift in key performance indicators (KPIs) post the launch of its native token, ARB, in March. This strong performance post-Airdrop starkly contrasts with many predecessors who struggled to maintain momentum.
Arbitrum’s on-chain activity metrics presented a flourishing picture. Following the AirDrop, user numbers soared to a record-breaking level of over 600,000. This upward trajectory of user activity continued, surpassing the Ethereum rollup rival, Optimism, and matching Ethereum’s own performance.
Transactional activity reflected a similar trend, with Arbitrum maintaining an elevated count, often outpacing Ethereum throughout April. One must also consider network growth, marked by an increasing rate of new users. The AirDrop day saw a new record in wallet creation, with its growth rate parallel to Ethereum’s.
Despite losing some dominance to the sidechain Polygon post-Airdrop, Arbitrum held a substantial share of bridging activity from Ethereum compared to other Layer-1 (L1) and Layer-2 (L2) solutions.
Analyzing post-Airdrop activity, Arbitrum appears to follow a historic trend. Users who bolstered their on-chain activity to claim Airdrops reduced their presence significantly after doing so. The share of transactions from wallets retaining their tokens fell from 5-20% before the AirDrop to a mere 5% after tokens became claimable.
In terms of market performance, as per CoinMarketCap, ARB was on a downward swing, having dropped 7.82% in the past 24 hours to $0.9183 at the time of reporting.
Furthermore, it’s notable that gaming-focused Layer 3 blockchain Xai is set to launch on Arbitrum later this year. Leveraging the Arbitrum Orbit technology stack, Xai aims to meet the specific scalability requirements of web3 games. The development of Xai will be led by the Xai Foundation, in collaboration with Arbitrum developer Offchain Labs and web3 games developer Ex Populus.
Built initially on Solana, Ex Populus plans to transition to Arbitrum before launching its games on Xai. With its gaming ecosystem living on an optimized, dedicated chain, the launch of Xai is expected to enhance the vibrancy of the Arbitrum ecosystem.
By doing so, Xai intends to establish itself as a decentralized gaming console, adding more value to the ever-expanding blockchain landscape. The blockchain is also slated to host existing Ex Populus NFT collections and introduce features to cater to the specific needs of gaming developers.
