Activity on Arbitrum, an Ethereum Layer 2 scaling system that uses Optimistic rollup technology to provide faster and cheaper transactions, is expected to hit the native token ARB on March 24th. is picking up the pace ahead of the airdrop.
According to Arbiscan data, Arbitrum’s daily transaction volume hit a new all-time high of 1,312,052 on the 23rd, surpassing the previous record of 1,103,398 set on February 21. About 1.08 million transactions were processed on the Ethereum mainnet.
Arbitrum’s transactions have increased by over 50% since announcing a token airdrop a week ago. According to data from @Henrystats’ Dune Analytics-based Arbitrum dashboard, the scaling project has generated over 400,000 new users in two weeks, with a cumulative total of over 3 million users.
About 625,000 wallets have been eligible for ARB’s airdrop of just over 1 billion since the afternoon of the 24th.
Research firm Delphi Digital said in a series of tweets: “Arbitrum has issued and decentralized the governance token ARB in order to transition to self-executing DAO governance. 12.75% of its supply, or 1.275 billion tokens, will be Distributed to DAOs in the system”.
Token airdrops, which include free distribution to the community, are a popular way to drive adoption. The total supply of ARB will be fixed at 10 billion.
At the time of the press conference, IOU (I owe you) market betting related to ARB expected the trading price of the token to be around $6 after the airdrop. An IOU is a token issued by a debtor to a creditor.
Arbitrum’s airdrop announcement seems to be working as a marketing tactic. Daily active addresses are up from around 80K on March 13th to over 200K yesterday. pic.twitter.com/PE4svP8sss
— Patrick | Dynamo DeFi (@Dynamo_Patrick) March 22, 2023
｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Arbitrum daily chart (Arbiscan)
｜Original: Arbitrum Daily Transaction Count Hits Record High Ahead of Token Airdrop