Arbitrum, one of the leading Ethereum scaling solutions, launched its highly anticipated token, ARB, which will be airdropped to community members on March 23. The news caused quite a stir in the crypto community as it marked the transition of the network into a Decentralized Autonomous Organization (DAO), where ARB holders will have the right to vote on key decisions governing the Arbitrum One network and Arbitrum Nova .
#arbitration Over 625,000 Addresses Air Qualified, Sparks Hit New High for L2 Transactions #Ethereum 148% reduction $ARB #Arbitrumairdrop https://t.co/LmCZrFczRs
— Kyptos (@azcoinnews) March 17, 2023
According to Blockworks Research, a total of 625,143 addresses were eligible for the Arbitrum airdrop, accounting for 23.5% of the total number of addresses. The number of addresses that meet the airdrop conditions for full distribution is 4428.
Source: Dune Analysis
The announcement of the airdrop appears to have spurred increased activity on the Arbitrum network, with the number of L2 transactions hitting an all-time high of 1.54 million on March 16, 148% more than Ethereum L1. The number of Arbitrum transactions has exceeded 1 million, which may be the withdrawal amount after the airdrop announcement.
source: Orbiter Finance
Arbitrum One is an optimistic rollup and leading TVL L2, bringing cheap transactions to tens of thousands of users in an environment very similar to Ethereum. Some of the largest dApps are available on Arbitrum, including GMX, Radiant, Uniswap V3, and Gains Network. However, it is important to note that rollup is in its infancy and has risks. Arbitrum relies on a centralized sequencer that leverages its centralized location to pre-execute user transactions to extract MEV.
Furthermore, the optimistic rollup design assumes a whitelist of validators allowed to monitor transactions to ensure their validity and challenge malicious transactions with fraud proofs. Arbitrum One’s biggest competitor is Optimism, another optimistic aggregate looking to help scale Ethereum.
The launch of the ARB token is an important development for the Arbitrum ecosystem as it marks the transformation of the network into a DAO where ARB holders will have a say in key decisions governing the network.
- Arbitrum airdrops new token ARB and migrates to DAO
- Arbitrum Becomes Website ‘Boom’ After Airdrop Announcement
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according to Kyptos
