Total Arbitrum accounts cross 5 million mark after airdrop hype

According to user Henrystats on Dune Analytics, the number of accounts or wallet addresses for the Ethereum Arbitration (ARB) Layer 2 scaling solution surpassed 5 million on April 17. In addition to personal addresses, there are now over 4 million active account addresses in the ARB ecosystem, with nearly 200 million transactions completed since launch.

This growth was supported by Arbitrum’s busy development cycle and the hype surrounding its March 23 airdrop — an event that saw 1.275 billion ARB tokens distributed to a total of 625,143 eligible locations. After the last ARB airdrop, the number of accounts reached 3.4 million.

The day after the airdrop, some evidence of consolidation activity emerged, with two individual accounts merging tokens from nearly 1,500 different addresses.

“According to blockchain analytics platform Lookonchain, one wallet received 1.4 million ARBs from 866 addresses…the other received 933,375 ARBs worth approximately $1.38 million from 630 addresses.”

On April 15, the Arbitrum DAO proposal to withdraw 700 million governance tokens to its treasury was voted on.

“The final proposal failed with 118 million votes, or 84% of the total. At the same time, 21 million ARB tokens supported the proposal – almost 14.5% of the total, with about 2 million ARBs abstaining.”

While strong growth has pushed Arbitrum’s account count past the 5 million mark, weekly user activity appears to have dropped significantly from a peak of 1.38 million on March 20 to around 333,000 used, a figure that is consistent with Arbitrum’s pre-airdrop activity match. According to Dune Analytics, while 83.7% of ARB accounts have at least one transaction, extrapolation of the data can tell the rest. Out of a total of more than 5 million Arbitrum accounts, 24.2% had only one transaction, which may indicate a group of users who sold their ARB shortly after receiving the airdrop.

Screenshot of Arbitrum’s user activity graph.Source: Dune Analysis

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As reported by Cointelegraph

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