This is what happened to Arbitrum after the broadcast

On-chain analytics company Nansen has released a new report detailing what happened to the Arbitrum network following the popular airdrop event. From supporting the surge in users and transactions to a decline in new wallets making their first transaction, the analytics firm analyzed the airdrop’s impact on the chain’s ecosystem.

On March 23, the Arbitrum Foundation broadcast its new token to eligible community members. According to the organization, Arbitrum (ARB) tokens marked the shift to a decentralized autonomous organization (DAO).

More than two months after the airdrop, Nansen analyzed the blockchain’s performance in various metrics on-chain. In a new report, the analytics firm stressed that the influx of on-chain activity continued.

According to Nansen’s data, transactions and daily users remained at all-time highs even after the airdrop.

In addition, the data also showed an upward trend in the increase in gas spending on Arbitrum, which shows the growth in the use of the chain. The value of transactions and transfers also showed similar patterns.

While many metrics showed significant growth for the ecosystem, the number of wallets making their first transactions slowly declined after the airdrop. This suggests that the number of new users coming in has dropped since the popular event.

Related: Arbitrum airdrop: Hacked vanity addresses used to siphon $500,000

Despite this, the Arbitrum network was able to maintain a significant portion of Ethereum’s bridging volume. Data showed that Ethereum gross volume bridging to Arbitrum has remained strong after the airdrop, with Arbitrum holding the second largest spot just behind Polygon.

The Arbitrum airdrop was one of the most hyped crypto events in the first half of 2023. It sparked the start of an airdrop season and allowed some airdrop hunters to collect tokens and assets worth up to $3 .3 million to consolidate in two wallets.

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