Arbitrum Airdrop Success: Metrics Soar Higher Across The Board

Ronaldo Marquez

2 years ago

3 mins read

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Arbitrum, a popular blockchain platform, has shown promising results after its airdrop in March 2023. According to a report by Nansen, a blockchain analytics platform, every activity metric on Arbitrum has gone up compared to pre-airdrop days.

Arbitrum’s Airdrop Bucks Trend

The report notes that since the airdrop, the daily count of transactions and users has remained consistently higher than the chain’s historical averages. On top of that, the value of transactions, transfers, and trades in United States Dollars (USD) has followed a similar pattern.

Despite the initial surge in new wallets after the airdrop, the number of new wallets initiating their first transaction on Arbitrum has slowly declined over the two months.

However, gas spending on Arbitrum has been on the rise, consistently maintaining higher levels than pre-airdrop. Nansen’s report notes that approximately 71% of the total 17,000 Ethereum (ETH) utilized for transaction fees on Arbitrum in the past 6 months was attributed to Layer 1.

This indicates that Arbitrum maintains a significant share of bridging volume from Ethereum. At the same time, smaller entities such as Starkware, zkSync, PulseChain, and Across have gained a noticeable market share from March to May.

The report also highlights the number of wallets initiating their first-ever transactions on Arbitrum, a proxy for the rate at which new users enter the ecosystem. The number of new users has consistently remained at higher levels after the airdrop, surpassing Optimism and closely approaching Ethereum.

In addition, The report shows that 200,000 distinct wallets have chosen to delegate their voting rights to another 16,000 distinct wallets. The five largest wallets in terms of voting power belong to Treasure, delegate.l2beat.eth, olimpio.eth, PlutusDAO, and Griff Green collectively hold 49.7% of the Arbitrum voting Quorum.

The report also tracks the on-chain activity of airdrop recipients on Arbitrum, noting that the proportion of transactions originating from airdrop recipients has decreased after the airdrop. It accounts for approximately 5% to 6% of transactions on both Arbitrum and Optimism.

Despite this decline, the report shows that the number of daily active users, transaction count, and on-chain value on Arbitrum has stabilized at a level higher than before the airdrop. The upward trends in gas fee spending and the creation of new wallets also indicate a growing use of the platform.

Arbitrum Enables Exclusive Access To Snoop Dogg’s Tour With NFT Pass

Variety Magazine has reported that the famous rapper Snoop Dogg is launching an NFT pass on the Ethereum scaling network Arbitrum, allowing fans to join him virtually on his upcoming concert tour. The Snoop Dogg Passport NFT pass is priced at 0.025 ETH or $43.

The Snoop Dogg Passport NFT pass promises exclusive access to updates from the rapper’s life on tour, including behind-the-scenes videos and images uploaded by Snoop and his team.

In addition, fans who buy the NFT pass will also receive free drops of curated works from select NFT artists and access to future Snoop Dogg drops, playlists, and the ability to buy merchandise and tickets to events.

This move by Snoop Dogg highlights the increasing adoption of blockchain technology in the music industry and the potential for NFTs to revolutionize how artists engage with their fans.

Overall, the Snoop Dogg Passport NFT pass is an exciting new development in NFTs and blockchain technology, providing fans with unique and exclusive access to their favorite artists. As more musicians and artists explore the potential of blockchain technology, further innovation and development in this space can be expected.

Featured image from Unsplash, chart from TradingView.com

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

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With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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