A recent report from blockchain analytics firm Nansen reveals that the airdrop conducted by Arbitrum has resulted in an all-time high in both user activity and transactions on its network. This surge comes despite prevailing bearish sentiment in the broader markets.
While an increase in usage during the airdrop was anticipated, the report highlights that network activity has remained notably elevated even after the airdrop concluded. This heightened usage stands out when compared to other networks, such as the layer-2 network Optimism, which experienced stagnant or declining usage during the same period.
Remarkably, Arbitrum even surpassed the usage observed on its base layer, Ethereum, on certain days, indicating a sustained and robust level of engagement on the Arbitrum network.
In addition to fostering prolonged usage, the Arbitrum airdrop triggered an increase in transaction fees on the platform, with payments made in ETH.
The report highlighted a consistent upward trend in gas expenditures throughout much of the year, a trend that was further amplified by the airdrop.
The report concludes by expressing uncertainty about the sustainability of this current trajectory in increased transaction fees for several more months following the conclusion of the airdrop. Ongoing observation is necessary to determine whether the network can maintain this heightened level of activity over an extended period.
Regarding the USD value of transactions processed on the network, the Nansen report identified a consistent pattern: a notable increase followed by a subsequent decline after the airdrop.
However, the report emphasizes that, on average, transactions have sustained a higher USD value compared to the pre-airdrop period.
Arbitrum, a widely used Ethereum layer-2 network, is frequently chosen to reduce fees, particularly when engaging with decentralized finance (DeFi) applications.
Notable alternatives in the layer-2 network space include Ethereum’s Optimism, Starkware, and Bitcoin’s Lightning Network.
