After a recent airdrop and eventful development cycle, Arbitrum has reached a significant milestone.
Ethereum layer-2 scaling solution Arbitrum (ARB) saw its wallet addresses surpass 5 million on April 17th.
The news was revealed by user Henrystats on the Ethereum-centric analytics platform Dune Analytics.
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The Arbitrum (ARB) ecosystem now boasts over four million active accounts and has processed nearly 200 million transactions since its launch.
However, despite the growth in Arbitrum wallet addresses, weekly user activity seems to have dropped substantially from the March 20th peak of 1.38 million users to around 333,000 customers.
Dune Analytics data reveals that 83.7% of all ARB accounts have made at least one transaction. On the other hand, around 24% of wallet addresses seemed to be used by "one-time users." This can indicate that a part of the users sold their ARB immediately after receiving the airdrop.
However, the surge in growth can be attributed to a hectic development phase for Arbitrum and the buzz surrounding its March 23rd airdrop.
During this event, 1.275 billion ARB tokens were distributed to 625,143 addresses. It is worth noting that post-airdrop, the number of accounts stood at 3.4 million.
However, soon after the airdrop, speculations started rising as data showed that two individual accounts seemingly consolidated tokens from almost 1,500 separate addresses.
Blockchain analysis platform Lookonchain noted that one wallet received 1.4 million ARB tokens from 866 addresses, while another wallet obtained 933,375 ARB from 630 addresses.
On April 15th, Arbitrum DAO's proposal to reclaim 700 million governing tokens to DAO Treasury was overwhelmingly defeated. Around 84% of votes were submitted to reject the matter.
The rapid growth of Arbitrum accounts to over 5 million demonstrates the impact of recent airdrop events and development efforts. However, the decrease in weekly user activity raises questions about the sustainability of this growth in the long run.
