Following the event, there was a progressive dip in the number of new wallets performing their first transactions, pointing to a decline in new user adoption.
An analysis of the results of the well-known airdrop event’s effects on the Arbitrum network was published by Nansen, an on-chain analytics company. As part of the network’s transition to a decentralized autonomous organization (DAO), Arbitrum (ARB) tokens were given out during the airdrop, which happened on March 23.
The paper emphasizes that even after the airdrop, the increase in on-chain activity on the Arbitrum network has persisted. The amount of transactions and daily users have stayed at historically high levels, demonstrating continued use of the network.
The Nansen data also shows an upward trend in the Arbitrum network’s gas consumption, indicating an increase in usage. Similar patterns of growth can be seen in the network’s transaction and transfer values.
The fall in wallets performing their initial transactions after the airdrop, however, is a noteworthy finding. This indicates that fewer new people have joined the community since the airdrop event.
Despite this drop, the Arbitrum network has been able to hold onto a sizable portion of Ethereum’s bridging volume. According to the data, the gross volume of Ethereum bridging to Arbitrum has remained stable, making it the second-largest network in terms of bridging traffic after Polygon.
The Nansen research sheds important light on the sustained engagement and usage trends of the Arbitrum network while highlighting the difficulties in luring new users. It also notes the post-airdrop performance of the Arbitrum network.