The Ethereum layer-2 solution, Arbitrum, has seen massive growth in the number of transactions and addresses, and network traffic has been exploding as a result. The network processed more than 1.3 million transactions on March 21 compared to 1 million transactions on March 20, according to data from Arbisca
The increase in daily transactions started at the end of January and accelerated after Arbitrum announced an airdrop to its customers. According to reports, 1.27 billion ARB tokens will be distributed to users during the airdrop. The 1.27 billion ARB tokens make up 12.75% of the total supply of the coin.
Since announcing the token airdrop a week ago, Arbitrum’s has grown by more than 50%. The largest scaling project has added over 400,000 new users in the last two weeks, bringing the total number of subscribers to over 3 million, according to Dune Analytics.
Because of its function in layer-2 chain governance and contribution to decentralization, Arbitrum’s ARB token airdrop has been eagerly anticipated by the cryptocurrency community. People have until September 23, 2023, to claim the Arbitrum ARB airdrop.
On March 23, 112.8 million ARB tokens will also be given as part of the airdrop to other DAOs inside the ecosystem. When it fully converts to a DAO, the network says this will “empower the subcommunities” and encourage them to take part in governance choices.
Altcoin prices have increased, and investors are bullish, as the Bitcoin price surge halts. Because of the prominence of the layer-2 scaling solution in the Ethereum ecosystem and the timing of the airdrop, an alt season might come as good news for Arbitrum’s ARB governance token.
