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Data gathered by user @Henrystats on Dune Analytics indicates that the number of accounts, or wallet addresses, for the Ethereum layer-2 scaling solution Arbitrum (ARB) exceeded 5 million on April 17. In addition to individual addresses, there are now over four million active accounts within the ARB ecosystem, with nearly 200 million transactions completed since its launch.
This growth has been fueled by a robust development phase for Arbitrum and the excitement surrounding its airdrop on March 23, which involved the distribution of 1.275 billion ARB tokens to 625,143 eligible addresses. Following the last ARB airdrop, the account total stood at 3.4 million.
Attention #Arbinauts, you have 6 months to claim your tokens! Expect high gas fees and potential server congestion.
— Arbitrum (,) (@arbitrum) March 23, 2023
The day after the airdrop, Cointelegraph reported signs of consolidation activity, as two individual accounts seemed to gather tokens from nearly 1,500 distinct addresses.
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“As per the blockchain analysis platform Lookonchain, one wallet acquired 1.4 million ARB from 866 addresses. … another wallet received 933,375 ARB from 630 addresses, valued at approximately $1.38 million.”
On April 15, the proposal by Arbitrum DAO to reclaim 700 million governance tokens to its treasury faced significant opposition. As previously reported by Cointelegraph: “The proposal was rejected by 118 million votes, accounting for 84% of the total votes cast, while 21 million ARB tokens supported the proposal, nearly 14.5% of the total. Approximately 2 million ARB tokens abstained.”
1/10 With the ArbitrumDAO reaching consensus against AIP-1, it’s now essential to incorporate community feedback and proceed with new AIPs and documentation that address critical areas of concern.
Details below— Arbitrum (,) (@arbitrum) April 5, 2023
Despite the substantial growth that has propelled Arbitrum beyond the 5 million account threshold, it seems that weekly user engagement has significantly declined from the March 20 peak of 1.38 million to approximately 333,000 users, a figure more consistent with Arbitrum’s activity prior to the airdrop. While 83.7% of all ARB accounts, according to Dune Analytics, have conducted at least one transaction, further analysis reveals additional insights. Of the over five million total Arbitrum accounts, 24.2% have completed only a single transaction, which may suggest a segment of users who sold their ARB immediately after receiving the airdrop.
Screenshot of Arbitrum user activity chart | Source: Dune Analytics
