Nov 18, 2022

As Airdrop Speculation Heats Up, Arbitrum Sees a Spike in Activity

Ethereum's layer-2 scaling solution As rumors of an impending airdrop increase, Arbitrum experiences a boom in user engagement.

Before diving into this piece, you may want to catch up on some relevant stories, like how Binance's CEO, CZ, is said to be buying the Genesis Loan portfolio and how Temasek would reportedly take a complete loss on its FTX investment.

Delphi Digital has been keeping tabs on Arbitrum since August, and every month since then, they've released a market report that reveals how user behavior and historical analyses point to an exponential growth in transactions, total value locked, and daily active users at Arbitrum-based platforms.

In the last 30 days, Arbitrum has earned $1,000,000 in fees, an increase of 134.41%. The increase in fees also increased the 30-day revenue for the Arbitrum protocol by 46.91 percent. Arbitrum is the ninth most lucrative DeFi protocol, bringing approximately $240,000 in annual income.

There has been a huge increase in the amount of speculation made about the Arbitrum token airdrop. The inciting incident was a tweet by Steven Goldfeder, co-founder of OffchainLabs and the brains behind Arbitrum.

The community's desire to maximize their odds of getting the airdrop contributed to a rise in Arbitrum use.

The community is interested to see how Arbitrum will carry out a token airdrop, and the possibilities of one happening at any point aren't diminished by the rocky start of a similar project by Optimism, a competitor of Arbitrum.

According to the report, the number of weekly active users on the Offchain Labs platform increased in the month of October. From October 10 to now, a total of 282,000 people have used it on a weekly basis, an increase of 125%.

In spite of this, on November 13, Arbitrum had 27,714 DAUs, whereas Optimism had 31,117 DAUs.

Delphi Digital said on November 8 that the volume of daily transactions processed by Arbitrum and Optimism together exceeded 400 thousand.

According to the latest numbers, 62% of all weekly Ethereum transactions are currently hosted on Arbitrum. In comparison to other layer-2 options, Arbitrum has the highest locked total value at $2.61 billion.

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