Airdrop claims help Arbitrum process twice Ethereum’s transaction in 24 hours

Network activity on layer-2 network Arbitrum (ARB) reached a new all-time high of 2.7 million transactions on March 23 — doubling that of the Ethereum (ETH) mainnet.

According to Dune analytics data, ETH mainnet processed 1.07 million transactions — while rival layer-2-solution Optimism recorded 228,684 transactions.

On March 23, Arbitrum airdropped its ARB tokens to users — increasing its transaction per second (TPS) by 153.21% to 31.64 on Arbitrum One, according to L2 Beat.

On the same day, Arbitrum users created 107,158 new addresses — the second time network users created more than 100,000 addresses over the past week.

Meanwhile, the increased network activity also propelled the gas consumption across layer-2 systems to a new ATH of 13.12 billion. In the past 24 hours, Arbitrum was also one of the top ETH burners. Roughly 190 ETH were burnt through its sequencer inbox, according to ultrasound.money data.

Arbitrum TVL rises 62%

According to L2 beats data, the total value of assets locked (TVL) on Arbitrum has increased to $5.95 billion — up 62% from $3.90 billion recorded on March 23.

Meanwhile, the layer2 solution remains popular for decentralized exchanges (DEX) users. DEXs on the network processed $1.21 billion in transactions, with Uniswap (UNI) accounting for more than half of this.

855M ARB tokens claimed

Blockchain analytical company Nansen Arbitrum’s airdrop dashboard shows that 476,553 addresses have claimed almost 900 million ARB tokens in the last 24 hours.

According to the Nansen dashboard, most of the biggest airdrop recipients have claimed their tokens. It would be recalled that the L2 website temporarily crashed after many users tried to claim their tokens simultaneously.

Lookonchain reported that two “super airdrop hunters” received 2.3 million ARB tokens worth $3.2 million from 1496 addresses, cumulatively.

Besides that, ARB price tanked 87% to $1.52 at the time of writing, according to CryptoSlate data. ARB price had heavily fluctuated during the early hours of its launch as many claimers dumped their tokens.