Arbitrum, a popular blockchain platform, has shown promising results after the airdrop in March 2023. According to a report by Nansen, a blockchain analytics platform, every activity metric on Arbitrum has increased compared to pre-airdrop days.
Airdrop Bucks trend from Arbitrum
The report notes that since the airdrop, the daily number of transactions and users has remained consistently higher than the chain’s historical averages. In addition, the value of US dollar (USD) transactions, transfers and transactions has followed a similar pattern.
Despite the initial increase in new portfolios after the airdrop, the number of new portfolios initiating their first trade on Arbitrum has slowly decreased over the two months.
However, gas spending on Arbitrum has increased, consistently maintaining higher levels than before the airdrop. Nansen’s report notes that about 71% of the total 17,000 Ethereum (ETH) used for transaction fees on Arbitrum in the past 6 months was attributed to Tier 1.
This indicates that Arbitrum retains a significant portion of Ethereum’s bridging volume. At the same time, smaller entities such as Starkware, zkSync, PulseChain, and Across gained significant market share from March to May.
The report also highlights the number of wallets initiating their very first trades on Arbitrum, a proxy for the rate at which new users enter the ecosystem. The number of new users has consistently remained at a higher level after the airdrop, surpassing Optimism and closely approaching Ethereum.
In addition, the report shows that 200,000 different wallets have chosen to delegate their voting rights to another 16,000 different wallets. The five largest portfolios in terms of voting power are Treasure, delegate.l2beat.eth, olimpio.eth, PlutusDAO, and Griff Green together hold 49.7% of the Arbitrum voting quorum.
The report also tracks the on-chain activity of airdrop recipients on Arbitrum, noting that the share of transactions originating from airdrop recipients declined post-airdrop. It accounts for about 5% to 6% of trades on both Arbitrum and Optimism.
Despite this drop, the report shows that the number of daily active users, number of transactions and on-chain value on Arbitrum have stabilized at a higher level than before the airdrop. The upward trends in gas fee spending and the creation of new wallets also indicate growing usage of the platform.
Arbitrum allows exclusive access to Snoop Dogg’s Tour with NFT Pass
Variety Magazine has reported that famed rapper Snoop Dogg is launching an NFT pass on the Ethereum scaling network Arbitrum, allowing fans to virtually join him on his upcoming concert tour. The Snoop Dogg Passport NFT pass costs 0.025 ETH or $43.
The Snoop Dogg Passport NFT pass promises exclusive access to updates on the rapper’s life on tour, including behind-the-scenes videos and images uploaded by Snoop and his team.
In addition, fans who purchase the NFT Pass will also receive free drops of curated works from select NFT artists and access to future Snoop Dogg drops, playlists, and the ability to purchase merchandise and event tickets.
This move by Snoop Dogg highlights the growing adoption of blockchain technology in the music industry and the potential for NFTs to revolutionize the way artists interact with their fans.
Overall, the Snoop Dogg Passport NFT Pass is an exciting new development in NFTs and blockchain technology, offering fans unique and exclusive access to their favorite artists. As more musicians and artists explore the potential of blockchain technology, further innovation and development in this field can be expected.
Featured image of Unsplash, chart from TradingView.com
