The activity on Arbitrum is on the rise. The Ethereum-layer-2 network has reached a new all-time high in terms of daily transactions. Arbitrum is also seeing an increase in unique wallets as the network prepares to conduct its long-awaited token airdrop.
Data from Dune analytics show that over 242,000 unique wallets have interacted with Arbitrum since March 21. That figure doubles its previous peak in February.
Arbitrum hosted approximately 1.6 million and 1.5 million transactions on Monday and Tuesday, respectively. On these two days, the network saw more transactions than the Ethereum Mainnet. According to Etherscan, Ethereum hosted roughly 1.1 million transactions per day.
It is expected that transactions on Arbitrum will continue to surge once users start to claim their airdropped tokens. As of Thursday morning, more than 620,000 addresses were eligible for the airdrop.
ARB Airdrop Boosts Arbitrum’s DeFi Liquidity
Arbitrum announced the airdrop of its governance token on March 16. Since then, the network has seen a substantial increase in its DeFi liquidity. According to data on DefiLlama, the total deposits made on DeFi protocols living on Arbitrum hit a new peak of $2 billion yesterday.
The network now has the fourth-largest DeFi liquidity behind Tron, Binance Chain, and Ethereum.
Arbitrum said the ARB airdrop will involve 1.27 billion tokens, representing 12.7% of the total supply, which stands at ten billion tokens.
The network will distribute 112.5 million ARB tokens to DAOs built on its ecosystem. Further, decentralized exchanges TREASURE and GMX will each receive 8 million ARB tokens, while SushiSwap and Uniswap will be airdropped 4.4 million and 4.3 million tokens, respectively.
Meanwhile, KyberSwap, MakerDAO, Camekot, DODO, and 24 more projects will each get 1 million ARB tokens.
Coinbase Set to Support Trading for ARB Token
It is worth highlighting that Coinbase’s announcement about listing the ARB token on its platform has led to increased interest in Arbitrum. The US leading exchange disclosed that trading will begin once liquidity and supply conditions are satisfied.
Crypto analysts had previously predicted that ARB could start trading at around $1.35 but expect the token’s price to reach $6 a few days after the airdrop.