Arbitrum Skyrockets in Anticipation of ARBI Token Airdrop

Arbitrum Activity rises as a potential airdrop might be looming around the corner

As the increased bridge activity clearly shows, the layer-2 solution is making waves. Stargate Finance is up 75% this week while GMX, also part of the Arbitrum ecosystem is up 100% and the Polygon bridge has increased activity by 63%. Is this happening because of airdrop hunters or is Layer2 really finding adoption? Let´s dive into the story behind the data.

Contents 

Why has Arbitrum´s activity increased?

Is an ARBI token incoming? 

Closing thoughts

Why has Arbitrum´s activity increased? 

Arbitrum´s recent Nova upgrade has caused traction to the popular L2, bringing faster transactions, lower fees, and a superior user experience for developers. 

Looking at the total number of UAWs after the upgrade in August, we can see an increase of 12,52 % but more importantly, part of the surge in UAWs activity can be attributed to airdrop hunters seeking to boost their chances for a potential ARBI airdrop. 

Increasing token eligibility for an airdrop always means interacting with the network´s dapps, promoting liquidity. Also, users participate in “Arbitrum Quests and Tasks” on Layer 3, Guild.xyz, and Galaxy. 

By completing related quizzes and tasks, users earn NFTs for understanding well-known applications installed on the L2 solutions.

Is an ARBI token incoming? 

Although there are no set criteria and the anticipated token airdrop has not been confirmed, keen investors are making their moves to boost their chances. 

These users are bridging funds to the Layer 2 solution and interacting with the Arbitrum network through quests, mainnet transactions, and the Arbitrum Odyssey Campaign.

Here are some of the top gainers from its bustling dapp ecosystem this week:

GMX 

This is the leading ​​DeFi token exchange on Arbitrum. During the last 7 days,  over 49K UAW interacted with the dapp´s smart contracts. This represents an increase of 73,44 % with a volume of $171.244 M, showing a surge of 54,63%. 

Stargate Finance

Stargate is a fully composable liquidity transport protocol that lives at the heart of omnichain DeFi. During the last 7 days,  over 19.000 UAW interacted with the dapp´s smart contracts with over 36K transactions, showing a spike of 26,46% 

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Closing thoughts

Although Layer2 solutions are thriving despite of the bear market, we can assume that the increased activity in the Arbitrum network is due to its recent developments and the promising prospect of an ARBI token airdrop.

Arbitrum is a rising star in the L2 ecosystem and the team behind this project is very qualified. Offchain Labs, Arbitrum´s builder, recently acquired Prysmatic Labs, one of the core engineering teams behind Ethereum´s transition to proof-of-stake consensus.

Moreover, Arbitrum recently partnered with Reddit to tokenize the social network’s Community Points onto the blockchain. This will happen on Arbitrum´s new platform : Arbitrum Nova.

The latter is designed with gaming in mind and social networking applications while keeping Ethereum´s high level of security. We at DappRadar are bullish on Arbitrum and will keep monitoring its evolution.