Arbitrum, the Ethereum layer-2 scaling solution, has hit a significant milestone with more than five million accounts, or wallet addresses, according to user Henrystats on Dune Analytics.
In addition to individual addresses, ARB’s ecosystem now boasts more than four million active accounts and roughly 200 million transactions have been completed since its launch.
The recent airdrop of 1.275 billion ARB tokens, which took place on March 23, played a crucial role in boosting the user base.
The airdrop, which saw 625,143 eligible addresses receive tokens, brought the total number of accounts to 3.4 million. However, weekly user activity has decreased since its peak of 1.38 million users on March 20.
Consolidation activity was also observed shortly after the airdrop, with two individual accounts consolidating tokens from almost 1,500 separate addresses. One of the wallets received 1.4 million ARB from 866 addresses, while the other wallet received 933,375 ARB from 630 addresses, worth approximately $1.38 million.
Despite the surge in user accounts, approximately 24.2% of the more than five million Arbitrum accounts have only one transaction, suggesting that some users may have sold their ARB as soon as they received the airdrop. Nonetheless, Dune Analytics estimates that 83.7% of all ARB accounts had at least one transaction.
