Arbitrum, an Ethereum layer 2 scaling solution that employs Optimistic rollups to deliver faster and cheaper transactions, saw on-chain daily transaction activity hit an all-time high. The surge comes ahead of a planned airdrop of its native token, ARB, on Thursday.
Arbitrum’s daily transaction volume hit a new high of 1,312,052 transactions on Wednesday, surpassing the previous peak of 1,103,398 transactions on February 21, according to Arbiscan data. During the same period, Ethereum’s mainnet processed about 1.08 million transactions.
Arbitrum’s stats have grown by over 50% since the token airdrop was announced a week ago. According to Dune Analytics data from Henrystats’ Arbitrum dashboard, the leading extension has attracted more than 400,000 new users in the past two weeks, bringing its total user base to over 3 million.
Arbitrum’s impressive growth can be attributed to its ability to alleviate congestion and high fees on the Ethereum network. By moving some transactions off-chain to layer 2, Arbitrum can provide faster and cheaper transactions while still maintaining the security and decentralization of the Ethereum network.
As the demand for Layer 2 solutions continues to grow, Arbitrum’s success is likely to have a significant impact on the development of the Ethereum ecosystem. The ARB token airdrop is expected to further boost the platform’s popularity and user base, which could lead to increased adoption and development of decentralized applications on the network.
Arbitrum has hit an all-time high in daily transaction volume on its Layer 2 scaling solution. The upcoming airdrop of ARB tokens may have contributed to the surge in trading activity, and the platform’s user base has grown significantly over the past two weeks.