#On-Chain Activity

5 Million wallets… This L2 just keeps growing!

According to a CoinTelegraph article and based on the data collected by the user Henrystats on Dune Analytics, the number of accounts or wallet addresses for Arbitrum (ARB) surpassed 5 million on April 17, 2023!

5 million addresses represent amazing growth, and this is not just related to the airdrop. While over 1.2 billion tokens were given out, they were only distributed to 625,000 wallets. Just after the airdrop, there were 3.4 million wallets. This represents an almost 50% account growth in less than 30 days!

This growth is the opposite of what normally happens just after an airdrop, as there is usually a short-term consolidation of tokens, and this did happen with Arbitrum. According to the blockchain analysis platform LookOnChain, in two cases, almost 1500 accounts were consolidated into just 2 wallets. One consolidation had 1.4 million ARB across 866 wallets, and another had 933,000 ARB across 630 wallets.

To let a little air out of this balloon, obviously, not all 5 million wallets are active. Once again, according to Henrystats, about 83.7% of wallets have at least 1 transaction, and 24.2% have only one transaction (likely related to the claim and sale of the airdrop tokens).

No matter how you slice it, 5 million wallets are a great milestone for this impressive L2. Show Less

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