I. New Users/Wallets & Their First Transactions

• We take a glance at the new Users/Wallets making their first ever outbound transactions from the wallet.

• We also take the comparisons a bit further by breaking down wallets based on their initiation/origin with respect to the ETH network.

Methodology:

• We use flipside crypto’s fact_transactions table from Arbitrum/ETH dbs.
• Further, we use the nonce field to deduce the wallet’s first outbound transactions.
• Depending on whether the wallet has been active on both networks and which network was interacted with first, we arrive at the grouping/categorizations.

Observations:

• Huge spikes seen in the week of June 20th onward likely due to the Arbitrum Odyssey Event

  \

• There are quite a huge number of wallets that are native to Arbitrum Only!

Dashboard Objectives

• The dashboard focuses on the new Users that made their first transactions on Arbitrum in recent months.
• Timerange: 15th June to 31st August 2022
• Sections:

  • New Users/Wallets & Their First Transactions

  • Analyzing Origins of Arbitrum only Wallets

  • Chain of Choice of Wallets Using Both Chains

    \

Author:

• Twitter: @lelaughingman
• Flipside Bounty Hunter: TheLaughingMan
• Discord: TheLaughingMan#3062

Observations (contd.):

• Wallets that originated on Arbitrum and then interacted with ETH mainnet seem to have a reasonable low number.

  \

• One would expect the majority of wallets to be the ones that have mainnet origins…But this is not the case! 🧐

Let’s dig into these anomalous Arbitrum only wallets

⬇️⬇️⬇️

II. Analyzing Origins of Arbitrum only Wallets

• We track down the initial ETH transfers into these wallets and see where those came from.
• Interestingly, majority of these wallets seem to be Alternate/Extra wallets of already Existing Users. Others being actual new inflows from CEXes such as FTX/Binance.

NOTE:

• Given the data is not entirely backfilled, we are missing origin mapping for quite a few of the Arbitrum only wallets!
• Lack of proper labelling leading to a high untagged count.

III. Chain of Choice of Wallets Using Both Chains

• We break down the wallets further into groups based on their Arbitrum Preference

Methodology:

• We take only the wallets that have had:

  • 10 or more transactions on mainnet AFTER their first transaction on Arbitrum
  • 10 or more total transactions on Arbitrum

• We then compute their Arbitrum Preference threshold as:

  round(arb_counts/(total_txns) * 100, 2) = arb_pref

Observations:

• It seems that the majority prefers using both chains in a somewhat balanced manner.
• However, there’s a ~38% combined minority that prefers one chain over the other.

Future TODOs:

• We have only looked at the new wallets from a high level perspective.
• Investigate further why certain wallets prefer the chain that they do…What activities/protocols require/draw people to one of the chains