Analysis

An in-depth analysis of the data related to ARB token airdrop reveals several interesting insights into the behavior of users who claimed their ARB tokens. It has been observed that a little over 60% of the users sold all of their ARB tokens they received from the airdrop, while around 20% opted to sell only a portion. Interestingly, only a few percent of users increased their ARB holdings. A noticeable trend emerged among users who received a larger airdrop, as they were more likely to either increase their holdings or maintain the same level, rather than selling their ARB tokens. Following the airdrop, the top two protocols utilized by the recipients were Hop Protocol, a cross-chain bridge, and Uniswap, a decentralized exchange. This demonstrates that a significant portion of users chose to swap the tokens they received from the airdrop and subsequently bridge their assets to other chains. In terms of on-chain activity, the number of users bridging assets to and from Arbitrum experienced growth leading up to the airdrop. However, post-airdrop, there was a spike in airdrop recipients bridging assets out of the Arbitrum network, while non-airdrop recipients' bridging activity remained elevated. This indicates that many users who received the airdrop quickly moved assets off of Arbitrum, while sustained growth in bridging activity continued among non-airdrop recipients, albeit not to the same extent as the airdrop recipients immediately following the airdrop. Furthermore, the data reveals a significant increase in swapping activity among airdrop recipients in the days following the airdrop. In contrast, there was no substantial change in activity observed among non-airdrop recipients. This highlights the impact of the airdrop on user behavior, with recipients quickly engaging in swapping and bridging activities post-airdrop, while non-recipients' activities remained relatively stable.

Arbitrum Network Health Check Update