Arbitrum, a layer-2 scaling solution for Ethereum, has reached over 5 million accounts, including both individual addresses and active accounts, as of April 17, according to data from Dune Analytics.
The March 23 airdrop, in which 1.275 billion ARB tokens were distributed to eligible addresses, has contributed to the surge in growth.
The ecosystem now boasts over 4 million active accounts, with approximately 200 million transactions completed since its inception.
However, despite the rapid growth in account numbers, weekly user activity has decreased since the high of 1.38 million users on March 20, with the number now hovering around 333,000 users, a figure similar to pre-airdrop levels.
This could suggest that some users sold their ARB tokens as soon as they received them, as over 24% of the more than 5 million accounts only have one transaction.
Two individual accounts were observed consolidating tokens from almost 1,500 separate addresses shortly after the airdrop.
One wallet received 1.4 million ARB from 866 addresses, while the other received 933,375 ARB from 630 addresses, worth approximately $1.38 million.