Thread by @CryptoGideon_

During the $ARB airdrop launch, Arbiscan and homepage were down, while transactions failed.

What was happening behind the scenes?

Here is a summary of what happened on-chain, in under 5 min.⏳

A short thread you can't afford to miss🧵

1️⃣ @DefiLlama

$ARB climbed to 3rd place among all chains by fees accrued.👀

Notice that $UNI flipped $ETH and took 1st place.🤯

Uniswap had the most volume among other DEXs=$888M

2️⃣DEX & stablecoin activity

Both experienced massive growth in volume.

Dex volume ⬆️
Stablecoin inflows⬆️

3️⃣ @ultrasoundmoney

Transaction fees skyrocketed.🚀

Some people paid 5-10$ tx fee just to claim $ARB airdrop.

However, $ARB was the second biggest $ETH burner in the last 24h.
193.42 $ETH burned.🔥

They probably also contributed to $ETH transfers and $UNI burn.

4️⃣ @Artemis__xyz

$ETH, $OP and $ARB comparison.

Arbitrum's

•Fees
•Revenue

almost surpassed $ETH.

5️⃣Flippening

Txs and daily active addresses surpassed $ETH.

Transactions managed to spike to 2x of Ethereum's.🚀

While daily active addresses were not much higher.

6️⃣ @DuneAnalytics

Transactions hit ATH≈2 730 000🤯
$OP had≈486k on airdrop day

Although fees were high, they were nowhere near what they were when Odyssey began.

Nitro upgrade:

•Reduced tx fees
•Increased throughput

7️⃣Daily active addresses

Daily active addresses of $ARB were up almost 6x from $OP.

On airdrop day:

• $ARB≈611 000
• $OP≈106 000

8️⃣Airdrop stats📊

Only 625,143 addresses were eligible.

Average allocation=1,859 $ARB
Most people got the smallest amount of 625 $ARB

As of now, ≈ 80% of tokens are already claimed.

9️⃣A total of 1.275B $ARB tokens were allocated.

It's only 12,75% of the total airdrop allocation.

The total value of the airdrop is $1.94B.

FDV is $15.21B

Thanks to @blockworksres for providing this data.

@blockworksres 1️⃣0️⃣CEXs deposits

Three biggest CEXs by $ARB deposits:

✔️Binance
✔️KuCoin
✔️OKX

Check @DefiIgnas thread for details:

Threadors that may like this analysis:

@rektdiomedes
@CryptoStreamHub
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@milesdeutscher
@LouisCooper_
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@Route2FI
@LandfSmile
@ArbiAlpha
@CryptoShiro_
@CryptoKoryo
@defi_mochi
@Louround_
@0xTindorr
@DeFiMinty
@Slappjakke
@0xFlips

@rektdiomedes @CryptoStreamHub @thedefiedge @DeFi_Cheetah @milesdeutscher @LouisCooper_ @crypthoem @resdegen @Route2FI @LandfSmile @ArbiAlpha @CryptoShiro_ @CryptoKoryo @defi_mochi @Louround_ @0xTindorr @DeFiMinty @Slappjakke @0xFlips Thanks for reading, you are a GEM.💎

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#1percentbetter @NFT_GOD