According to statistics compiled by user @Henrystats on Dune Analytics, the number of accounts, or wallet addresses, for Ethereum layer-2 scaling solution Arbitrum (ARB) surpassed 5 million on Apr. 17. Aside from individual addresses, there are now more than four million active accounts in the ARB ecosystem with nearly 200 million transactions having been completed since inception.

The growth has come on the back-end of both a busy development cycle for Arbitrum and the hype surrounding its Mar. 23 airdrop, an event that saw the distribution of 1.275 billion ARB tokens to a total of 625,143 eligible addresses. The number of accounts amounted to 3.4 million after the last ARB airdrop. 

Remember #Arbinauts, you have 6 months to claim your tokens! Gas fees will be quite high, and there will be server congestion.

— Arbitrum (,) (@arbitrum) March 23, 2023

The day after the airdrop, Cointelegraph reported evidence of some consolidating activity as two individual accounts appeared to consolidate tokens from across nearly 1,500 separate addresses. 

“According to the blockchain analysis platform Lookonchain, one wallet received 1.4 million ARB from 866 addresses. … another wallet received 933,375 ARB from 630 addresses, worth around $1.38 million.” 

On April 15, Arbitrum DAO’s proposal to recall 700 million governing tokens to its treasury was massively outvoted. As Cointelegraph previously reported: “The proposal was defeated by 118 million votes, representing 84% of the total votes received, while 21 million ARB tokens voted for the proposal, nearly 14.5% of the total. Around 2 million ARB tokens abstained.”

1/10 With the ArbitrumDAO reaching consensus against AIP-1, it’s now time to incorporate community feedback, and move forward with new AIPs and documentation that address key areas of concern.

Details below

— Arbitrum (,) (@arbitrum) April 5, 2023

Despite the massive growth pushing Arbitrum over the 5M account mark, it appears as though weekly user activity has dropped significantly since the Mar. 20 high of 1.38 million to around 333,000 users, a number more in line with Arbitrum’s pre-airdrop activity. While 83.7% of all ARB accounts, per Dune Analytics, have at least one transaction, extrapolating the data further tells the rest of the story. Of the more than five million total Arbitrum accounts, 24.2% of those accounts have only one transaction, possibly indicating a pool of users who sold their ARB right after receiving the airdrop.