Key Takeaway:
- Arbitrum experienced a surge in daily revenue due to increased transactions related to the LayerZero (ZRO) token claim.
- LayerZero’s airdrop of 8.5 million ZRO tokens led to a significant increase in traffic on the Arbitrum network.
- The network saw a rise in average gas price and transaction fees as a result of the increased activity.
- Arbitrum recorded a profit of $3.29 million from the surge in revenue on June 20.
Arbitrum Revenue Surge due to ZRO Token Claim
Arbitrum experienced a sharp increase in daily revenue as transactions soared following the launch of the LayerZero (ZRO) token claim. The network saw a significant uptick in activity, with 3.7 million transactions recorded on the day the claim opened. This spike in traffic resulted in Arbitrum DAO collecting over $3 million in congestion fees.
LayerZero Airdrop Boosts Arbitrum Activity
LayerZero’s airdrop of 8.5 million ZRO tokens, accounting for 8.5% of the total supply, attracted a large number of claimers to the Arbitrum platform. The network’s ability to process ZRO tokens atomically without relying on LayerZero cross-chain messaging gave it a competitive edge. As a result of the increased traffic, the average gas price on the network surged, leading to a significant rise in transaction fees.
Impact on Arbitrum’s Economics
The surge in activity on June 20 led to network costs reaching $140,200, while revenue soared to $3.43 million. This translated to a profit of $3.29 million, with costs and revenue denominated in Ether (ETH). Arbitrum’s profitability was further highlighted by the total profit of over $57 million recorded on the datawarlock dashboard.
