This analysis discusses the recent airdrop of the native token $ARB by the Arbitrum chain and its adoption within the broader crypto economy. Over 1B $ARB tokens have been claimed, representing most of the total airdrop supply.

The analysis examines various aspects of the Arbitrum economy to understand its current state. Specifically, it explores how users utilize $ARB, whether selling, bridging, or holding it. It also examines bridging activity, including whether airdrop claimers are bridging out and non-airdrop allocated users are entering the ecosystem.

Moreover, the analysis delves into the general network activity and investigates whether specific platforms are experiencing higher or lower volumes. Finally, it evaluates the trading activity to identify whether specific tokens are traded more frequently and whether token prices are depressed.

The Arbitrum airdrop was significant as it marked the blockchain's transition to a DAO and allowed ARB token holders to vote for protocol changes.

During the airdrop, the total circulating supply of ARB was 10 billion tokens. The Arbitrum community controlled 56% of the tokens, while 11.5% were airdropped to eligible Arbitrum users.

Additionally, 1.1% was allocated to the DAOs that managed the Arbitrum ecosystem, and the rest of the tokens went to a treasury managed by the Arbitrum DAO. 44% of ARB's circulation went to the employees and investors of Offchain Labs, who first developed Arbitrum.

Most early adopters of Arbitrum were allotted 625 ARB tokens, which roughly translated to a total airdrop value of $400 to $1,250. The highest allocation per address during the airdrop was 10,250 ARB tokens.

Airdrop: I discovered the distribution address for Arbitrum, 0x67a24ce4321ab3af51c2d0a4801c3e111d88c9d9. Next, I utilized the Fact transfer table to filter the arb token using its contract address 0x912ce59144191c1204e64559fe8253a0e49e6548 and assigned the distribution address as the sender. The decimal amount of the ARB token was converted, and I obtained the Users and Claimed Amounts.

Volume: Please note that an exact price table for Arbitrum is currently unavailable on Flipside. However, I was able to extract the average token price by utilizing data from Camelot and Trader Joe's swaps.

Furthermore, specific tokens are accessible on the Ethereum chain. To calculate the average price of these tokens, I combined the price data from Ethereum and these DEXs based on their symbols. Unfortunately, not all tokens had enough data to determine their price accurately, so my analysis was limited to tokens for which I could extract pricing data. To ensure accuracy, I removed any fake tokens from my findings, and the list is available in the SQL code.

Projects: I used Arbitrum and Crosschain Dim labels to analyze projects and joined them with Fact token transfers. I filtered the data to include only origin_to_address = address and extracted the names of the projects. Then, I linked the project names with the price table and calculated the volume in USD.