Compared to the previous day, the network’s revenues increased 170 times

Arbitrum’s daily revenue hits record amid preparations for the LayerZero airdrop

21.06.2024 - 13:00

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3 min

What’s new? The daily revenue of Arbitrum’s Layer 2 (L2) network based on the Ethereum blockchain hit a record high of $3,4 million in ETH coins on June 20. The jump was facilitated by activity related to the upcoming airdrop of ZRO tokens from LayerZero.

Dune’s data

What else is known? The day before, on June 19, Arbitrum’s revenue was only $20 000. Thus, the daily growth exceeded 16 900%, according to data from analytics platform Dune collected by a user under the nickname datawarlock.

LayerZero Foundation, a non-profit organization backing the LayerZero cross-chain platform, opened the call for applications for the ZRO native token on June 20, which will be open until September 20.

85 million ZRO tokens, or 8,5% of the total 1 billion supply, have been allocated for the distribution, with the remaining tokens reserved for future ecosystem growth incentive programs, strategic partners, and major contributors.

LayerZero Labs CEO Bryan Pellegrino said that 1,28 million eligible wallets are eligible to participate.

Later, the LayerZero team announced that users must make a donation of $0,10 in ETH or USDT and USDC stablecoins for each ZRO token to receive the coins. The funds will go to a non-profit association of Ethereum researchers and developers called Protocol Guild.

The new Proof of Donation mechanism for airdrop submissions has faced criticism from some in the crypto community: they view mandatory donations as a disguised form of funding or a tax rather than a true airdrop, which is usually free and designed to reward users and increase the decentralization of the protocol.

To this, Pellegrino pointed out that the team is not forcing anyone to donate, and opponents of the initiative can simply not submit airdrop applications.

Источник: X.com

Despite the criticism, the initiative has benefited Arbitrum, which is used as the coordinating blockchain for the ZRO token application contract. Arbitrum is able to process user bids without having to contact LayerZero.

At the peak of activity, gas prices in Arbitrum jumped from 0,01 to 34,7 gwei, but also returned to normal levels as it declined. For instance, at one point transaction fees rose to $0,89 compared to the standard few cents.

Despite the increase in activity, the Arbitrum (ARB) native token has lost 5,1% overnight and is trading at $0,7972 at the time of writing. The asset ranks 40th in the overall cryptocurrency ranking with a capitalization of $2,6 billion.

Arbitrum Foundation will allocate $217 million for the development of blockchain games

Arbitrum Foundation will allocate $217 million for the development of blockchain games

The funds will be distributed over three years through grants and investments

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In May, Arbitrum was ranked 12th in the overall blockchain speed ranking with 59 transactions per second (TPS) by analysts at the CoinGecko aggregator.

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