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Arbitrum among biggest winners of LayerZero airdrop

arbitrum-among-biggest-winners-of-layerzero-airdrop-as-revenue-soars-to-3-4-million
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Arbitrum among biggest winners of LayerZero airdrop

Arbitrum recorded a sharp surge in daily revenue on Thursday as transactions skyrocketed amid the LayerZero (ZRO) token claim.

Details on datawarlock, a popular Dune dashboard for Arbitrum economics, showed the Ethereum layer-2 network registered only $20,000 in daily revenue on Wednesday, June 19.

But on June 20, which is when LayerZero’s airdrop claim opened, the aggregator indicated the total revenue skyrocketed. This came as the Arbitrum network saw 3.7 million transactions, 1.2 million more transactions on the day compared to Wednesday.

Austin Marrazza, the product manager at Offchain Labs, highlighted that with massive traffic from ZRO claimers, Arbitrum DAO collected over $3 million.

“One of the biggest winners from the LayerZero airdrop — Arbitrum. DAO raked in $3 million in congestion fees from claiming traffic today,” Marrazza said.

Arbitrum transactions surged amid ZRO token claim

LayerZero’s airdrop offered 8.5 million ZRO tokens, accounting for 8.5% of the total supply of 1 billion. The airdrop turned out to be one of Arbitrum’s biggest wins in the market as ZRO claimers flocked to the platform.

As a coordination chain, Arbitrum’s advantage lay in its capacity to process ZRO tokens atomically without having to rely on LayerZero cross-chain messaging.  

Huge traffic on the network saw its average gas price increase from 0.011 gwei to over 2.189 gwei, with transaction fees soaring.

Data on Dune showed network costs on June 20 reached $140,200, while revenue hit $3.43 million to translate to a profit of $3.29 million.

Arbitrum among biggest winners of LayerZero airdrop - 1

Costs and revenue in Ether (ETH) was 40 ETH and 956 ETH respectively, while profit stood at 916 ETH.

On Arbitrum, revenue refers to transaction fees from Arbitrum One, while costs are transaction fees related to posting data to Ethereum. Per details on the datawarlock dashboard, Arbitrum has so far recorded a total of over $57 million in profit.