In this analysis, we will focus on the impact of $ARB Aridrop on Bridge activities. I have divided my dashboard into three tabs to cover all the different aspects of the impact.

The first tab covers the Bridge operations from and to Arbitrum. I have examined the activities of the Bridge before, during, and after the $ARB announcement to determine the impact of the Airdrop on the Bridge operations.

The second tab examines the activities of users who sold their $ARB tokens. We want to determine whether these users had bridged from Arbitrum and, if so, which platform they used.

Finally, the third tab investigates the activities of ARB token sellers who used AXELAR bridges.

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.

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.

Next, I analyzed Arbitrum Fact token transfers and merged them with Crosschain label tables. I filtered the label type as "layer 2" or "bridge" to focus on bridge information. By inputting an address into the "to_address" field, I identified bridges from Arbitrum. Conversely, by inputting an address into the "from_address" field, I identified bridges to Arbitrum.

Since there is no price table available for Arbitrum, I chose to investigate the bridge activities of four tokens: ETH, USDC, USDT, and DAI.