On-Chain Data from Arkham (ARKM) Airdrop Reveals Insights
Let's delve into the surprising and controversial on-chain statistics from Arkham Intelligence (ARKM)’s recent airdrop to uncover some interesting findings!
On-Chain Data from Arkham (ARKM) Airdrop Reveals Insights
On July 18, 2023, Arkham Intelligence officially conducted an airdrop for their platform users as previously announced. The airdrop was targeted at users who had interacted with this on-chain platform before the snapshot date of July 8, inviting others to join Arkham through referral links. Airdrop criteria were based on points accumulated through referral activities.
Arkham's token, ARKM, serves as the native token for Arkham Intelligence. ARKM tokens are used for payments for data and analytics on the platform, doubling as governance tokens. Holders of ARKM tokens can vote on platform proposals and participate in decision-making processes.
On the Binance Launchpad, the ARKM token sale attracted nearly 114,500 investors, committing BNB worth $2.4 billion USD.
In this article, we highlight noteworthy on-chain data points following the ARKM claim:
Number of Participating Wallets
According to statistics, over 47,000 wallets participated in receiving the airdrop, with a distribution totaling $16.4 million USD worth of ARKM tokens.
From over 47,000 participating wallets, each received an average of 522.5 ARKM tokens. However, in reality, the median value per wallet was lower, around 197.4 tokens, likely due to many wallets only logging in and not actively inviting referrals.
This significant disparity highlights uneven token distribution, with only a few wallets receiving the majority of tokens.
Distribution of ARKM Tokens per Wallet
When considering token distribution among wallets, it's clear that approximately 90% of wallets received fewer than 1,000 ARKM tokens, while only about 0.33% of wallets received more than 10,000 tokens.
This distribution pattern underscores the concentration of ARKM tokens among a small group of wallets.
Token Distribution by Wallet
Upon deeper inspection of token distribution, a notable contrast emerges: a majority of wallets received fewer than 1,000 tokens, accounting for 41.4% of the total airdropped tokens. This emphasizes the token concentration within a small subset of wallets.
Distribution of Received ARKM Tokens
According to data from Dune Analytics, only around 190 wallets received between 5,000 to 10,000 ARKM tokens, and 150 wallets received over 10,000 tokens.
Top 5 Noteworthy Wallets
During the Arkham airdrop, 5 prominent wallets received over 100,000 ARKM tokens each.
These wallets collectively held 1 million tokens, equivalent to 3.94% of the total airdropped tokens and 0.7% of the circulating supply.
Distribution of ARKM Tokens among Top 5 Wallets
Address of the top 5 wallets receiving over 100,000 ARKM. Source: @21c0 on Dune Analytics
Percentage of Wallets Participating in Previous Airdrops
Of the over 47,000 participating wallets in the Arkham airdrop, how many had previously participated in airdrops like Arbitrum, Blur, etc.?
According to Dune Analytics data, over 25% of the wallets that participated in the Arkham airdrop had previously participated in Arbitrum Airdrop, 21% in Ampleforth Forth, 12.9% in Tornado Cash, and 5% in Blur and Optimism.
Percentage of Wallets Participating in Arkham Airdrop and Previous Events
Post-Airdrop Wallet Behavior
Notably, most wallets, after receiving the airdrop, either sold tokens on Uniswap or transferred them to centralized exchanges like MEXC, Bitget, and Binance. This behavior could significantly impact token liquidity and price.
Post-Airdrop Behavior for ARKM Tokens
Conclusion
From the on-chain data of the ARKM token airdrop, we observe an imbalance in token distribution. This phenomenon parallels the saying, "One-third of the population holds two-thirds of the world's wealth."
While many participated, only a select few wallets received the majority of tokens, and many of these quickly sold them for significant profits.
If readers are interested in learning more about using on-chain analysis tools, they can refer to articles on Dune Analytics and Arkham Intelligence in our "Guide to Using On-Chain Tools" series.
