Arbitrum’s AIP 1.1 & 1.2 endorsed; ARB userbase crosses 5M, thanks to…

• The project’s community agreed to the proposals to sort budget, governance, and token locks.

• Retail activity and a surging meme value have been the push behind Arbitrum’s growth in addresses.

Finally, an Arbitrum [ARB] proposal passed a voting session without any conflict or back and forth, as the AIP-1.1 and 1.2 got the endorsement from the DAO. According to the results, 99.15% voted in favor of the AIP-1.2, while a meager 0.2% were against it.

Is your portfolio green? Check the Arbitrum Profit Calculator

The AIP-1.2 centers around Arbitrum’s governance bylaws and aims to amend them by implementing feedback from the community. The AIP-1.1 considers the proposal to lock up ARB tokens, budget approval, and complete transparency by the Foundation after the 700 million allocation brouhaha.

This also got approval after 98.13% of the voting community thumbed in favor of the idea. Interestingly, the acceptance coincided with a period where the Ethereum [ETH] scaling solution surpassed five million in total created accounts.

Five million and counting

Arbitrum’s evident rapidly growing user base can be attributed to a number of factors, including the network’s ability to handle high volumes of transactions, its low gas fees, and the support of a vibrant and engaged community.

But the success of the project in this regard was mainly due to the activity of users who have had less than 10,000 transactions on the network. According to Dune Analytics, the group accounted for 3.02 million out of the 5.05 million addresses.

Source: Dune Analytics

This implied that a ton of the activity on the network was not impacted by whales. Instead, the retail community has been showing substantial efforts, even as the daily transactions have consistently been above 200,000.

As of 17 April, the number of daily active addresses had surpassed all of the days in April, as it peaked at 851.860. This metric measures the daily level of user participation in transactions via a blockchain.

Thus, the hike suggests that there has been an unignorable level of crowd interaction and speculation around tokens under the Arbitrum network.

Source: Dune Analytics

Users stand on AIDOGE’s decree

And surely, there was a particular meme that seems to have driven the hike in retail involvement. The meme, ArbDoge AI [AIDOGE] has increased by 193% in the last 24 hours. 

This has also driven the market capitalization to an unprecedented $34 million, thanks to a ceaseless liquidity pump. 

How much are 1,10,100 ARBs worth today?

According to Arbitum’s DEX Screener, AIDOGE has registered a lot of buy orders over the last two days. And since its price was extremely cheap, it was a no-brainer for the market participants to risk testing buying.

Source: DEX Screener

At the time of writing, ARB exchanged hands at $1.77, implying a 43.63% value in the last seven days. However, information from the multiple DEX data stream platform showed that some buyers of AIDOGE were beginning to take profits.