2 years ago
PRESS RELEASE. Zug, June 08, 2022 — As markets proceed to tumble, Arrakis Finance, a yet comparatively chartless & tokenless project, conscionable reached a caller milestone — a full worth locked of $1 billion.
DeFi TVL wide fell from $224B connected April 1 to $109B connected May 30, dipping by 51%. While astir each large DeFi projects and platforms person suffered losses successful TVL, Arrakis Finance has amassed $1 cardinal TVL and is closing successful connected capturing 1% of full DeFi TVL, overtaking the starring DeFi projects similar dYdX and Aave V3.
Arrakis, created by squad members of the infrastructure protocol Gelato Network, is simply a web3’s liquidity layer, which astatine its halfway acts arsenic a decentralized market-making level enabling projects to make heavy liquidity for their tokens. Arrakis vaults negociate liquidity connected behalf of LPs connected concentrated AMMs specified arsenic Uniswap v3 successful a superior businesslike and afloat autonomous fashion.
These adjacent procreation AMMs enactment much similar accepted bid publication exchanges alternatively than bequest AMMs specified arsenic Uniswap v2. This is wherefore Arrakis emerged arsenic a indispensable abstraction furniture wherever marketplace makers tin assistance LPs to negociate their liquidity efficiently.
Arrakis has grown by 88% implicit the past month, each without autochthonal liquidity mining incentives. Currently, Arrakis manages liquidity exclusively connected Uniswap v3, wherever it accounts for astir 16% of the full TVL. Projects that person already adopted Arrakis vault for their liquidity absorption see Polygon, MakerDAO, Aave, Olympus, Synthetix, and galore more.
The semipermanent extremity of Arrakis is to lick the industry-wide occupation of liquidity fragmentation successful web3 by creating a azygous liquidity furniture that creates heavy liquidity for token projects crossed each web3 protocols.
Quotes from Arrakis:
“Arrakis aims to go web3’s liquidity furniture by creating a communal level wherever marketplace makers and projects tin collaborate connected creating heavy liquid markets for their tokens. Projects won’t person to woody with the intricacies of the underlying AMMs anymore, and their liquidity volition beryllium routed to the DEX & underlying blockchain wherever it’s astir superior efficient.” — Ari Rodriguez, Co-founder astatine Arrakis Finance
$SPICE volition beryllium the autochthonal governance token of Arrakis, acting likewise to the CRV token successful the Curve ecosystem. Currently, 30 cardinal $SPICE (3% of full supply) volition beryllium distributed to the Gelato Network ($GEL) community, which incubated the task implicit the past year, if holders fastener their $GEL for 3 months.
Until June 10, 3pm GMT, $GEL token holders tin lock their $GEL to person the $SPICE Airdrop connected the authoritative Gelato governance portal: gov.gelato.network/spice-airdrop.
About Arrakis Finance:
Arrakis is simply a web3’s liquidity layer, which astatine its halfway acts arsenic a decentralized market-making level enabling projects to make heavy liquidity for their tokens.
To larn more, sojourn https://www.arrakis.finance, and travel Arrakis connected Twitter: https://twitter.com/arrakisfinance.
Media contact:
Name: Ari Rodriguez
Email: [email protected]
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