While DeFi Total Value Locked Fell by 51% Since the End of Q1, Arrakis Finance Amassed $1 Billion TVL

While DeFi Total Value Locked Fell by 51% Since the End of Q1, Arrakis Finance Amassed $1 Billion TVL

PRESS RELEASE. Zug, June 08, 2022 — As markets proceed to tumble, Arrakis Finance, a but comparatively unknown & tokenless mission, simply reached a brand new milestone — a complete worth locked of $1 billion.

DeFi TVL general fell from $224B on April 1 to $109B on May 30, dipping by 51%. While practically all main DeFi tasks and platforms have suffered losses in TVL, Arrakis Finance has amassed $1 billion TVL and is closing in on capturing 1% of complete DeFi TVL, overtaking the main DeFi tasks like dYdX and Aave V3.

Arrakis, created by workforce members of the infrastructure protocol Gelato Network, is a web3’s liquidity layer, which at its core acts as a decentralized market-making platform enabling tasks to create deep liquidity for his or her tokens. Arrakis vaults handle liquidity on behalf of LPs on concentrated AMMs corresponding to Uniswap v3 in a capital environment friendly and totally autonomous style.

These subsequent technology AMMs act extra like conventional order ebook exchanges quite than legacy AMMs corresponding to Uniswap v2. This is why Arrakis emerged as a crucial abstraction layer the place market makers might help LPs to handle their liquidity effectively.

Arrakis has grown by 88% over the past month, all with out native liquidity mining incentives. Currently, Arrakis manages liquidity completely on Uniswap v3, the place it accounts for round 16% of the complete TVL. Projects which have already adopted Arrakis vault for his or her liquidity administration embody Polygon, MakerDAO, Aave, Olympus, Synthetix, and lots of extra.

The long-term objective of Arrakis is to unravel the industry-wide downside of liquidity fragmentation in web3 by making a single liquidity layer that creates deep liquidity for token tasks throughout all web3 protocols.

Quotes from Arrakis:

“Arrakis goals to change into web3’s liquidity layer by creating a standard platform the place market makers and tasks can collaborate on creating deep liquid markets for his or her tokens. Projects gained’t need to cope with the intricacies of the underlying AMMs anymore, and their liquidity shall be routed to the DEX & underlying blockchain the place it’s most capital environment friendly.” — Ari Rodriguez, Co-founder at Arrakis Finance

$SPICE would be the native governance token of Arrakis, performing equally to the CRV token within the Curve ecosystem. Currently, 30 million $SPICE (3% of complete provide) shall be distributed to the Gelato Network ($GEL) group, which incubated the mission over the previous 12 months, if holders lock their $GEL for 3 months.

Until June 10, 3pm GMT, $GEL token holders can lock their $GEL to receive the $SPICE Airdrop on the official Gelato governance portal: gov.gelato.network/spice-airdrop.

About Arrakis Finance:

Arrakis is a web3’s liquidity layer, which at its core acts as a decentralized market-making platform enabling tasks to create deep liquidity for his or her tokens.

To be taught extra, go to https://www.arrakis.finance, and observe Arrakis on Twitter: https://twitter.com/arrakisfinance.

Media contact:

Name: Ari Rodriguez

Email: hello@gelato.digital

 

 

 


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