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 total fell from $224B on April 1 to $109B on Could 30, dipping by 51%. Whereas practically all main DeFi initiatives and platforms have suffered losses in TVL, Arrakis Finance has amassed $1 billion TVL and is closing in on capturing 1% of whole DeFi TVL, overtaking the main DeFi initiatives like dYdX and Aave V3.
Arrakis, created by workforce members of the infrastructure protocol Gelato Community, is a web3’s liquidity layer, which at its core acts as a decentralized market-making platform enabling initiatives to create deep liquidity for his or her tokens. Arrakis vaults handle liquidity on behalf of LPs on concentrated AMMs similar to Uniswap v3 in a capital environment friendly and totally autonomous style.
These subsequent technology AMMs act extra like conventional order ebook exchanges fairly than legacy AMMs similar to Uniswap v2. That is why Arrakis emerged as a needed abstraction layer the place market makers will help LPs to handle their liquidity effectively.
Arrakis has grown by 88% during the last month, all with out native liquidity mining incentives. Presently, Arrakis manages liquidity solely on Uniswap v3, the place it accounts for round 16% of your entire TVL. Initiatives which have already adopted Arrakis vault for his or her liquidity administration embrace Polygon, MakerDAO, Aave, Olympus, Synthetix, and lots of extra.
The long-term objective of Arrakis is to unravel the industry-wide drawback of liquidity fragmentation in web3 by making a single liquidity layer that creates deep liquidity for token initiatives throughout all web3 protocols.
Quotes from Arrakis:
“Arrakis goals to develop into web3’s liquidity layer by creating a standard platform the place market makers and initiatives can collaborate on creating deep liquid markets for his or her tokens. Initiatives gained’t should cope with the intricacies of the underlying AMMs anymore, and their liquidity will likely 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. Presently, 30 million $SPICE (3% of whole provide) will likely be distributed to the Gelato Network ($GEL) neighborhood, which incubated the mission over the previous 12 months, if holders lock their $GEL for 3 months.
About Arrakis Finance:
Arrakis is a web3’s liquidity layer, which at its core acts as a decentralized market-making platform enabling initiatives to create deep liquidity for his or her tokens.
Title: Ari Rodriguez
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