Press release
PRESS RELEASE. Zug, June 08, 2022 — As markets continue to tumble, Arrakis Finance, a yet relatively unknown & tokenless project, just reached a new milestone — a total value locked of $1 billion.
Overall, DeFi TVL fell by 51% from $224B to $109B between April 1 and May 30. Arrakis Finance is closing in to capturing 1% DeFi TVL. This surpasses the top DeFi projects, like dYdX or Aave V3.
Arrakis, created by team 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 projects to create deep liquidity for their tokens. Arrakis vaults are able to manage liquidity for LPs using concentrated AMMs like Uniswap v3. They can also be used as capital-efficient and completely autonomous storage units.
Next-generation AMMs are more similar to legacy AMMs like Uniswap v2. Arrakis was created to provide an abstraction layer that market makers could use to help LPs manage liquidity effectively.
Arrakis has increased by 88% during the last month. This was all in spite of no native liquidity mining incentives. Currently Arrakis handles liquidity only on Uniswap v3. It currently accounts for about 16% in the total TVL. Polygon, MakerDAO and Olympus have all adopted Arrakis vault to manage their liquidity.
Arrakis’ long-term goal is to eliminate the liquidity fragmentation problem in web3 industry by creating one liquidity layer which creates deep liquidity for token project across all web3 protocol protocols.
Arrakis quotes:
“Arrakis aims to become web3’s liquidity layer by creating a common platform where market makers and projects can collaborate on creating deep liquid markets for their tokens. Projects won’t have to deal with the intricacies of the underlying AMMs anymore, and their liquidity will be routed to the DEX & underlying blockchain where it’s most capital efficient.” — Ari Rodriguez, Co-founder at Arrakis Finance
Arrakis’ native governance token $SPICE will act in a similar way to Curve’s CRV token. The Gelato Network ($GEL), which has incubated this project for the past year will get 30 million $SPICE. If $GEL holders hold their $GEL, it will be available to them 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.
Arrakis Finance
Arrakis is a web3’s liquidity layer, which at its core acts as a decentralized market-making platform enabling projects to create deep liquidity for their tokens.
To learn more, visit https://www.arrakis.finance, and follow Arrakis on Twitter: https://twitter.com/arrakisfinance.
Media contact:
Ari Rodriguez
Email: [email protected]
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