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Arbitrum, Ether Liquidity Providers Earn $500K From ARB Airdrop
Yields on liquidity pools are paying out as much as 800% annualized as users rush to claim ARB tokens.
Entities providing liquidity to one of the most anticipated token issuances in recent times made over $500,000 in profits in the first few hours, data shows.
Arbitrum’s governance tokens, ARB, went live for claiming on Thursday. The tokens can be used to vote on decisions on future changes to the Ethereum scaling protocol.
STORY CONTINUES BELOW
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Uniswap data shows over $180 million in volume was traded on the ARB/ETH liquidity pool, netting $542,000 in fees for liquidity providers (LP). LPs are entities that provide two different tokens to any decentralized exchange’s smart contracts, netting a cut of fees charged by that exchange on each trade.
Data shows 9,900 ether (ETH) and 9.34 million ARB are locked on the Uniswap liquidity pool at writing time on Friday. Another relatively smaller liquidity pool on Trader Joe locks up over $3 million.
Annualized yields on the Uniswap pool are between 90% and 100% in Asian morning hours on Friday. The Trader Joe pool is a significantly larger 800%.
Meanwhile, Nansen data shows over 75% of all tokens were claimed as of Friday, with over 800 million ARB now held by users. ARB has a circulation supply of 1.2 billion and is trading at $1.30 with a market capitalization of $1.7 billion.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
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