KyberSwap, a leading decentralized exchange aggregator and liquidity platform, is elated to announce the launching of the first-ever $ARB tokens liquidity pool, trading campaign and liquidity mining on Arbitrum.
The $ARB token is a governance token created for the Arbitrum blockchain, a layer two scaling solution. Since its launch, Arbitrum has gained massive traction to become one of the fastest-growing blockchains, with over $1.1 billion locked in its ecosystem.
Notably, on March 16, Arbritum announced its plans to distribute $ARB through an airdrop to eligible users within its ecosystem. The Arbitrum team explained that the airdrop, which will be done as part of the projects’ transition, will be done live on march 23 on what the team dubbed as ‘the biggest airdrop in the history of cryptocurrencies.’
KyberSwap enabled users to bridge to the Arbitrum platform, where they conducted swaps, making KyberSwap eligible for the airdrop.
Commenting on the $ARB liquidity pools, Victor Tran, CEO and Co-founder of KyberSwap, stated:
“We are excited to launch the first-ever $ARB liquidity mining pools. These farms will mark the beginning of an extensive Arbitrum-centered campaign KyberSwap has planned, and we will announce more rewards and activities soon for both LPs and traders. Additionally, traders can set their prices to purchase or sell $ARB with our limit order function and swap at the optimized rates with our aggregator.”
According to the KyberSwap team, the $ARB liquidity pools will give users more trading pairs and liquidity options. In addition to the launch, KyberSwap plans to offer fees and rewards to liquidity providers who add liquidity to the $ARB pool and participate in liquidity mining programs.
KyberSwap is also introducing new tiers, namely 2% and 5% fee tiers. Currently, KyberSwap’s current highest offering is 1%. According to the team, these new tiers will provide opportunities for $ARB farmers to benefit from the anticipated high volatility and trading volume.
The team has allocated about 70,000 KNC, the native tokens on the platform, as reward incentives. Among the ARB pool eligible for liquidity mining rewards include ARB-ETH (2%), Apr ARB-ETH (5%), ARB-USDT (2%), ARB-USDT (2%), and ARB-KNC (5%).
Reportedly, the move puts the project strategically, allowing the KyberSwap team to help increase liquidity inflow on Arbitrum. This will amount to an increase in the project’s Total Value Locked (TVL). In addition, increased liquidity will generate more earning opportunities within the Arbitrum ecosystem.
Lastly, depending on the success of the $ARB trading volume, the KyberSwap team will add rewards post-launch for liquidity providers and traders. This may include $KNC and $ARB airdrops and commemorative NFT rewards.