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DeFiGet Ready for a DeFi Summer Synthetixs Arbitrumbased 2 Million ARB Giveaway...

Get Ready for a DeFi Summer Synthetixs Arbitrumbased 2 Million ARB Giveaway G Momentum

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Synthetix, a pioneer in decentralized finance (DeFi), has revealed a significant expansion of its operations on the Arbitrum network, marking a major milestone in its continuous development. This strategic move is part of the wider Arbitrum Liquidity Incentive Program (LTIP), which aims to boost liquidity and trading activities on the platform.

The initiative, which will run for 12 weeks until September 3rd, is supported by an impressive allocation of 2 million ARB tokens. Its ambitious goal is to enhance liquidity provision and promote stablecoin adoption, while also optimizing the trading environment for Perpetual Contracts (Perps) on the Arbitrum platform.

Synthetix, renowned for its decentralized derivatives infrastructure, continues to lead the way in DeFi innovation. The platform supports over 80 derivative markets through its proprietary Synthetix Perps system.

“We are excited to announce the details of our Arbitrum LTIP distribution plan, approved by @arbitrum governance. This 12-week program will offer 2 million ARB in rewards for liquidity providers (LPs), stablecoin liquidity, and trading. Stay tuned for the blog post,” tweeted Synthetix on June 25, 2024.

What is particularly impressive is that Synthetix has already processed over $50 billion in trading volumes. Furthermore, it has played a crucial role in developing a delta-neutral LP experience that has greatly benefited capital providers, distributing over $25 million in trading fees to participants.

Harnessing ARB Rewards to Fuel Ecosystem Growth

To ensure maximum engagement and growth within the Arbitrum ecosystem, the 2 million ARB reward will be distributed strategically. Out of this, 1 million ARB will be used to incentivize liquidity providers for healthy trading activity.

Additionally, there will be 900,000 ARB tokens allocated for trading fee rebates, allowing active traders to enjoy significant discounts (capped at 75% of fees paid on the platform). Another 100,000 ARB will be dedicated to supporting stablecoin liquidity, highlighting the importance of stable assets for a sustainable financial model in the DeFi ecosystem.

Those interested in participating in this substantial program will have the opportunity to engage in several equally beneficial activities. Liquidity providers can contribute to pools on the Synthetix Liquidity platform by depositing eligible assets such as USDC, ETH, ARB, and the soon-to-be-launched Ethena USDe. Furthermore, there will be an opportunity to provide liquidity to the USDx/USDC pools on Ramses, a prominent decentralized exchange on Arbitrum.

These pools will be created soon, with Ramses announcing the details in due course. The introduction of new Perps trading presents an appealing opportunity for active participants in the perpetual derivatives trading space to engage as launch partners and earn fee rebate rewards through supported integrators, thereby supporting participation and volume growth.

Tags: ARB, DeFi, SNX

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