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.
Uniswap data shows over $180 million in volume was traded on the $ARB/$ETH liquidity pool, netting $542,000 in fees for liquidity providers (LPs). LPs are entities that provide two different tokens to any decentralized exchange’s smart contracts - netting a cut of fees charged by that exchange on each trade.
Data shows 9,900 ether ($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%-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.
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