There has been a lot of excitement in the decentralized finance (DeFi) space in the past week, with a mini market rally, ApeSwap and Onyx DAO launching on Arbitrum, and most exciting of all, Arbitrum finally announcing the fabled ARB token airdrop. Current estimations are that over $1 billion worth of ARB will be airdropped in total. To make this news even more thrilling, Onyx DAO has launched two new features centered around the ARB token.
Onyx DAO ARB farms and pool
The first product is ARB ApeSwap yield farms, allowing users to convert their ARB tokens into a liquidity pair that can be staked to earn OnyxDAO (ONYX) token rewards. This way, users can earn with their ARB tokens while making ARB a highly liquid token for trading on the ApeSwap decentralized exchange.
The main $ARB farming pair will be $ARB - $ETH.
Additionally, Onyx DAO has created an ARB rewards pool through which users can stake ONYX tokens to earn ARB. This allows users to create iterative rewards where they can stake ARB liquidity to earn ONYX, then stake their ONYX to earn more ARB. Onyx DAO is one of the few places in the entire Arbitrum ecosystem with the utility for users to earn ARB directly!
What else does Onyx DAO offer?
In addition to being able to earn ARB, users can stake ONYX to earn several other major cryptocurrency tokens, including Ether (ETH) and USD Coin (USDC)! ONYX is one of the only tokens to provide an instant, rewarding utility to users.
Onyx DAO also has over a dozen other liquidity farming options for users, including yield farms based on Tether (USDT), Bitcoin (BTC), Chainlink (LINK) and ApeSwap (BANANA). All of these farms allow you to earn ONYX, which you can then stake in the reward pools for additional earnings.
Starting March 28, Onyx DAO will launch Treasury Bills through ApeSwap. Treasury Bills will allow users to sell their ONYX/ETH liquidity to the protocol to earn ONYX tokens at a discount. This ensures the ONYX token will be more liquid and have less volatility, letting users earn ONYX at a discount to stake in reward pools.
You can find all of Onyx DAO’s product offerings here.
About Onyx DAO
Onyx DAO aims to solve issues inherent to yield farming protocols with an experimental, innovative model that puts ONYX holders first, specifically:
- Leveraging sustainable liquidity mining (e.g., simultaneous bonds, farms and pools)
- Discouraging bad actors (farmers abusing ONYX emissions) and rewarding good actors (ONYX farmers, holders and bill purchasers)
Long term, Onyx DAO is going to place emphasis on creating innovative prediction markets and vaulting strategies.
You can view the full details on Onyx DAO here.