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This past week has been full of excitement in the DeFi space; we’ve seen a mini market rally, ApeSwap and Onyx DAO both launch on Arbitrum, and most exciting of all, Arbitrum finally announced their fabled $ARB token airdrop. Current estimations are that over $1 billion USD 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 & Pool
The first product is the $ARB ApeSwap Yield Farm; this allows users to convert their $ARB tokens into a liquidity pair that can be staked to earn $ONYX 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 directly earn $ARB!
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 $ETH & $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 $USDT, $BTC, $LINK, and $BANANA. All of these farms allow you to earn $ONYX, which you can then stake in the reward pools for additional earnings.
Starting March 28th, 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 while letting users earn $ONYX at a discount to then 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 an emphasis on creating innovative prediction markets & vaulting strategies.
You can view the full details on Onyx DAO here.
