ArbiNYAN Yield Farm Reaches $1.6 Billion TVL

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An Arbitrum-based yield farming platform reaches $1.6 billion in TVL, Lobby Lobsters donate 1,000 ETH for crypto lobbying, Ethereum reaches an ATH hash rate, and Immutable X raises $60 million in funding.

Quick Take

  • More than $1.6 billion is staked on layer2 yield farming meme project ArbiNYAN.
  • Lobby Lobsters NFTs voted to donate 1,000 ETH to crypto lobbying group Coin Center. 
  • Options protocol Lyra announced the launch of its 750,000 $LYRA liquidity mining program.
  • Immutable, the startup building L2 protocol Immutable X, raised $60 million in a Series B funding round.

Lobby Lobsters Donate $4 Million to Lobbyist

The lobby lobster NFT DAO has voted to donate 1,000 ETH to Washington crypto lobbying group Coin Center. The funds were collected through the sale of 10,000 lobby lobster NFTs that sold for .1 ETH each on August 5th. The NFT project netted 1,000 ETH in less than an hour after its launch. A DAO poll voted yesterday to give the funds to non-profit research and advocacy organization Coin Center. Lobby Lobsters still receive a 7.5% royalty on sales through OpenSea.

The project holds a monthly poll on universe.xyz to decide on where to direct funding for crypto lobbying. The lobbying efforts come as SEC Chair Gary Gensler said he’s in favor of regulating decentralized finance. Earlier this month, the SEC launched an investigation into Uniswap and threatened to sue Coinbase if it went forward with its lending product that would give customers 4% interest on USDC holding.

$1.6 Billion Locked on ArbiNYAN

More than $1.6 billion is locked up on yield farming project ArbiNYAN. Users who stake ETH on the platform are rewarded with up to 38% APR in the form of NYAN meme tokens, which are currently worth $1.68. Users can reportedly earn up to 6,000% APR for staking their NYAN tokens or by becoming a liquidity provider.

ArbiNYAN was created by an anonymous developer and launched on September 8th. The layer2-based project holds more than 70% of Arbitrum’s TVL. The anonymous creator says he created the platform to pump Arbitrum and ETH by proxy as he believes there’s no other scaling strategy but rollups.

According to defined.fi, NYAN’s price reached an ATH of $7.76 on September 12th before crashing back down. Meme tokens often shoot up in price within a short period of time, only to crash after being dumped on investors. It’s important to note there are high risks involved when investing into a yet-to-be audited project by anonymous developers. ArbiNYAN has no affiliation with other meme tokens NYAN V2 and NYAN Finance. 

Lyra Launches Trial Liquidity Mining Program

Layer2 options trading protocol Lyra has announced the launch of its liquidity mining program. Lyra will begin distributing 750,000 $LYRA tokens to liquidity providers starting on September 13th. The goal of the program is to increase the supply of sUSD on Optimism to enable better liquidity for traders on Lyra. sUSD is the asset used by Lyra’s liquidity pools, providing the collateral for all options purchased.

The project launched earlier this month and has only been able to attract 500k in liquidity, forcing traders to use high slippage. Liquidity providers will receive LYRA in proportion with their share of the total liquidity in the Uniswap sUSD / DAI pool and Lyra’s ETH Market pool. The rewards earned during the two week program will be distributed when the LYRA token is officially launched. The Lyra protocol brings sophisticated hedging techniques on L2. Lyra uses Synthetix for automating long/short trades on underlying assets.

Ethereum Hash Rate Reaches ATH

Ethereum’s hashrate has reached a new all time high of 715.4 terahash/second, a measure of the computational power devoted to mining ether. The hashrate has been on an upward trend since the start of DeFi summer. The hash rate had dipped in early June amid reports of China cracking down on cryptocurrency mining. The People’s Bank of China had also urged Alipay and major banks to crack down on crypto trading. It was also expected that mining would drop after Ethereum’s London hard fork in August, which changed the block reward. However, the rise in demand for Ethereum caused by the NFT boom kept mining profitable, causing new miners to join the network.

Immutable Raised $60 Million

Immutable, the Australian-based startup behind the NFT Layer 2 protocol Immutable X, has raised $60 million in a new funding round. Investors included Galaxy Interactive, Apex Capital, and VaynerFund among others. Immutable intends to use its Series B funding to grow its team and further develop its NFT-based games Gods Unchained and Guild of Guardians. Immutable X uses zero-knowledge proofs to validate transactions off-chain, removing gas fees for minting NFTs.