Arbitrum Surpasses 2 Billion in TVL Dominated by NYAN Meme Yield Farm

Thanks to a cat, Ethereum has taken on over $2 billion through scaling solution project Arbitrum in less than a week.

By
Dardania Havolli
on
September 14, 2021
Category:
BSC News

Arbitrum Burgeoning

The pump comes in light of flourishing interest in viral internet meme: the Nyan Cat. Yes, we do mean that restless animated cat on YouTube. Is there a better combo than cats and the internet?

The cash comes from people wanting to farm the tokens related to the cats, ArbiNYAN or NYAN. Both are ERC-20 tokens based on the hugely popular internet sensation. @arbinyan continued with a flurry of tweets declaring the launch of several pools and willing money into Arbitrum. 

“Farm NYAN on Arbitrum! Eth pool launch 23:00 UTC,” its creator tweeted on September 8th.

The idea was a fairly simple notion, lock-up tokens and Arbitrum will gratefully pay out rewards based on the amount placed into the protocol.  It turned out users’ efforts were well-founded as the total value locked grew and grew. 

Source

Dizzy Heights of Meme-Powered Success

Since that initial tweet on the 8th of September, DeFi Llama has pinned down $1.58 billion in total locked value for Arbitrum, at writing. There have been questions regarding the number of investors, especially when considering that the Discord server has less than 3,000 members. 

Inevitably, the dizzy heights of success were met with a gulp of reality as NYAN’s price plummeted through the weekend from just under $8 to around $1.20 today, according to Defined

The goal has indeed been reached as far as Arbitrum is concerned, with two-thirds of its funds currently coming in the form of NYAN. 

“It exceeded my wildest expectations- people like farming meme tokens,” the person behind NYAN told Decrypt. “Honestly, the main goal was to pump Arbitrum and ETH by proxy, as there’s no other scaling strategy but rollups.”
Source

About Arbitrum

Arbitrum is a Layer 2 cryptocurrency platform that makes smart contracts scalable, fast, and private. Arbitrum interoperates closely with Ethereum, so Ethereum developers can easily cross-compile their contracts to run on Arbitrum. Arbitrum achieves these goals through a unique combination of incentives, network protocol design, and virtual machine architecture. 

To find out more about Arbitrum, read their docs here!

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Dardania Havolli

Dardania is an experienced researcher, editor and writer who is currently completing his PhD in Creative Writing. He is passionate about blockchain technology and the impact it will go on to have on our lives.

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