OpenSwap Brings Buyback Queues to Arbitrum
Hi Fellow Trolls, we are pleased to announce the OpenSwap multiverse is expanding and we are super stoked to bring Buyback Queues to Arbitrum.
This is just another step towards the multichain world OpenSwap is embracing as we approach the launch of the OpenSwap Bridge Pilot Phase. Arbitrum One joins BNB Smart Chain and Avalanche C-Chain as the target chains for the bridge providing our Bridge Founders with even more choice to expand their projects to multiple chains.
Buyback Queues will enable projects launching on Arbitrum to offer guaranteed buyback programs for their IDO to provide IDO participants with protection should unfavorable market conditions prevail. Think of it as a confidence booster and an anti-rug mechanism implemented by the project team.
Arbitrum Growth
Congratulations to Arbitrum on surpassing the 5 million accounts milestone on April 17, 2023. Arbitrum has been on a tear in Q1 2023, fueled by the airdrop of $ARB tokens in March. The number of active weekly users peaked at 1.38 million during airdrop week and more importantly, has continued to sustain a steady number of 700k+ users according to dune analytics by @Henrystats.
L2s (layer 2) play a critical role in scaling out Ethereum while maintaining the security provided by the Layer 1 Ethereum chain. Currently, rollups are the preferred L2 solution by bundling up transactions into a single transaction on L1. There are two flavors of rollups: optimistic and zero-knowledge. Arbitrum falls under the optimistic rollup and holds the largest rollup market share at 66.96% as of April 14, 2023 with a TVL (total value locked) of over $7 billion, saving over $1 billion in ETH gas.
Another metric to pay attention to is the number of Arbitrum smart contracts created which currently stands at over 2 million. A large number of smart contracts being deployed represents the developer activity and number of projects joining the ecosystem. Nearly half of the smart contracts were deployed this year with an average of nearly 62,000 smart contracts deployed per week.
Arbitrum was selected by the OpenSwap team for the next target chain due to its accessibility as shown by the low gas fees and amount of ETH gas saved. We expect this accessibility to enable more users to participate in the ecosystem and even more projects launching on Arbitrum this year.
$OSWAP Deployed on Arbitrum
The $OSWAP token has been deployed on Arbitrum with the same token address you are accustomed to:
0xb32aC3C79A94aC1eb258f3C830bBDbc676483c93
Our next step is to make $OSWAP available on your favorite Arbitrum DEXes.
BuyBack Queues Now Available on Arbitrum!
We are pleased to announce that the first BuyBack Queue is available on Arbitrum, provided by our friends from Impossible Finance and Arken Finance. BuyBack Queues serve as a vital tool for launchpads and projects to provide peace of mind to community participants, reducing their risk when backing BUIDLers.
Next Steps
Our core team will work on upgrading the OpenSwap Hybrid Router to integrate your favorite DEXes on Arbitrum, especially our Bridge Founder GMX. Initially, the OpenSwap Pilot Bridge will support BSC and AVAX chains with the goal of expanding the bridge to Arbitrum as well.
About OpenSwap
OpenSwap is the world’s first DEX providing on-chain swaps at zero slippage with hybrid smart routing and a single asset cross-chain bridge for multichain projects. As the DeFi universe continues to expand, liquidity becomes increasingly scattered across multiple chains, and the situation is poised to get worse as new chains emerge with individual DEXs on each chain. OpenSwap aims to become every crypto project’s BFF through a set of key offerings that will empower teams to establish funding and sustained token health, allowing teams to focus on what they do best — BUIDL.
DApp | Twitter | Telegram | Announcements | Medium
