ZyberSwap Now the 2nd Largest Protocol on Arbitrum, Just Behind GMX

According to data from DefiLlama, ZyberSwap is now the 2nd largest protocol in terms of TVL on Arbitrum. It has a total value locked of around $170 million. Its TVL has increased 100% over the past 7 days, and increased over 886x in the past 30 days.

It is community-driven automated market-maker (AMM) allowing the swapping of crypto assets with low fees. Zyberswap offers rewards from staking and yield farming, which are among the most lucrative in the entire Arbitrum ecosystem.

The reason for the skyrocketed TVL is probably the very high native token incentives the protocol is offering. Some pools are offering over 1,000% APY mainly through emission of its own $ZYBER token.

The high APY from native token incentives is clearly not sustainable in the long run, however, the token price up to now has fared well.

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