Arbitrove To Launch TROVE Staking Function With No Locks Or Deposit Fees

Key Points:

• Arbitrove launched the staking function, and TROVE holders can stake their tokens on the app to earn protocol.
• The benefits for staking and chilling should be identical to those for TROVE stakers.
• There are no locks or deposit fees for those who stake.

Nitro Cartel, a decentralized autonomous organization, announced that the Arbitrove app had launched the staking function, and TROVE holders can stake their tokens on the Arbitrove app to earn protocol releases and prepare for governance.

Nitro Cartel’s first significant product is called Arbitrove. It seeks to give consumers a practical method to experience a variety of Arbitrum protocols. The long-term goal is to have a variety of indexes.

These indexes might include yield-generating indexes, new protocols, NFTs, or even subcategories like GameFi, liquid staking derivatives, etc. The first index to be made public is known as ALP and will feature prestigious Arbitrum assets like GMX and GNS, as well as yield-bearing strategies based on GRAIL, JONES, MAGIC, and other indices.

Based on a mint/redeem feature, ALP operates. Users may now mint ALP using ETH, and either minting or redeeming incurs a 0.5% charge. After that, the protocol purchases the assets and implements the yield-generating techniques. When necessary, it will automatically rebalance.

The staking mechanism is as follows: users can obtain esTROVE by staking ROVE, the governance token of the protocol. If the governance vote is passed, users will receive all forms of protocol benefits.

Stakers pay no locking fees or deposits. A proposal is expected to go live next month that would redirect a portion of protocol fees to TROVE and esTROVE stakeholders.

The esTROVE token supports two main functions, staking for protocol rewards or converting to TROVE with 12-month vesting. The vesting module is scheduled to launch in September, but if users start vesting, their esTROVE will not be rewarded.

According to Dune Analytics data, the total number of accounts on the Arbitrum chain has exceeded 3 million, reaching 3.005 million as of now, of which the number of active accounts is 2.348 million, accounting for about 78.1%. In addition, the total number of smart contracts created by Arbitrum has reached 1,581,900, and the total locked value on the chain has reached $4.429 billion, of which the ETH locked value is about $1.194 billion, accounting for about 27%.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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