Arbitrum offers $40 million in token incentives to DeFi users

Arbitrum launched its "DeFi Renaissance Incentive Program" on Wednesday, offering 80 million Arbitrum tokens, valued at $40 million, to attract DeFi traders to its on-chain money markets. The first phase of the program focuses on revolving lending strategies, a DeFi strategy in which traders leverage their assets by repeatedly borrowing and lending against the same collateral to increase returns. Eligible lending markets and collateral assets cover all popular revolving lending strategies, including Pendle derivatives.