The PSP token is an essential component of the Paraswap ecosystem, enabling users to access various services, participate in governance, and receive incentives for their contributions. Currently deployed on the Ethereum mainnet, the PSP token has seen significant adoption and usage. However, the increasing congestion and gas fees on Ethereum have posed challenges to the overall usability and accessibility of the PSP token.
Goals & review
a. Lower Transaction Costs: Introducing the PSP token to Arbitrum will significantly reduce transaction fees, making microtransactions and daily token usage more viable for users.
b. Faster Transaction Confirmations: With Arbitrum’s fast finality, users will experience almost real-time transaction confirmations, ensuring a smooth and seamless experience.
c. Enhanced User Experience: The improved scalability and reduced costs will attract more users to the PSP ecosystem, leading to increased user engagement and activity.
d. Ecosystem Growth: As the PSP token becomes more accessible and affordable on Arbitrum, it will foster the growth of decentralized applications and services within the ecosystem.
To ensure the adoption of the PSP token on Arbitrum, a comprehensive communication strategy will be developed. We propose to Swap 100k ARB to WETH and add PSP/Weth Pool on Arbitrum.
Incorporating the PSP token into the liquidity-rich Arbitrum network will unlock its full potential and drive growth in the ecosystem.