Arrakis Finance

Arrakis manages liquidity positions for protocols and treasuries. Running a concentrated liquidity position well means rebalancing as the price moves, and Arrakis Modular does that programmatically rather than leaving it to a team with a multisig.

The clients are mostly protocols managing liquidity for their own token, which explains the shape of the number here: it changes when a protocol restructures its liquidity rather than with retail flows. Arrakis runs on five chains.