Arena System , For Competitive PvP to spice things up (SOLO PVP)

The Arena System that I have in mind is more or less so the Traditional Arena System that you are thinking about

It's a simple as , Queue Up > Win > Gain Points in Leaderboard > Get Rewarded for your Rank at the end of a Split

Arena systems have been around in every other MMO , so we are all familiar with this concept ... and so it saves me time to explain what it would be

so w/o further ado

The System for Arena Queue's would be simple af , Third Island or in other Higher Lvl Islands in future updates

You can always Queue Up anytime NO ELO system... Requirements to Queue Up is being Lvl 50 + Queue Cooldown of 5 Minutes ( For the Battle Injuries waiting time )

You Win that's 10 Points added your Ranking Score for Arenas, Losing of course Lowers it by 5 Points
Tracking Leaderboards would prolly be the biggest Coding/Web Design Hurdle

The Rewards System would be quite Simple as well... A Duration of an Arena Leaderboards would only last 2 Weeks at Most
More Wins = Higher Rank = MORE Rewards

Top 10 Gets MORE OVERALL Rewards... Getting increasingly better as you get to the top, (Only top 10 because Player Counts are at an all time Low)

The actual Rewards would Keys of Varying Rarity + Soul Essences for Everyone that has a Participated

Baseline Rewards for Arena Rankings would be starting from Rank 101+ (LOWERED IF PLAYER COUNT DOESN'T MATCH) 
• 1 Common Key •
• 10 Soul Essences •
• 1 Arena Token •
 
Ranks 1-100 gets increasing rewards 
I.E Rank 1 to 10 / Rank 11 to 25 / Rank 25 to 50 / Rank 50 to 100

Arena Tokens! they are gained by Participating in the Arena... The higher your Rank is the More Tokens you Receive at the end of an Arena Split

They could be used to buy a Variety of Items like Keys , Soul Essences ,
Drip & Many More... Like Titles for extra bragging rights...Top 10 in leaderboards Unlocks Titles they can Buy for the time being.

But yes with all Systems there are always Obvious FLAWS as There is No Perfect System

Boosting will become Prevalent , and If proven that the specified player is indeed Boosting... a Ban Hammer will suffice xD or Force Reset the Character after 48 hours of the player not Appealing against the Decision made.

Mods would be required for Monitoring Players in Queue's...

But that is the Idea of possible Arena System that Fits Pirate Souls IMO