Arbitrum DeFi Ecology at a glance: Innovative Real Revenue Agreements and GMX's Remoras

Arbitrum DeFi Ecology: Innovative Real Revenue Agreements and Remoras on GMX

原文作者：Morty， 深潮 TechFlow

According to nbsp; DeFiLlama  Data show that Arbitrum's total lock-in value (TVL) in Layer2 ranks the first, for $1 billion. Of course, such excellent data is due to Arbitrum's ace protocol GMX.

Currently, GMX has a total locked-in value (TVL) of $415 million. According to Nansen's Gas Tracker, GMX is comfortably number one in Gas consumption. Therefore, Arbitrum has also appeared an interesting phenomenon -- DeFi innovation explodes, and most DeFi innovation focuses on GMX.

Next, this paper will select 9 potential DeFi protocols deployed on Arbitrum for decomposition.

TVL above 10M  

Dopex

Dopex is a decentralized European option agreement that is designed to maximize liquidity, minimize losses for option sellers, and maximize gains for option buyers. It is the passive provision of liquidity income by liquidity contribution participants.

To achieve this, Dopex is architecting two products, Single Staking Option Vaults (SSOV) and Straddles.

Based on   SSOV, the user has three options to buy a call/put option, or an option. Vaults  Provide liquidity and charge people to buy options.

And   Straddles  The function of "Straddles" allows users to profit from volatility, meaning users can profit on both upside and downside, or users can provide liquidity to Straddles for a fee.

In the Dopex product ecosystem, there are two tokens, namely DPX and rDPX.

DPX  Is a limited supply of governance tokens that accumulate fees and revenues through pools of liquidity, repositories, and escrow accounts. In addition, Dopex uses veToken governance model.

rDPX 是给补偿期权卖方损失的回扣 Token 。它可用于铸造合成资产，如指数基金和股票等。

Dopex currently has a total locked-in value (TVL) of $22 million and a Token market cap of $56 million, and is now officially announced to be deployed on Polygon.

Link: https://www.dopex.io/

Camelot

Camelot is a decentralized trading platform built on Arbitrum that focuses on long-tail asset trading.

To achieve ample liquidity in long-tail assets, Camelot has launched a product called Nitro Pools. Nitro Pools allows other co-op agreements to selectively allocate rewards to LP through spNFTs by setting parameters such as minimum LP amount, time lock, or whitelist, and so on. In other words, eligible LPS can get higher rewards.

Another feature of Camelot is that it uses dynamic and targeted exchanges to charge fees on a per-pair basis. For example, set a 0.01% purchase fee and a 2% exit fee. This will help stabilize volatility during extreme events. Dynamic fees allow the implementation of a system based on fluctuations in individual currency pairs. Camelot has designed the product to be friendly to other partnerships.

另外需要注意的是，Camelot 的原生 Token Grail 和 xGrail 的转换机制也比较特殊。xGrail 是生息资产，可以获得协议分红和加速挖矿速度，但它不能交易和转让。xGrail 持有者想要退出，则需要等待最少 15 天（2 xGrail：1 Grail 兑换），最多 6 个月（1 xGrail：1 Grail 兑换）的退出期。

Currently, Camelot has a total locked-in value (TVL) of $17 million.

Link: https://app.camelot.exchange/

Rage Trade

Rage Trade expects to build the most liquid ETH Perp and Arbitrum the most profitable stablecoin farm.

ETH perp  Powered by Uniswap v3, it provides users with a 10x leverage perpetual contract service by injecting Omnichain circulating liquidity into 80-20 vaults. The 80-20 vault is the liquidity source of Rage service. Users can provide liquidity to the vault by depository TriCrypto LP Token, ETH and USDC. 80% of the funds will be deposited into agreements such as Curve, GMX and Sushi to capture fees. 20 per cent to provide liquidity for Rage Trade.

The Delta Neutral Vault Stablecoin Farm provides liquidity to GMX with a neutral strategy to earn ETH rewards from GMX. Vault also implements hedging strategies on Aave + Uniswap, offering both risk-free and low-risk stablecoin pools.

Rage Trade currently has a total lock-in value (TVL) of $13.5 million, and no tokens have been released for this agreement at this time.

Link: https://www.rage.trade/

PlutusDAO

PlutusDAO is a governance aggregator on Arbitrum, similar to the Convex to Curve, which expects to capture value by participating in the ve governance of other agreements. Today, PlutusDAO has partnered with GMX, Dopex, Jones, and Sperax.

In product design, PlutusDAO constructs two types of assets, called plsAssets and plvAssets.

plsAssets  In relation to governance aggregation, maximizing liquidity, and rewards for users, users deposit assets (Jones, DPX, SPA) into PlutusDAO, which permanently locks these assets as Vetokens to be returned to users in the form of plsToken.

plvAssets  Is a vault product established to facilitate user use and maximize rewards. It also provides composability for other protocols. Users can deposit GLPS into the vault, convert them into PLVGLPS, and PLVGLPS can receive the vault's ETH compounding rewards and PlutusDAO's native Token rewards.

Currently, PlutusDAO has a total lock-in value (TVL) of $11 million and a Token market value of $2.9 million.

Link: https://plutusdao.io/

TVL below 10M  

Jones DAO

Jones DAO is a Yield, strategy, and liquidity protocol that features one-click access to institutional-level DeFi policies.

The Jones DAO is aimed at three types of users:

1. Users who do not want to actively manage their policies or who want to adopt the strategies of professional DAO strategists;

2. Users who wish not to lock up assets but to keep their deposits liquid;

3) The DeFi agreement, which seeks to earn extra revenue without having experts in Treasury management;

After the asset is deposited, the Jones DAO will provide a Jasset to the user, who can also use jAssets to earn additional revenue in other agreements.

Currently Jones DAO has a total lock-in value (TVL) of $3.74 million and a Token market value of $7.36 million.

Link: https://app.jonesdao.io/vaults

UMAMI

Umami, "Yearn on Arbitrum", released the V2 product after the V1 failed. In the V1 version, Umami used GMX as the bottom layer to capture around 20% of the revenue for the user's USDC by participating in the stablecoin portion of GLP, but the end result was that it failed in the huge fluctuations of ETH. However, the agreement reimburses the user for all damages.

Today, users receive 50 percent of the agreed revenue by pledging the Umami Token, paid in the form of WETH at an annualized interest rate of about 2.7 percent. (At present, these proceeds are generated from funds held in the agreement Treasury.)

On December 9th, Umami released the GLP Vaults  V2 Backtest data. The data is displayed in the Vault:

Annualized return on final strategy: 26.67%

Annualized return on benchmark strategy: 11.8 percent

Worst case loss: -4.55% (including trader PnL)

Average maximum Delta Risk: -1.29% (standard deviation 2.10%)

At the moment, Umami has not officially launched any new products under the agreement. Umami confirms, however, that DeFi Yield Vaults will be available in Q4 this year, offering USDC, BTC and ETH revenue services.

It's worth noting that USDC publisher Circle is also a partner with Umami. Currently, Umami Token is valued at $23 million.

Link: https://umami.finance/

GMD Protocol

GMD Protocol is an Arbitrate-based yield optimization and aggregation platform with products based on GMX and GLP designs that allow users to deposit WBTC, WETH, USDC in a Single Coin Staking vault while using those assets to buy GLPS, Then GLP income based on professional strategy is distributed to the pledgee.

The Staking staking staking staking staking has the advantage of eliminating the impermanent losses that customers would otherwise face if they purchased GLPS directly, and after staking the staking pool, they will harvest the gmdToken and participate in other DeFi operations.

GMD  Is the native Token of the GMD Protocol. The GMD pledge, while bearing the risk of GLP impermanent losses, also benefits from the loss of the GMX trader. The Staking staking staking staking staking will receive a percentage of the depositor profits.

In addition, there is another Token in the GMD Protocol ecosystem called   esGMD. esGMD will be used for OTC exchange of tokens when the GMD Protocol cooperations with other protocols. The tokens exchanged with esGMD will be returned to the GMD pledge. The esGMD pledge will also receive a higher share of the agreed income.

Otherwise, in the future of the Staking agreement, ESGMDs may be distributed as incentives to depositors staking insurance or to participate in bribery governance. If you want to convert ESGMDs to GMDS, you have to wait a year.

Currently, the total lock-in value (TVL) of the GMD Protocol is $3.01 million and the Token market value is $3.41 million.

Link: https://gmdprotocol.com/

Sperax USD

SperaxUSD is a 100% fully pledged stablecoin agreement, and the resulting stablecoin is called USDs. USDs can be generated by USDC, FRAX, or DAI collateral, and their competitive edge over stablecoins is the higher yield. The pledged USDC, FRAX, DAI will be sent to other DeFi agreements for revenue. USDs holders will automatically receive these benefits.

In addition to these gains, USDs holders can also head to Demeter to mine USDS-Token liquidity for higher returns. Upon redemption, the USDs holder is required to pay a 0.02% processing fee, which SperaxUSD Native Token SPA Pledge will receive. In extreme cases, the SPA can also act as a reserve for the USDs.

SperaxUSD adopts the ve governance model, and the agreement will periodically use 25% of the proceeds to buy back SPA from the market.

Currently, SperaxUSD has a total lock-in value (TVL) of $2.62 million and a Token market value of $8.77 million.

Link: https://sperax.io/

Buffer Finance

Buffer Finance is a decentralized binary options trading platform. Buffer is easy to use. All we need to do is select the strike price, expiration time, and "up" or "down" to participate in the trade, and choose the right direction. However, the Buffer platform is not liquid enough and there is no space for the whales to operate in.

In the Buffer product ecosystem, there are two tokens, BFR and BLP.

BFR  Are utility and governance tokens that can accumulate up to 30% of the fees generated by the platform.

BLP 是发行给流动性提供者的 Token ，可累积平台产生的高达 70% 的费用。

Currently, Buffer has a total lock-in value (TVL) of $110,000 and a Token market value of $1.72 million.

While Buffer's data is modest, its roadmap shows that the team is working hard to advance the protocol, so keep an eye on it.

Link: https://buffer.finance/

Other agreements

SwapFish  It is a copy of PancakeSwap, so it is not analyzed here.

Vesta Finance  It has also come into my sight. It is an over-pledged stablecoin protocol, but it is ignored because its assets are all volatile assets, such as gOHM, GLP and so on.

Mycelium (formerly TraceDAO) is also a decentralized perpetual contract trading platform, and although it also has a total lock-in value of over $10 million, it appears to have been affected by the FTX crash and announced layoffs on December 15, so it won't be covered in detail in this article.

The last

The advent of Layer2 has led to the development of more DeFi innovations due to the advantages of tier 2 Gas costs, speed, and security guaranteed by Layer1 Ethereum. This is also the main reason for the explosion of Arbitrum DeFi innovation, another main reason is the deployment of strong protocol GMX, GMX meets the needs of most of the chain traders, It has also led to the creation of spin-off products that build around GLPS -- remoras that live on the whale GMX, and remoras that fuel the liquidity of GLPS.

However, hidden worries also exist. GMX's TVL accounts for nearly 40% of Arbitrum's ecological TVL. If GMX is deployed in more chains in the future, or even learns Dydx to launch application chain, it will weaken Arbitrum's overall potential energy. Arbitrum needs to have new GMX constantly emerging.

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