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DODO Research: What are the challengers to GMX?

2023-03-16 17:26

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原文标题：《 GMX 的挑战者们》

原文作者：DODO Research

Since the launch of Binance, a GMX Token, in 22 years, the GMX data has hit new highs. To date, GMX's total transaction volume has exceeded $100 billion, AUM has exceeded $1 billion, unique addresses have exceeded 160,000, and distribution fees to users have exceeded $100 million.

GMX

https://dune.com/gmxtrader/gmx-dashboard-insights

For nearly a year and a half since its launch, GMX has been operating under the voice of skepticism, but under the narrative of real yield, GLP's "bet against" model has gradually been accepted by people.

Up to now, Defillama has counted nearly 20 online GMX fork protocols, distributed on different chains. Below, we will select seven representative projects for inventory.

GMX

GMX mechanism diagram

GMX

forks at GMX

1. Mummy Finance

Mummy Finance 是由 Fantom 基金会支持的 GMX fork。机制上，Mummy Finance 在冷启动 Token 的分发上新增了使用 NFT 发放 esMMY 并给予了 NFT 持有人 80% 的国库 FTM 分红。在费用分配上将 MLP 的比例由 70% 下调至 60%，其中 5% 分配给开发团队，5% 用于回购并添加 Equalizer（Solidly fork）的 MMY-FTM LP。此外，除了 MLP 中有 FTM 作为一揽子资产外，其余机制与 GMX 相同。

To date (as of March 5), Mummy finance has racked up over $400 million in transactions and MLPS have racked up nearly $15 million in TVLS, generating around $780,000 in fees. The numbers are not impressive.

GMX

https://app.mummy.finance/#/dashboard

2. Vela Exchange

Vela Exchange was formerly known as Dexpool, an OTC marketplace. Vela is not exactly a GMX fork in the strict sense, but incorporates the mechanics of the Gains Network. Emulating Gains' gDAI, Vela forged a VLP using USDC and was able to further mortgage for eVELA. Vela allows users to trade a wide variety of assets and allows users to manage more positions, such as multiple stops in the current position, changing the amount of collateral in the position at any time, increasing the leverage of the open position at any time, and so on.

GMX

Unlike GMX, Vela's asset pricing is relatively decentralized, with only some of the contract addresses having administrator status, which reduces the risk of malpractice, and the price is refreshed every minute or when the price fluctuates by more than 0.1% (or 0.02% in FX). Vela also adds a real-time money rate that GMX does not have, which is calculated in real time after the user opens a position and automatically deducted from the position.

Since there are no fluctuating assets, the VLP holder loses money only when the trader gains. 50% of the Agreement Fee shall be distributed in the form of USDC to the VLP Holder, 10% in the form of eVELA to the VLP Pledge, 5% in the form of USDC to the VELA Pledge, 10% in the form of eVELA to the VELA Pledge, The other 25% belongs to the project.

So far, VC-backed Vela has seen nearly $3 billion in transaction volume in the first few weeks of its launch, generating only $1.5 million in transaction fees. In line with the recent transaction incentive activity, Vela figures still show a clear upward trend.

GMX

https://dune.com/unionepro/vela-exchange-stats

3. Mycelium

Mycelium is a protocol backed by former BitMEX founder Arthur Hayes that was merged from TracerDAO. Its GMX fork product is called Perpetual swap. The economic model of MLPS is almost the same as that of GLPS, with transaction fees of 0.4 percent for non-stablecoin assets and 0.03 percent for stablecoin assets. MYC Pledge rewards come from a 10% platform fee with 14 days to withdraw. For the LP part of the reward esMYC, there is no multiplier reward for reinvestment; Moreover, the period of choosing linear redemption is shortened, which becomes 6 months compared with GMX.

In addition, the biggest difference with GMX is that Mycelium claims to be able to trade a wider variety of foreign exchange, commodity futures, etc., but currently only supports WTI crude oil futures except BTC and ETH. To date, Perpetual swap's TVL is only about $6 million, but its total transaction volume has reached $1.7 billion, generating over $1.6 million in agreement fees.

GMX

https://swaps.mycelium.xyz/dashboard

4. MUX Protocol

MUX was formerly known as MCDEX. In the process of making a complete transition to GMX fork, the team made a very notable change in the V2 version of the Perp aggregator, which built its own mobility route. Allow users to open a leveraged position to a reasonable allocation of different derivatives agreements. In the process of aggregating trades, MUX provides users with additional margin to protect against losses due to differences in maximum leverage and clearing thresholds supported by different platforms.

GMX

In addition, MUX aggregates its users' stablecoins and fluctuating assets, using some of them for liquidity in the derivatives market and the rest in other interest-bearing agreements to earn additional revenue for its users. In a future version of V3, MUX will also support the capability of cross-chain aggregation, unifying derivative liquidity between Arbitrum, Optimism, BNB Chain, Avalanche, and Fantom.

To date, MUX has shown a healthier and more stable growth trend than other fork protocols, with 7-day transactions exceeding $60 million and more than 10,000 unique addresses.

GMX

https://stats.mux.network/public/dashboard/13f401da-31b4-4d35-8529-bb62ca408de8

5. Level Finance

Level Finance on BNBChain is also a very featured GMX fork protocol. Level uses the idea of structured fund to assign different incentives and income distribution to a package of assets of different proportions, and provides users with a variety of ETF choices with different proportions.

GMX

https://app.level.finance/

值得注意的是，Level 采用了双 Token 模型，LVL 作为激励 Token 补贴所有 Tranche，LGO 作为纯治理 Token 参与 50% 协议费用的再分配（另 50% 通过 lyLVL 分配给所有 Tranche）。此外，Level 基本的非稳定币资产的交易费用为 0.2%，稳定币资产为 0.01%，动态范围为 0 - 0.6%。

GMX

https://app.level.finance/

截至目前，交易员为 Level finance 贡献了超过 30 亿的交易量，数据虽不如 Vela 爆炸，但也稳定运行了近 2 个月，但其双 Token 的博弈设计还有待考验。

GMX

https://app.level.finance/analytics/overview

6. El Dorado Exchange

On BNBChain, in addition to Level finance, there is a minimally invasive new GMX fork called El Dorado Exchange. El Dorado added to the hierarchical concept of Level the stablecoin EUSD, which is supported by agreement fees, with 60% distributed to ELP and 40% to gEDE holders.

Since EUSD needs to maintain anchoring, there is also a Stake & to maintain anchoring when the value of the collateral fluctuates; Bond mechanism:

当价格上涨抵押率大于 100% 时，启用 Stake 机制，用户质押 EUSD 获得利息奖励，EUSD 总量增加，抵押率回到 100%；当价格下跌抵押率低于 100% 时，Bond 机制启动，用户将 EUSD 出售给协议获得相当于打折的 EDE Token 。协议销毁用户出售的 EUSD，并将抵押率逐渐拉回 100%。

GMX

https://docs.ede.finance/tokenomics/usdeusd

In terms of data, El Dorado is one head behind because it is too homogenous with Level. El Dorado has been experimenting with multi-chain running, which has been expanded to Arbitrum.

In addition to the above agreements, There are also forks that are basically identical to GMX such as Metavault (Polygon), Madmex (Polygon), Tethys Perpetual (Metis), Lif3 Trade (Fantom), and OPX (Optimism) They run on their own ecology. The vast majority of GMX forks are community projects, and the GLP "bet" with traders has been accepted by the community. With the high LP incentive, does this number of forks remind you of the Uniswap V2 fork wave in Defi summer?

Today's GMX still has a number of drawbacks: centralized predictors' prices, no bilateral funding rates, limits on GLP open interest, the possibility of a stampede in a bear market, and the fact that GLPS suffered losses at Avalanche due to AVAX depth differential predictors' price rigging. Uni V2 has also been criticized for 20 years: LP can only compensate for large capricious losses through the agreement cast money, lack of adequate moats (Sushiswap Vampire Attack), and low utilization of capital.

It can be expected that the deficiencies of the above mechanisms in GMX will also soon be iterated with synthetic asset versions of X4 or more flexibly innovated by new protocols. Right now, there are a few capitalised deals worth tracking that are still not widely noticed:

Lighter, a derivative agreement supported by a16z, mechanism unknown. Vest Exchange, the Jane Street-supported class GMX fork. Perennial Labs, which launched a synthetic asset-backed AMM derivatives market, had many mechanisms very similar to the X4 version of GMX, but at the bottom was Opyn.

Nothing is more worthy of expectation than Perennial. In particular, Perennial provided a vehicle to set up a derivatives market without a licence, rather than simply providing a trading market. It sets a set of rules for trading derivatives and allows anyone to set up their own market by setting key parameters.

GMX

https://perennial.finance/

Perennial uses a point-to-pool trading model to make each open market a market builder, liquidity provider and trader. The documentation shows that the current Long-SQTH pool is operated by Opyn's multi-sign-on address. The other two markets, the long and short markets in Ethereum, are managed by Perennial multi-signature addresses.

First, market builders would receive only a portion of derivatives market fees as income, and would not be forced to provide liquidity. For the market builder, the parameters that need to be set include the utilization curve, expense structure, leverage, and maximum liquidity. Among them, the cost structure (opening, closing) and maximum liquidity are relatively easy to understand, and the key is the utilization curve and leverage two parameters.

Utilization curve, that is, the functional relationship between market utilization and capital rate. Perennial said this parameter referred to the Aave and Compound relationship between the loan utilisation rate and the interest rate. In Perennial, traders were required to pay the liquidity provider for funds. The higher the utilization rate is, the higher the capital cost will be. However, a low growth rate will be maintained before 80%. After 80%, in order to balance the liquidity on both sides of the market, the capital cost will rise significantly. While the market is only long and short PvP, all the design is in line with the GMX X4 concept.

GMX

https://perennial.finance/

Perennial is in its early stages, and should GMX X4 emerge, the two would be direct competitors.

Overall, GMX was not fully accepted by the community until a year and a half after its launch, and the whole process of "value" discovery was very similar to the emergence of Uniswap. Maybe at some point, it's not that a track can't run, but it's not time.