With @GMX_IO v2 around the corner, there have been some difficult questions to answer:

- Will v2 displace v1?
- Will LPs continue to lose?
- Will Open Interest scale?
- Will GMX continue its market dominance?

👇👇 Well, let's get into it 👇👇 GMX v2 sets out to solve 3 problems:

- New Market Creation
- Trader PnL Exposure
- Scaling Open Interest

And the solutions are:

- Isolated LP collateral for each market
- Funding / Price Impact (minimize OI skew)
- Capital efficient LP (leverage/ADL)

That simple? Not quite..

In our effort to remain transparent, we've launched a stats page for our DN @GMX_IO vaults that covers daily/cumulative values for:

- Risk On/Off Returns
- Hedge Costs (Uniswap, GLP mint/redeem)
- Realized/Unrealized Trader PnL

👇👇 Let's dive in 👇👇

app.rage.trade/stats/vaults Over the last month, our DN vault has collected about $100k of GLP rewards:

- $85k to Risk On Vault
- $15k to Risk Off Vault

Last week we launched our DN @GMX_IO product.

Our $10M cap was hit in minutes!

So we spent the past week analyzing the performance. Let's have a look

👇👇👇👇 The returns for each vault can be broken down by:

Risk-Off Returns = GLP Yield Share + Aave Lending Interest

Risk-On Returns = GLP Yield Share + Trader PnL + Delta PnL - Hedge Cost

Its been a minute since I've done one of these

So here's @rage_trade's master plan:

"A guide to building @arbitrum largest stablecoin farm"

👇👇👇👇👇👇👇 Step 1: Real Yield w/ Deep Liquidity

- $GLP is the largest position on Arbitrum
- $GLP earns b/w 15-30% APY from fees
- $GLP has earned $40M+ from trader losses on @GMX_IO

Okay anon, it's announcement time!

Today we are unveiling @rage_trade , the first liquid, composable, and omnichain ETH Perp Swap.

👇👇 So why build another perp? 👇👇 Well there are 3 key problems in decentralized perps today:

- CLOB perps have bad incentives
- Fake volume driven by fake liquidity
- Bad payoffs for LPs

You can't talk about perps without talking about the king: @dYdX

Wonder why $DYDX has been down only?

👇 👇 Come at the king, best not miss 👇 👇 So what did we find?

- A stablecoin farm for pro MMs
- MMs inflate volume to maximize token yield
- As stable yields compress, tokens dump
- Chicken-egg problem solved via token

If you follow my perp threads, you've probably asked yourself:

"How does @GMX_IO make so much $$$?"

@0xCrema and I did the research for you

👇👇👇 A Quant's review of @GMX_IO 👇👇👇 So what did we find?

- No ponzi / fake trading volume
- GLP depositors make real money
- Arb'ers make money too but LPs make more
- 1 arb'er made nearly $4.2M
- Real retail usage (and its growing)

The most common response to our previous thread on the vAMM ponzi was:

"What about @perpprotocol v2?"

@0xDosa, @0xAthanase, and I went digging.

And the answers will surprise you!

👇👇👇👇👇👇👇 What did we find?

- Its hard for LPs to make money
- 10 traders make up most volume
- Team is losing money by LPing + trading

You've seen the overnight success, big volume, and big fees of vAMM perps like @perpprotocol v1 and @DriftProtocol

But what if I told you it isn't real?

👇👇👇 👇👇👇👇 So last month I got into a debate on this with @wireless_anon on @DriftProtocol and @perpprotocol v1 mech design

Soon after @0xtuba nersnipped me and @0xDosa into digging through the data.

When @0xtuba nerdnipes, you gotta oblige.

All credit goes to @134dd3v for the thorough code review.

So how is Sushi's Trident different from UNI v3?

👇👇👇

https://twitter.com/0xtuba/status/1438195176166641669

On ranges,

Lower ticks are assumed to be even while upper ticks are odd. This allows for code optimizations because a lower tick of one position can't overlap with an upper tick for another.

As we approach crypto ATH, it's worth asking yourself what's changed since 2017?

Well here's a brief history of people/events that brought us from 2017 to today

(A newcomers guide to the last crypto bear market)

👇👇👇👇👇 (1)

It all began with the perpetual swap in late 2017 - conceptualized/popularized by @CryptoHayes & @Bitmex co.

This one instrument has minted a handful of crypto billionaires, so it plays a pivotal role in our story!

One of the cool aspects of DeFi is that a single instrument (for ex: options) can have many different flavors.

Let's talk about 4 different flavors of options in DeFi

(@opyn_ , @HegicOptions , @PrimitiveFi , @CharmFinance) (1/4)

@opyn_ was the first dOptions protocol to come to market. Kudos!

Options Sellers mint fungible oTokens fully collateralized by stablecoins or underlying (calculated at the strike price).

A quick thread on $ETH vs $SOL

(from the perspective of an ETH/Solidity developer)

👇👇👇👇👇

https://twitter.com/petejkim/status/1321891517124931584

Concerns for both $SOL + $ETH

- Solana has a small validator set which opens it up to collusion attacks. Similar to EOS. It is less decentralized

- Fragmentation/Tradeoffs of $ETH L2s makes composability + fluidity of collateral a challenge going forward.