Coverage on Arbitrum.
About the editor: Spencer Noon is Co-founder & General Partner at Variant Fund.
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Coverage on GMX, TreasureDAO, Vesta, and Tracer.
📈 GMX generates $36.4m in total fees
Thanks to an innovative LP model, GMX leverages decentralized counterparty-risk clearing to provide zero-impact leveraged trades. With asset pricing integrity secured by decentralized price Oracles, users can experience an OTC-like trading experience - eliminating dependence on paired-LP tokens or a centralized orderbook means less slippage, and zero-price impact upon entry. While cumulative GMX users are tracking around 11.7k, the project intends to launch referral rewards soon and gain additional traction.
The GMX platform is propelled by a unique tokenomic mode: platform fees are split 30/70 between staked GMX/GLP, paid out in either wETH or wAVAX. This sustainable fee model has allowed GMX to grow and maintain an LP TVL of ~$338m to date.
GMX has handled ~$27.5b in organic trade volume to date. With their tokenomics and trader-first UX, the project continues to attract capital towards GLP, so that the platform's capacity to handle volume keeps pace with the growing demand for functional DEX products.
📈 TreasureDAO marketplace exceeds $268m in volume
TreasureDAO is building a decentralized video game console that comprises an open metaverse of communities powered by $MAGIC, the shared currency, and Treasures as composable NFT resources. Treasure is developing an expansive ecosystem stack that spans products/brands (games/metaverse projects), a community and social layer (governance and guilds), and infrastructure (marketplace, AMM). Since its launch in the fall of 2021, the number of unique addresses holding $MAGIC has grown to surpass 32k.
The $MAGIC-denominated Treasure Marketplace is the largest NFT marketplace on Arbitrum and has seen significant trading volume since its launch for a total of $268m.
The Atlas Mine is the main incentive program of Bridgeworld, TreasureDAO’s flagship product. By time locking $MAGIC, it provides stakers access to emissions. Today, over 75% of $MAGIC’s circulating supply (equivalent to $179m) is locked in the Atlas Mine.
📈 Vesta launched with $70m TVL in first week
Vesta unlocks value from assets that are not offered on other lending platforms and with a highly capital efficient structure. The project is “Layer 2-first,” meaning it was deployed initially on Arbitrum. The stablecoin of the protocol - Vesta Stable (VST) - has $10m in liquidity depth and consistently stayed on peg, reaching $400k in daily volume.
Since redemption was enabled on the front-end of the app, the stablecoin peg has stayed performed consistently with less than 0.35% deviation on the curve pool.
Collateral in the system has been on a slight downtrend. However, the project recently launched DPX and GMX as collateral (not shown below), and plans on adding Yearn interest-bearing assets in the near future.