Ariah Klages-Mundt

@aklamun

26 Following

14 Followers

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Ariah Klages-Mundt

This chart perfectly captures @gyroscope's growth over the last two months. In particular on @base. Gyroscope's Volatile Pairs, the new flagship product, are already generating $4M annualized swap fees and growing 130% MoM. And a lot more coming up.

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Ariah Klages-Mundt

Dynamic CLPs are doing amazing stats for the crypto majors (ETH and BTC pairs) and will keep scaling. But where is the next 1000x liquidity opportunity? Onchain currency markets (forex). Dynamic CLPs were designed for this. - FX volumes $2T/day >> $8B/day total on DEXs today - FX penetration onchain is tiny today, only 0.0005%. Bringing just 1% onchain would grow the pie of total DEX markets today by 2.5x -- plenty of room for Gyroscope to grow into. FX markets are the most liquid markets in the world but at the same time some of the least competitive for consumers to access. You can trade SPY/USD for 1 cent spread (< 1bp), but typical EUR/USD trades cost 50-300bp for consumers. If the volume routes onchain, onchain LPs can outcompete this. In addition to democratising access to liquidity provision, stablecoins can also offer more efficient settlement structures in at least some use cases.

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Ariah Klages-Mundt

Why are @gyroscope's Dynamic Pools so good? It's partly the tech and partly how we use the tech. You need both - tech designed to make efficient strategies easy to access - a team with deep expertise who knows how to calibrate the tech to achieve good strategies

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Ariah Klages-Mundt

How are @gyroscope's new Dynamic Pools doing? Here's ETH/USDC on Base measured by market making PnL (TVL-adjusted markouts). Noticeably the best performance for this pair at the pool level. And it serves passive LPs. Let's walk through what this means 👇 **Why markouts?** Markouts compare the execution prices LPs receive in a liquidity pool against the ‘true’ prices on CEXs. - Positive markouts means LPs are making a trading profit. - Negative markouts means LPs are leaking value to arbitrageurs.

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Ariah Klages-Mundt

Gyroscope's Dynamic E-CLP on Base doing stellar in its first day: - 200% Volume/TVL on a wide range, low concentration risk pool - 2.8x more swap fees earned than incentives - Market making PnL (markouts) positive

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Ariah Klages-Mundt

Markouts from @gyroscope's ETH/USDC E-CLP on Base. This pool was live early this year (before going out of range — the flat part at the end). Shows how a passive pool can be profitable. Gyroscope’s Dynamic Pools are designed to replicate the success of this pool.

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Ariah Klages-Mundt

. @gyroscope's Volatile Pair pools have made 30-150% swap APRs possible for passive LPs. Next up: double that. Volatile Pair 3-CLPs will introduce 100% efficiency improvement. The first-ever pool type for concentrating liquidity 3-ways. Coming soon

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Ariah Klages-Mundt

$GYFI is launched, but there's more on @gyroscope's roadmap. Coming shortly: - Dynamic Pools: make efficient LPing for Volatile Pairs even simpler - Volatile Pair 3-CLPs: 100% efficiency boost by concentrating liquidity across 3 assets (first of its kind)

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Ariah Klages-Mundt

Long time coming. Excited about this one, and what's coming up next with Gyroscope's Volatile Pairs

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Ariah Klages-Mundt

. @gyroscope pools let you passively LP in the highest yielding concentrated liquidity markets. And it is usually among the highest. ETH/USDT on @base is today doing more fees/TVL than almost any other pool while remaining passive and wide range.

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Ariah Klages-Mundt

How superliquid is @Gyroscope? GYD is brand new on @base and already turning over 3.8x its circulating supply in the last 24 hrs. With a swap volume of ~$700K. Demonstrating its ability as a uniquely liquid hub asset.

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Ariah Klages-Mundt

The concentrated liquidity LP trade in key very-high-volume markets can generate a lot of fees. Gyroscope's E-CLP is very good at democratizing this, and has been showing that it can outperform Uniswap and Aerodrome for passive LPs. A flywheel for scaling Gyro

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Ariah Klages-Mundt

Few know that @gyroscope is a revenue machine. From one small (600k) volatile pair E-CLP alone, Gyro is already generating over 500k USD annualized in protocol revenue. Imagine when these pools 10x, 100x, 1000x. Soon Most midcurve thing you can do is phase Gyro

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Ariah Klages-Mundt

I'll be speaking at @devcon about superliquid stablecoin mechanisms. Will be sharing: - what has/hasn’t worked in decentralized stables liquidity - innovations that can help them compete with USDT/USDC liquidity - A new liquidity engine in @gyroscope v2 that ups the game 👀

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Ariah Klages-Mundt

.@gyroscope's liquidity utilization rates are among the highest across DeFi today: - USDC/GYD utilization = 401% - USDC/USDT Uniswap = 57% - Curve 3-pool = 50% Further, the highest stablecoin volumes on Balancer today, other than Ethena, are settling via GYD 👀

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Ariah Klages-Mundt

E-CLPs give better *liquidity profiles* for trading pairs. Here's how the liquidity profiles compare for this rETH/wstETH pair.

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Ariah Klages-Mundt

GYD superliquidity showcased in today's volatility - GYD swap velocity at 500% of circulating supply - GYD pools doing up to 20x utilization while most major stablecoin pools at 2-3x - Smooth and stable, within 2bp of peg @gyroscope was built to weather storms like today

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Ariah Klages-Mundt

LPs and DeFi projects can both agree: Rehype yields are good. More native yield for LPs 🤝 lower cost of capital to incentivize liquidity If you're not Rehyping on Arbitrum already, you should really consider it.

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Ariah Klages-Mundt

A few thoughts we have when we calibrate liquidity pools for LSTs/LRTs. Relevant with the (not unexpected) ezETH depeg. There is a trade-off between LP efficiency and having deep liquidity at depeg prices. There's also a misconception that you need liquidity everywhere. 🧵👇

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Ariah Klages-Mundt

What does capital efficiency look like? This is it. @gyroscope's GYD's design makes it the most liquid stablecoin for its size while keeping the structure decentralized and more resilient than other stablecoins.

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