Degens Rotate their Capital From a Narrative to the Other On a Daily Basis - LSDFi, RWAs, GambleFi, SocialFi, New L2s
Narrative Changes, What Doesn't Change is the Love for a Good Perp DEX
Here are the ššØš© š ššš° ššš«š©š¬ to Keep an Eye on š
Criteria for Choosing the Projects
ā¢ Relatively New Perps (1-3 months launched or not yet launched)
ā¢ Clear Upcoming Catalyst(s)
ā¢ Great Sentiment or No Negative Sentiment
ā¢ Has Key Differentiation(s) from Peers
ā¢ Low-Mid Caps
1/
1ļøā£ @HMXorg
HMX is a very unique perps on Arbitrum that's built on top of GMX's GLP.
HLP holders earn yields from both GMX & HMX since 90% of HLP is composed of GLP
The way HMX sets up their GTM incentives is a blend between Vela's Hyper VLP + Level Loyalty Program Flywheel
2/
Combining successful aspects of the previous season's perps, integrating them into HMX
Metrics (from 1st Aug)
- TVL: $8m (from $1.4m)
- 7d Avg Daily Vol: $11m (from $2m)
- MCap: ~$7m
Phase 4: Full-Scale Launch just goes Live Today with full-on incentives
3/
2ļøā£ @HyperliquidX
Hyperliquid is an Onchain Orderbook Perp. Orderbook allows for higher capital efficiency, tighter spreads, and allows Hyperliquid to add longer tail assets (HPOS, RLB, YGG, etc) without the risk of oracle manipulation
Users can deposit liquidity to HLP or
4/
Set up their own market making strategies, taking % revenue share from the vault. Team's strategy vault (HLP) currently offers 450% APR
Metrics (from 1st Aug)
- TVL: $m (from $3m)
- 7d Avg Daily Vol: ~$60m (from ~$40m)
No announcement of Hyperliquid token yet
5/
3ļøā£ @goodentrylabs
Good Entry is a Protected Perps on Arbitrum. This is an entirely new Defi Primitive where traders don't get liquidated with sudden price movements, but instead -- with time
Good Entry is in the New LPDfi Narrative (Liquidity Provisioning Derivatives)
6/
Users provide liquidity in ezVaults which are built on top of Univ3 Liquidity Positions
Liquidity Providers earn Univ3 Swap Fees + Borrow Fees (Paid by Traders) + $GOOD Token Incentives
ezVaults are Earning 120% APR atm + Retroactive $GOOD. Tokens aren't out yet
7/
4ļøā£ @vertex_protocol
Vertex is a Hybrid Orderbook-AMM DEX with unified margin between Spot, Perps & Money Markets
Vertex Spot & Perps fees is One of the Lowest at 0.03% & 0.02% vs GMX fees of 0.05% - 0.07%
Vertex also offers "Leveraged Spot" with up to 20x
8/
Leveraged Spot let you achieve similar leverage to perps but let you to own the asset w/ lower oracle manipulation risks, and cheaper fees
Metrics (from 1st Aug)
- TVL: $9m (from $8m)
- 7d Avg Daily Vol: ~$50m (from ~$30m)
The only way to earn token is via Trading on Vertex
9/
5ļøā£ @KTX_finance
KTX is a Spot & Perp DEX that's originally BSC-based. KTX recently expanded to Mantle, receiving Mantle Grants
Just like GMX and it's Ecosystem of Protocols building on top of GMX on Arbitrum, KTX's Vision is to create a comprehensive Defi Eco on Mantle
10/
KTX was invested by @hashed_official in a $4m Seed Round in July.
Metrics
- TVL: $2.3m
- 7d Avg Daily Vol: ~$4m
- MCap: $1m
Stake KTC & KLP to earn 265% & 169% APR respectively. Accumulating KTC could be a GigaBrain move considering its launch on Mantle is fast approaching
11/
If you look at Mantle Eco, Top Defi Protocols are mainly DEXes. There's a gap to be filled for Perp DEX
Before we see KTX team building out more Structured Products, we'd likely see more trading features getting fleshed out (Multi-asset Swaps, Complex Orders, Copy Trading)
12/
Additionally, there'll be the 4th Trading Competition with $50,000 USDT Prize Pool from 15 Aug - 13 Sep
Traders will be ranked according to their Trading Points āØ which depends on ROI %, Trading Volume, $KTC Multiplier
13/