Original title: "GMX Challengers》
Original source: DODO Research
Original source: DODO Research
Original Author: Flamie
https://dune.com/gmxtrader/gmx-dashboard-insights
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In the nearly one and a half years since its official launch, GMX has been operating under voices of doubt, but under the narrative of real yield, GLP's "gambling" model has gradually been accepted by people.
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1. Mummy Finance
forks of GMX
Mummy Finance is a fork of GMX supported by the Fantom Foundation. In terms of mechanism, Mummy Finance added the use of NFT to distribute esMMY in the distribution of cold start tokens and gave NFT holders 80% of the treasury FTM dividend. In terms of fee allocation, the proportion of MLP has been reduced from 70% to 60%, of which 5% is allocated to the development team, and 5% is used to repurchase and add Equalizer (Solidly fork) MMY-FTM LP. In addition, except that there is FTM in the MLP as a package of assets, the rest of the mechanism is the same as GMX.
https://app.mummy.finance/#/dashboard
2. Vela Exchange
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Inventory of 7 GMX fork projects: what innovations do they have?Different from GMX, Vela's asset price feed is relatively decentralized. Only some contract addresses have administrator status, which relatively reduces the risk of doing evil, and the price will fluctuate by more than 0.1% every minute or when the price fluctuates by more than 0.1% (forex is 0.02%) is refreshed.
Vela also adds a real-time funding rate that GMX does not have, which is calculated in real time after the user opens a position and is automatically deducted from the position.
Since there are no volatile assets, VLP holders only lose money when traders make money. 50% of the protocol fee is allocated to VLP holders in USDC, 10% is allocated to VLP stakers in eVELA, 5% is allocated to VELA stakers in USDC, 10% is allocated to VELA stakers in eVELA, and the remaining 25% % is owned by the project.
https://dune.com/unionepro/vela-exchange-stats
3. Mycelium
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Mycelium is a protocol backed by former BitMEX founder Arthur Hayes, which was merged by TracerDAO. Its GMX fork product is called Perpetual swap. Among them, the economic model of MLP is almost the same as that of GLP, the transaction fee of non-stable currency assets is 0.4%, and that of stable currency assets is 0.03%. MYC staking rewards come from a 10% platform fee with a 14-day withdrawal time. For the esMYC rewarded by the LP part, there is no multiplier reward for reinvestment; and the cycle of choosing linear redemption is shortened, which is 6 months compared to GMX.
https://swaps.mycelium.xyz/dashboard
4. MUX Protocol
image descriptionThe predecessor of MUX is MCDEX.In the process of completely transforming to GMX fork, the team made a very impressive change in its V2 version, that is, to be a Perp aggregator and build its own liquidity routing.
Inventory of 7 GMX fork projects: what innovations do they have?
In addition, MUX also aggregates users' stablecoins and volatile assets, uses a part of it for the liquidity of the derivatives market, and puts the rest in other interest-earning agreements to earn extra income for users. In the future V3 version, MUX will also support the function of cross-chain aggregation, unifying the liquidity of derivatives among Arbitrum, Optimism, BNB Chain, Avalanche and Fantom.
https://stats.mux.network/public/dashboard/13 f 401 da-31 b 4-4 d 35-8529-bb 6 2c a 408 de 8
5. Level Finance
image descriptionLevel Finance on BNBChain is also a very distinctive GMX fork protocol.
https://app.level.finance/
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https://app.level.finance/
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https://app.level.finance/analytics/overview
6. El Dorado Exchange
image descriptionOn BNBChain, in addition to Level finance, there is also a micro-innovative GMX fork — El Dorado Exchange.
El Dorado added the stablecoin EUSD backed by protocol fees to the concept of Level grading, with 60% allocated to ELP and 40% allocated to gEDE holders.
Since EUSD needs to maintain anchoring, there is also a Stake & Bond mechanism to maintain anchoring when the value of the collateral fluctuates:
When the price rises and the mortgage rate is greater than 100%, the Stake mechanism is enabled, and users pledge EUSD to get interest rewards, the total amount of EUSD increases, and the mortgage rate returns to 100%;
https://docs.ede.finance/tokenomics/usdeusd
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In terms of data, El Dorado's data is overwhelmed due to being too homogeneous with Level. El Dorado is already experimenting with multi-chain operation and will soon be extended to Arbitrum.In addition to the above protocols, there are also protocols like Metavault (Polygon), Madmex (Polygon), Tethys Perpetual (Metis), Lif 3 Trade (Fantom), OPX (Optimism)
Fork, which is basically homogeneous with GMX, runs on its own ecology. It can be seen that the vast majority of GMX forks are community projects. The "gambling" model between GLP and traders has been recognized by the community, accompanied by high LP incentives. Does such a number of forks remind you of Uniswap in Defi summer? What about the V2 fork wave?
Today's GMX still has many flaws: centralized oracle machine price feed, no bilateral funding rate, GLP open position limit, possible stampede of unilateral decline in bear market, also happened on Avalanche due to AVAX The price of the depth difference oracle is manipulated, causing GLP to suffer losses. In the past 20 years, Uni V2 has also been criticized: LP can only rely on the agreement to distribute coins to compensate for huge impermanent losses, there is not enough moat (Sushiswap Vampire Attack), and the utilization rate of funds is low.
It is foreseeable that the deficiencies of the above mechanism of GMX will soon be iterated by the synthetic asset version of X 4 or more flexible innovations will be made by the new protocol. Right now, there are several capital-backed and still under-the-radar protocols worth tracking:
Lighter, a derivatives protocol supported by a16z, the mechanism is unknown.
Vest Exchange, a GMX-like fork backed by Jane Street.
Perennial Labs, an AMM derivatives market supported by synthetic assets, many mechanisms are very similar to the X 4 version of GMX, but the underlying layer is Opyn.There is nothing to look forward to more than Perennial.Specifically, Perennial provides a permissionless tool for establishing a derivatives market, rather than simply providing a trading market.
https://perennial.finance/
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Through the peer-to-pool trading model, Perennial allows each public market to include three roles: market builder, liquidity provider, and trader. The document shows that the current Long-SQTH pool is operated by Opyn's multi-signature address. The other two markets: Ethereum's long and short markets, are managed by Perennial multi-signature addresses.First of all, as a market builder, only a part of the derivatives market fee will be collected as income, and will not be required to provide liquidity. For market builders, the parameters that need to be set include utilization rate curve, fee structure, leverage and maximum liquidity. Among them, the fee structure (opening and closing) and the maximum liquidity are relatively easy to understand.
The key is the two parameters of utilization curve and leverage.
https://perennial.finance/
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references
references
https://app.mummy.finance/#/dashboard
https://www.vela.exchange/
https://swaps.mycelium.xyz/dashboard
https://mux.network/
https://app.level.finance/
https://app.ede.finance/#/
https://perennial.finance/
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