解锁被动收益的新玩法 聊聊指数代币GLM

币圈资讯 阅读:47 2024-04-22 09:59:55 评论:0
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作者:NingNing,独立研究员 来源:X,@0xNing0x

消极交易+被动收益,是捕获年内即将到来的加密市场超级牛市beta收益的一个好策略。

目前流行的链上增强被动收益主要有两种:

--存ETH到LRT项目撸积分,可捕获ETH Staking收益、EigenLayer积分和参与的LRT项目积分;

--Perps DEX LP的杠杆/中性策略,可捕获LP手续费收入、LP底层资产潜在涨幅、Perps DEX的代币奖励和LP策略平台的代币奖励。

目前Pendle为Etherfi的eETH的潜在被动收益率定价为34.58%,KelpDAO的rsETH为34.50%,Renzo的ezETH为41.41%。

Perps DEX LP的杠杆/中性策略的收益率,我们以Arbitrum生态活跃的Vaultka @Vaultkaofficial为例,它提供的GMX V2 LP代币GM 杠杆策略的APR收益率为121.67%,中性策略的APR收益率为111.98%。

与存ETH到LRT项目撸积分相比,Perps DEX LP杠杆/中性策略除了收益率领先之外,还在本金多元化、收益自主性和退出流动性等方面具有优势。

但无奈现在LRT叙事热度Max,而且在大牛市初期市场共识无限Bullish ETH潜在上涨幅度和新资产EigenLayer和LRT项目的协议代币的未来估值。

某种程度上,存ETH到LRT项目撸积分,是伪装成被动收益策略的主动收益策略。

Perps DEX LP的杠杆/中性策略,则被动收益的味道更浓一些。此类协议也更专注于如何更好的提高被动收益,而不是炒热叙事做新资产发行。

还是Vaultka为例,它基于ERC-4626代币标准开发了GM的增强收益指数代币GLM,实现了在重新多样化资产配置的同时,同时继承GM的高资金效率具有的强价值捕获能力。

ERC-4626是一种用于DeFi协议金库的标准应用程序接口,提供存款、提款、赎回、转换份额、读取余额等等金库管理的通用函数方法。

作为ERC-4626标准金库代币的GLM,它由共80%的GMX V2 BTC-USDC交易对和ETH-USDC交易对的LP代币GM +共20% ARB-USDC交易对、UNI-USDC交易对和LINK-USDC交易对组成。

Vaultka的GLM、GMX V1的GLP和GMX V2的GM,存在如下图所示的合-分-合结构关系:

      ➹GM ➷

GLP           GLM

     ➷ GM➹

GLM支持用户使用USDC和GM充值,当用户充值USDC规模过大时,会动态转换为BTC-USDC交易对和ETH-USDC交易对的LP代币GM。

此外,Vaultka还设立了内平衡机制和外平衡机制,维持金库内LP资产比例的相对稳定和均衡。

最后简单介绍一下Vaultka这个项目,它是一家专注提供Perps DEX LP增强策略的DeFi协议,支持GMX、HMX、GNS、APX多家Perps DEX的LP收益增强。

目前团队与GMX关系比较铁,刚拿到GMX的10万 $ARB Grant,激励他们提供更多和更好的GMX LP收益增强产品。

Vaultka的经济模型也复刻了GMX的,质押协议原生代币VKA可以获得60%的协议收入且以USDC的形式发放。

24年2月,在被动收益这个细分市场中,LRT项目人声鼎沸,Perps DEX LP收益增强协议乏人问津。这种现象的背后,是市场的有效性呢,还是市场的错配?这其中有没有潜藏的坑,有没有潜在的Alpha机会?都值得思考一下。


The author, an independent researcher, is a good strategy to capture the income of the upcoming super bull market in the encryption market during the year. At present, there are two popular ways to enhance the passive income in the chain: the lever-neutral strategy that can capture the income points and the participating project points, the token reward that can capture the potential increase of the underlying assets of the fee income and the token reward of the strategy platform. The current potential passive yield is priced as the yield of the lever-neutral strategy. Let's take Eco-active as an example. The yield of the token leverage strategy provided by Eco-active is neutral. Compared with the deposit in the project, the leverage neutral strategy has advantages in terms of principal diversification, income autonomy and exit liquidity, but it is helpless now. Moreover, in the early stage of the big bull market, the market consensus has unlimited potential increase and the future valuation of new assets and project agreement tokens is disguised as a passive income strategy to some extent. The lever-neutral strategy of the active income strategy has a stronger flavor of passive income. This kind of agreement is also more focused on how to better improve passive income instead of speculating on new assets. For example, the enhanced income index token developed based on the token standard has realized the high capital efficiency inherited while diversifying asset allocation. It has a strong value capture ability. It is a standard application interface used in the agreement vault to provide deposit withdrawal redemption conversion share reading. Balance, etc. As a standard vault token, it consists of a common transaction pair and a token of a transaction pair. The existence of the sum of the transaction pair and the transaction pair as shown in the following figure supports users to use and recharge the tokens that will be dynamically converted into transaction pairs and transaction pairs when the user's recharge scale is too large. In addition, an internal balance mechanism and an external balance mechanism are set up to maintain the relative stability and balance of the asset ratio in the vault. Finally, this project is briefly introduced. It is an agreement that focuses on providing enhancement strategies to support multiple companies' income enhancement. At present, the team and relationship are relatively iron, and the economic model of the newly acquired products has been re-engraved. The pledged agreement, the agreed income that the original tokens can get, is distributed in the form of month and year. In this market segment of passive income, the project is buzzing. Is the income enhancement agreement neglected? Is it the market effectiveness or the market mismatch? Is there any hidden pit or potential opportunity worth considering? 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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