解析APX Finance：55%的高收益来源于哪里？
我曾经聊过一次 APX Finance ，23 年 10 月 15 日到现在 $APX 涨了将近两倍。今天我们换个角度，来聊聊 ApolloX（现在改名为 APX Finance）的 ALP。
如今， $ALP 的 Staking 收益已经达到 55%。而它的竞品 $GLP 的收益率是 13%，前段时间推出 Token 的 $VRTX 质押（非 LP Token，而是协议治理 Token）的收益率是 47%。
这类 LP Token 质押，或者原生治理代币质押的收益往往来自于衍生品协议的手续费收入，以及代币的通胀奖励。ALP 便是如此。它能够超越 GLP 和 Vertex 代币质押 APY 的直接原因就是，它的收益是由 Fee 收益（真实收益）和代币通胀组成的。但值得一提的是，协议带给 ALP Staker 的真实收益要远高于通胀奖励。
ALP 的构成相对 GMX v1 GLP 而言也更加稳定，稳定币占比已经超过了 80%，受到 Crypto 市场波动的影响较小。
同时，ALP 的价格也一直在稳步上涨。其上涨动力来源于 Trader 的亏损。据 Dune 数据显示，目前 Trader 已经亏损了 1.48M USD，这部分也将归为 ALP 的收益。
Trader 的亏损可能来源于以下两个方面：
市场行情转牛，市场风险偏好抬升，用户&交易频次的增长。
APX Finance 推出了 Degen 模式，适合风险偏好更高的 Trader。Degen 模式的高杠杆更像是赌博，而非做交易。我们可以从图表中看到，500ETHUSD、500BTCUSD 在其整体 Trend 中的占比。
其次，APX Finance 最近又推出了 Dumb 模式。Dumb 模式允许用户预测各类资产在限定时间（60s、5m、10m）的价格变化，如果到期价格大于进入价格，即可获得 70%、85% 和 88% 的收益。但如果到期价格小于进入价格，用户则会损失 100% 的本金。
引入 Degen、Dumb 模式本质上是在为用户提供一种更加新鲜，且风险更高收益更高的产品，变相地推动了交易频率和交易量的增长。
因此，在这两种新产品和基本盘（比如拓展到 Arbitrum、opBNB、Base 链上）的推动下，协议收入提升，ALP 价格增长 + 费用收入提升。ALP 价格增长，更多人购买 ALP，深度更好，用户交易体验更好。
而协议又会拿收入来回购 $APX ，回购的 $APX 一部分会分配给 $APX Staker，另一部分会直接销毁。这样 $APX 的价格也会起来。
整体来看， $APX 和 $ALP 的价格表现和费用收入表现都是由 APX Finance 产品和数据推动的，可以多关注一下 Perp DEX 和 APX 的 Dune 数据仪表盘。
I once talked about it, and it has nearly tripled since the day of the month. Today, let's talk about it from another angle. Now the income of its competing products has been achieved, and the yield of its competing products is not the pledge launched some time ago, but the yield of agreement governance. Where does the high income come from? The income of this kind of pledge or original governance token pledge often comes from the handling fee income of derivative agreements and the inflation reward of tokens, which is the direct reason why it can surpass and pledge tokens. However, it is worth mentioning that the real income brought by the agreement is much higher than the composition of inflation reward, and the proportion of stable currency has exceeded where the high income comes from, which is less analyzed by market fluctuation, and the price has been rising steadily. According to the data, it has been lost at present, and this part will also be classified as where the high income comes from. In the following two aspects, the market situation turns to bull market, the risk appetite rises, and the user's transaction frequency increases. The high leverage suitable for the model with higher risk appetite is more like gambling than trading. We can see from the chart where the high income from the analysis of its proportion in the whole comes from. Secondly, the model mode has been recently introduced, which allows users to predict the price changes of various assets in a limited time. If the maturity price is greater than the entry price, they can get the sum income, but if the maturity price is less than the entry price. The introduction mode of principal that users will lose when they enter the price is essentially to provide users with a fresher product with higher risks and higher returns, which has promoted the increase of transaction frequency and volume in disguise. Therefore, under the impetus of these two new products and basic disks, such as expanding to the chain, the income of the agreement will increase, the price will increase, the fee income will increase, the price will increase, more people will buy it, the user's transaction experience will be better, and the agreement will use the income to buy back, and one part of the repurchase will be distributed to the other part, which will be directly sold. Destroying such prices will also rise. On the whole, the price performance and expense income performance of Harmony are driven by products and data, so you can pay more attention to the data dashboard of Harmony. 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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