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Ariah Klages-Mundt

@aklamun

25 Following
11 Followers
Ariah Klages-Mundt pfp
Ariah Klages-Mundt
@aklamun
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 pfp
Ariah Klages-Mundt
@aklamun
.@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
@aklamun
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 pfp
Ariah Klages-Mundt
@aklamun
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
@aklamun
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
@aklamun
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
@aklamun
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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Ariah Klages-Mundt
@aklamun
And again today. Between upcoming Rehype pools and increasing volume sourcing, GYD is shaping up as a nice alternative for risk-conscious LPs
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Ariah Klages-Mundt
@aklamun
Already soaking up all the zkEVM volume 👀
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Ariah Klages-Mundt pfp
Ariah Klages-Mundt
@aklamun
Just a few days later and seeing even higher volumes settling through GYD. Over 2.5m volume for GYD arising from independent swaps between USDC, USDT, DAI, and GHO. With routing from 1inch, CowSwap, 0x, Pendle, Metamask, and Kyber
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Ariah Klages-Mundt
@aklamun
The number of people holding more than $100 GYD has increased 500% in the last half of March. Most heard: people are still surprised by how liquid GYD is. @gyroscope gives you extremely efficient stablecoin liquidity while getting more resilient mechanisms basically for free.
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Ariah Klages-Mundt
@aklamun
How many other stablecoins can casually do over 100% of volume / circulating supply while remaining at peg? Goes to show how GYD is the most liquid stablecoin for its size.
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Ariah Klages-Mundt
@aklamun
LPs in GYD pools earn 5x SPIN and 25-41% currently from AURA/BAL rewards on @aurafinance While enjoying better LP diversification against depeg risks and servicing volumes through GYD.
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Ariah Klages-Mundt
@aklamun
@gyroscope is the most liquid stablecoin for its size thanks to the pairing GYD x E-CLPs. GYD packages safe capital efficiency and scalability in a decentralized stablecoin that is inherently liquid. E-CLPs make liquidity for GYD as efficient as it gets. These multiply
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Ariah Klages-Mundt
@aklamun
Gyroscope is the most liquid stablecoin for its size. You experience this when you go to 1inch and find that even large orders can be filled with immensely low price impact. Next up: scaling. With 50% growth in GYD in the last week. Try it out and earn SPIN points at spin.gyro.finance 👇
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Ariah Klages-Mundt
@aklamun
P.S. if you're up in arms about Ethena risks and looking for yield opportunities in something more focused on resilient design, there's a solution: @gyroscope GYD E-CLPs are the place to look for risk-adjusted yield. Good APRs from BAL rewards + boosted E-CLPs coming soon 👀
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Ariah Klages-Mundt
@aklamun
Some criticisms of Ethena seem misplaced once you appreciate the category distinction of what it is / isn't. It is: ✅ A strategy that takes on certain high risks for possibly high variable yield. It isn't: ❌ Designed to be a resilient stablecoin (e.g., compare to @gyroscope design) or a stable yield source.
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Ariah Klages-Mundt
@aklamun
GHO ↔️ GYD ↔️ USDT is already a competitive swap route. Even at times vs the currently larger GHO/USDT/USDC StableSwap pool. Showcases the power of @gyroscope's E-CLPs + the liquidity-by-design of GYD.
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Ariah Klages-Mundt
@aklamun
First volume through @gyroscope's GHO E-CLPs is for USDC/GHO but filled along the route: USDC ➡️ GYD ➡️ GHO Highlighting how GYD's liquidity-focused design makes it a great pairing asset with no cold start problem when it comes to liquidity.
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Ariah Klages-Mundt
@aklamun
Rewards just went live on three @gyroscope E-CLPs for GHO 👀 Look out for a formal announcement covering these pools soon. In the meantime, these pools can already be joined to earn substantial BAL incentives.
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