23015 (@23015) • Hey
23015 (@23015) • Hey
Publications
- It seems that @LionDEXOfficial, which claims to have implemented PVP AMM, has mainly done four things: 1. Implemented PVP AMM from the GMX X4 proposal. 2. Overlayed LP with GLP (in the X4 example, it's USDC) to earn extra yield (13/n)
- For example, if you open a long position on ETH and the ETH price rises, you may end up losing money. Therefore, educating users is necessary to avoid misunderstandings. (12/n)
- What challenges will PVP AMM face? 1. Cold start: There need to be enough traders for a good trading experience, which leads to the chicken-and-egg problem. 2. High barriers to entry: The complex mechanism makes it difficult for users to understand. (11/n)
- Regarding the single-side market problem, although GMX has no major issues during a bull run, as I mentioned in the previous post below, there may still be greater psychological pressure during a bearish market due to the GLP $ price decline. (10/n)
- The advantages of PVP AMM are as follows: 1. Pure alpha trading, just to be stronger than the competitors. 2. Traders can play without additional LPs. 3. It solves the so-called single-side market problem. If all traders trade the same, they won't make money anyway. (9/n)
- You need to make relatively more profit than the overall whole to truly earn money denominated in dollars And although it's said "Closed position" in X4 doc, I guess that it should be calculated block by block in reality, GMX just made it easy to understand for this (8/n)
- The core formula can be derived as follows: New GD Supply = GD Supply + Trader PnL/GD price New GD Price = TVL/New GD Supply In other words, PVP traders are whole, and if the overall profit of the traders is positive, it will drive up the supply of GD and lower the price. (7/n)
- Let's analyze the calculation logic, which imply that gains and losses are reflected in the GD quantity, as follows: Alice: 1000 + $10000 * 5%/null = 1500 GD Bob: 2000 - $20000 * 5%/null = 1000 GD New GD Supply = Alice + Bob = 2500 GD New GD Price = 3k USDC / 2500 = null.2 (6/n)
- 3. Now, there are 3k USDC / 3k GD in the LP pool, where 1 GD = null. 4. If ETH rises 5%, and both Alice and Bob close their positions, then Alice will have 1.5k GD, while Bob will have 1k GD. 5. Now, there are 3k USDC / 2.5k GD in the LP pool, where 1 GD = null.2 (5/n)
- GMX's X4 doc provides an example, which we will use as a starting point for analysis: 1. Alice puts up 1k USDC as collateral, mints 1000 GD and opens a long position worth $10k. 2. Bob puts up 2k USDC as collateral, mints 2000 GD, and opens a short position worth $20k. (4/n)
- The key to PVP lies in the word "relative". If GMX was originally a bet between GLP and traders, then PVP is a bet between traders. (3/n)
- The core concept of PVP AMM is: 1. Traders put their collateral into a pool. 2. Traders who make "relatively" more receive a larger share of the pool, while traders who make "relatively" less would lose money. (2/n)
- The war of Next-Generation Perp DEX is coming PVP AMM, a brand new trading model from @GMX_IO X4 proposal, has already been realized by a front-runner It's time to deep dive into PVP AMM. I derive the core formula from examples in the X4 doc, and tell you everything (1/n)
- Sometimes simple is beautiful. Don't waste your time to beat the market.
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