NeutralUNIUniswapUniswapHOODRobinhoodRobinhood

2w ago on

On all 3, Uniswap is already ingrained, with an established liquidity moat. Deeper pools give better execution, aggregators route to them, and flow follows. Aero has to win liquidity and flow starting from zero. Aero's edge is incentives: rewards priced in dollars, capped to projected revenue, and steered by stakers through Predictive Allocation. It's worked on Base, where Aero does 51% of DEX volume with 36% of DEX TVL. Aero is one to watch on these chains over the coming months.

Of the 3 new chains @aeroxyz launched on, Robinhood Chain has the most traction, at 2.7% market share. On all 3, Uniswap is already ingrained, with an established liquidity moat. Deeper pools give better execution, aggregators route to them, and flow follows. Aero has to win liquidity and flow starting from zero. Aero's edge is incentives: rewards priced in dollars, capped to projected revenue, and steered by stakers through Predictive Allocation. It's worked on Base, where Aero does 51% of DEX volume with 36% of DEX TVL. Aero is one to watch on these chains over the coming months.

NeutralUNIUniswapUniswapHOODRobinhoodRobinhoodLINKChainlinkChainlink

3w ago on

Metric isn’t a traditional AMM. It’s the infra layer for active AMMs, PropAMMs included. Easiest mental model: the Morpho of DEXs. Here is how it's structured: 1️⃣ Public or private pool? 🔹 Public: join as an LP, or run the pool as a curator. Carcosa is the largest verified curator right now 🔹 Private: usually a market maker trading its own capital. Pair it with your own pricing logic and you’ve got a PropAMM 2️⃣ How does the pool price? 🔹 Oracles like Chainlink or Pyth 🔹 Your own proprietary price logic The big LP pain point has always been re-adjusting your range every time price moves. Metric removes that. You set your liquidity bin once and it follows the reference price. 3️⃣ Plug in up to 7 extensions per pool (think Uniswap v4 hooks) 🔹 Deposit allowlist 🔹 Trading-hours limits 🔹 Points system 🔹 Priority fee cap 🔹 Velocity Guard against oracle manipulation 🔹 Stop Loss to cap LVR losses Each one is another lever for LP protection and profitability. 4️⃣ Set the economics. There are 3 fees 🔹 Half-spread fees, split between LPs, the curator and Metric 🔹 Bin fees, split the same way 🔹 Notional fees, off by default, paid to Metric LPs never claim anything. Fees compound straight into your position. There’s a lot more under the hood. If people want it, I’ll do a deeper teardown in a future article.

Metric just went public, and it’s already doing ~20% of Robinhood stock-token DEX volume today, with close to $2M of liquidity sitting in its pools. Metric isn’t a traditional AMM. It’s the infra layer for active AMMs, PropAMMs included. Easiest mental model: the Morpho of DEXs. Here is how it's structured: 1️⃣ Public or private pool? 🔹 Public: join as an LP, or run the pool as a curator. Carcosa is the largest verified curator right now 🔹 Private: usually a market maker trading its own capital. Pair it with your own pricing logic and you’ve got a PropAMM 2️⃣ How does the pool price? 🔹 Oracles like Chainlink or Pyth 🔹 Your own proprietary price logic The big LP pain point has always been re-adjusting your range every time price moves. Metric removes that. You set your liquidity bin once and it follows the reference price. 3️⃣ Plug in up to 7 extensions per pool (think Uniswap v4 hooks) 🔹 Deposit allowlist 🔹 Trading-hours limits 🔹 Points system 🔹 Priority fee cap 🔹 Velocity Guard against oracle manipulation 🔹 Stop Loss to cap LVR losses Each one is another lever for LP protection and profitability. 4️⃣ Set the economics. There are 3 fees 🔹 Half-spread fees, split between LPs, the curator and Metric 🔹 Bin fees, split the same way 🔹 Notional fees, off by default, paid to Metric LPs never claim anything. Fees compound straight into your position. There’s a lot more under the hood. If people want it, I’ll do a deeper teardown in a future article.