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UniV3-Fi Series Research Report I: 30+ Track project overview and development prospects

JamesX

2023-04-12 15:49

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原文标题：《 UniV3-Fi 系列研报 #1：30+赛道项目纵览与发展展望》

Original article by JamesX

Uniswap V3 license 过期后，V3 Forks 以及其它集中流动性 DEX 的发展，将会拓宽整个 V3-Fi 赛道的容量，因此原有的基于 UniV3 的 DeFi 协议，将会在短时间内迎来更多的场景拓展。我为大家整理了 30 个生态项目的基本信息以及重点项目的详细介绍。

These agreements had to build products around Uni V3 before the Uni V3 license expired, so their volume was limited by Uniswap ecology and users. The biggest limitations are in several ways:

1. UniV3 uses the ETH main network

Other public chains and Layer2 ecosystems are progressing slowly, and V3 does not have a leading role in DEX in other ecosystems where UniV3 is deployed, thus limiting the expansion of V3-Fi projects in other ecosystems.

2. Uniswap has a relatively closed ecology and does not have a very Robust community atmosphere

The Uniswap Labs team's ability to run the community was also a problem. (To illustrate this point, the Uniswap website lists less than half of the ecological projects shown above. Uniswap Labs officially did not fully operate its own DeFi Lego ecosystem) uniswap.org/ecosystem...

3. The LP user ecosystem of Uniswap V3 is also relatively closed due to the limitations of the first two points. The user portraits mainly include institutions, quantitative teams, arbitrage robots and DeFi Degen, while DeFi retail investors have little growth, which also limits the user growth of V3 Fi project.

This Thread details some of the V3-Fi protocols (base data and niches) of interest (highlighted in red below) and their prospects.

Focus on:

V3 LP NFT Mortgage Loan Agreement:

@ParaSpace_NFT V3 LP

Liquidity management Agreement:

1, @GammaStrategies

2, @Timeless_Fi (Bunni)

3, @mellowprotocol

4, @unipilot_io

5, @steakhut_fi

ParaSpace_NFT -- NFTFi leading Protocol

Those who know the NFTFi circuit must be familiar with ParaSpace. It has been online for three months, and the total TVL of the platform is $187M at present.

Its core product logic is the mortgage loan agreement of NFT, while UniV3 LP NFT is essentially an NFT asset bill composed of two coins, which naturally ADAPTS to the mortgage loan mechanism of ParaSpace. Therefore, ParaSpace also launched the mortgage loan of UniV3 LP NFT.

ParaSpace 是目前唯一支持抵押 UniV3 LP NFT 并借出其它 ERC-20 资产的平台，目前抵押的 UniV3 LP NFT + 借出的资产总价值约为 4M。 ParaSpace 在 UniV3-Fi 下一步可能有两个发展方向：

1. Multi-chain deployment, support for other V3 Forks DEX, such as PancakeSwap, Sushiswap, QuickSwap, etc.

2，为 UniV3 LP 服务，提供一键加杠杆提供流动性（Leveraged Liquidity Provision）产品。抵押借贷是 DeFi 行业的核心业务逻辑。目前 V3 类型的 DEX 的总 TVL 约为 $3B, 如果假设 5-10% 的 V3-LP 利用抵押借贷提高资本利用效率，可以预见 ParaSpace 的这类业务在短期内仍有 30-70 倍的增长空间。

V3 LP Liquidity Management Protocol:

1, @GammaStrategies--目前龙头的集中流动性 DEX LP 动态管理协议 Gamma 是老牌的 Uniswap V3 LP 动态资管协议，其可以帮助用户主动的去调整提供流动性的价值区间，以捕获最大化的手续费收益，并省去用户手动监控调整的麻烦。但是在 2023 年 1 月前不温不火，TVL $3M 左右。

However, through cooperation with @CryptoAlgebra, @QuickswapDEX and @zyberswap were successfully added to the Algebra and became their official LP dynamic management protocol. Therefore, we can see that although the TVL on the ETH main network has not changed much, the deployment of other Layer2 ecosystems and the cooperation of their respective ecological head DEX have helped its TVL to increase by about 20 times.

@GammaStrategies 的快速增长也代表了 V3-Fi 赛道未来的一个大的趋势：不只依靠 Uniswap V3 本身，而且基于其它新兴集中流动性 DEX 带来协议增长。并且伴随着 V3 Forks DEX 的增加，头部的 V3 LP 动态管理协议，反而会占据更大的合作议价优势，并带来新一轮的指数级增长。

@Timeless_Fi (Bunni)--创新性的流动性挖矿平台 Bunni 通过将 Uniswap V3 的 LP NFT 打包成传统的 ERC-20 LP Token进行流动性挖矿，并且通过自身的 veTokenomics 和 $LIT Token 补贴，来提供给 UniV3 LP 额外的流动性挖矿收益。

Its competitive advantage mainly lies in the innovation and optimization of the underlying mechanism:

1，通过生成的 ERC-20 LP Token ，其它的 DeFi 协议可以更容易的搭建衍生平台。

2，通过独特设计的 veTokenomics（锁定 Balancer 80LIT-20WETH LP Token 获得 veLIT）和Token激励，可以获得一个更长期稳定的增长曲线。因此也可以看到最近产品有着不错的增长趋势。

@mellowprotocol --Uniswap V3 LP 动态管理 + 流动性挖矿协议协议主要的 TVL 来自于两个由 Lido 官方支持的 Uniswap V3 LP 动态管理策略。 Mellow 会帮助用户同态调整 wstETH/WETH 和 wstETH/USDC 交易对的价格区间以捕获更多的交易手续费，同时还可以获得 Lido 提供的 $LDO 流动性挖矿激励。

相比于其它的 V3 Fi 协议，Mellow 也提供了更多种类的链上资管投资组合，但是整体体量较小，这里不再赘述。因此 Mellow 未来最大的发展空间为：借助和 Lido 官方合作的背书，争取更多项目的在 V3 DEX 上的流动性维护业务，同时多链部署并拓展集成其它的流动性 DEX。

@unipilot_io is a similar Uni V3 LP dynamic management protocol to Gamma, but it has been announced that it will integrate with @QuickswapDEX, so it will directly compete with Gamma for LP dynamic management share. The TVL itself also saw a very large and predictable increase in the short term (analogous to the change in TVL in Gamma in the past).

@steakhut_fi -- 基于 @traderjoe_xyz 的 LP 动态管理+ 流动性挖矿平台其增长逻辑主要来源于 TraderJoe V2 采用 DLAMM (Liquidity Book) 机制以及在 Avalanche 和 Arbitrum 生态的份额增长。因此对于 V3-Fi 赛道的项目来说，选择重点支持的有爆发潜力的底层 DEX 也是至关重要的一点。

以上就是为大家整理的 30 个 UniV3 Fi 赛道项目的简要信息以及重点项目介绍。回过头来看过去几年 DeFi 赛道的发展，以及 Curve 生态的蓬勃壮大，UniV3 Fi 其实是目前最被局限住的一个 DeFi 赛道，我个人是期望在这次 V3 License 到期后，由于更开放的底层 DEX 生态，会迎来一个合理的爆发增长。

LP NFT 的抵押借贷以及各种策略的 LP 动态管理和流动性挖矿平台也会诞生自己的龙头项目。（其它更细分的赛道之后有机会会更详细的介绍）更早的战略布局、底层机制和 Token 经济模型的创新以及更强的生态资源支持都能支持一个平台更快速的发展。这也是我在审视一个协议是否拥有爆发潜力的核心因素。

关于上面提到的底层 DEX 的竞争格局我会在下一篇研报更深入的阐述欢迎大家保持关注，我会在近期发布《UniV3-Fi 的现状、困局与展望》系列研报的后两部分：

1. The competitive landscape of DEX has changed dramatically. Who will become the next leading DEX?

2. Is $UNI dead? --Uniswap Labs & The dilemma and revelation of $UNI