Unlocking a new way to earn passive income: Discussing the index token GLM
Combining passive trading with passive income is a good strategy to capture the beta returns of the upcoming crypto market super bull market within the year.
Currently, there are two popular on-chain enhanced passive income methods:
- Staking ETH in the LRT project to earn points, capturing ETH Staking income, EigenLayer points, and participation in LRT project points.
- Leveraged/neutral strategies for Perps DEX LP, capturing LP fee income, Perps DEX token rewards, and LP strategy platform token rewards.
Currently, Pendle prices the potential passive income rate for Etherfi's eETH at 34.58%, KelpDAO's rsETH at 34.50%, and Renzo's ezETH at 41.41%.
As for the yield of the leveraged/neutral strategy for Perps DEX LP, taking the example of the active Arbitrum ecosystem Vaultka @Vaultkaofficial, the APR yield for the GMX V2 LP token GM leveraged strategy is 121.67%, and the APR yield for the neutral strategy is 111.98%.
Compared to staking ETH in the LRT project, the Perps DEX LP leveraged/neutral strategy not only leads in yield, but also has advantages in capital diversification, income autonomy, and liquidity exit.
Unfortunately, the LRT narrative is currently very popular, and in the early stages of the bull market, the market consensus is extremely bullish on the potential rise of ETH and the future valuation of new assets EigenLayer and LRT project protocol tokens.
To some extent, staking ETH in the LRT project to earn points is an active income strategy disguised as a passive income strategy.
On the other hand, the Perps DEX LP leveraged/neutral strategy has a stronger taste of passive income. Such protocols are more focused on improving passive income rather than hyping narratives for new asset issuance.
Taking Vaultka as an example, it has developed the enhanced income index token GLM based on the ERC-4626 token standard, achieving a strong value capture capability while diversifying asset allocation.
ERC-4626 is a standard application interface for DeFi protocol treasuries, providing general function methods for treasury management such as deposits, withdrawals, redemptions, share conversions, and balance inquiries.
As for GLM, the ERC-4626 standard treasury token, it consists of 80% GMX V2 BTC-USDC LP tokens and ETH-USDC LP tokens, and 20% ARB-USDC LP tokens, UNI-USDC LP tokens, and LINK-USDC LP tokens.
Vaultka's GLM and GMX V1's GLP and GMX V2's GM have the following combined-split-combined structure relationship:
➹GM ➷
GLP GLM
➷ GM➹
GLM supports users to deposit USDC and GM, and when the scale of USDC deposits is too large, it will dynamically convert into BTC-USDC LP tokens and ETH-USDC LP tokens.
In addition, Vaultka has established internal balance mechanisms and external balance mechanisms to maintain the relative stability and balance of LP assets in the treasury.
Finally, a brief introduction to the Vaultka project: it is a DeFi protocol focused on providing enhanced strategies for Perps DEX LP, supporting enhanced LP income for GMX, HMX, GNS, and APX on multiple Perps DEX platforms.
The team currently has a strong relationship with GMX, having just received a $100,000 ARB Grant from GMX to incentivize them to provide more and better GMX LP income enhancement products.
Vaultka's economic model also replicates GMX's, where staking the native token VKA can earn 60% of protocol income, distributed in the form of USDC.
In February 2024, in the passive income sub-market, the LRT project is booming, while the Perps DEX LP income enhancement protocol is being overlooked. Behind this phenomenon, it's worth considering whether it's due to market efficiency or market mismatch. Are there any hidden pitfalls or potential alpha opportunities? These are all worth pondering.
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