Metric has gone viral these past few days! How can retail investors participate in a 30 day transaction of 4.5 billion US dollars? (One article explains thoroughly) In the past few days, @ metricsyz has become extremely popular on the timeline. On October 23rd, Metric's TVL was about 16.7 million US dollars, but the trading volume in the past 30 days reached 4.5 billion US dollars, and the cumulative trading volume exceeded 20 billion US dollars. This capital turnover efficiency is quite exaggerated, especially when it hits a real demand after the listing of cryptocurrency stocks and RWAs: who will provide liquidity for these assets? The most attractive aspect of Metric is that it has opened up some of the capabilities of traditional market makers to ordinary LPs. What exactly is Metric? Uniswap, which everyone is familiar with, is a typical passive AMM. The price depends on the proportion of assets in the pool. When the external market rises or falls, arbitrage robots use trading to bring the pool price back to the market price. LPs often suffer losses in this process, and such costs are usually measured by LVR. Metric uses Active Pools, which belong to a broader PropAMM design. It introduces an external pricing mechanism that separates pricing and liquidity: Price reference external market, LP's funds are placed in different tiers (Bins) around the reference price, and as the reference price changes, the entire quotation range automatically shifts. For example, if the ETH reference price is $100 and you provide liquidity at a level 1.5% above the reference price, the corresponding quote is $101.5. Assuming the reference price rises to $110, as long as the degree of deviation remains unchanged, this level will automatically become $111.65, without the need for arbitrage robots to trade and adjust first. Note that the automatic change is the quotation range, and the amount of ETH and stablecoins held in the wallet will not be automatically adjusted due to the update of the oracle. The position will only be changed when actual transactions occur. This mechanism can reduce the arbitrage losses caused by price lag in traditional AMMs, especially suitable for ETH, BTC, and tokenized stocks with off chain reference prices. But it did not eliminate risks out of thin air, only transferring some of the price discovery problems to the oracle and market making strategies. Once the quotation is delayed, incorrect, or manipulated, LP may still become the one to be harvested. How can retail investors participate? Registration link: https://app.metric.xyz/r/oragnes The first path is the simplest, which is trading. The second path, which I am more interested in, is to become an LP and earn market making profits. The operation is not complicated. Enter Pools and select a trading pool, such as WETH/USDG. First, check the risk level of the pool, the Curator (the person managing the market making strategy), and the 24-hour trading volume. Then select Bins, enter the asset quantity, authorize and deposit. The key point is, what exactly does Metric LP make? It earns Edge, which is the spread profit formed by the transaction price relative to the reference price, rather than the traditional transaction fee charged separately. The profits will be deducted from the shares of Curator and Metric, and then distributed to the LP positions actually used for trading, and automatically retained in the position for compounding. Even if the trading volume of a pool is large, as long as the trading does not go through your Bins, you will not receive this portion of the profit. ⚠️ It must be reminded that the most misleading feature on the Metric page is APR. It mainly displays the annualized earnings of Edge over the past 7 days, and does not represent the ability to obtain this rate of return in the future. Be sure to consider Trading PnL: This indicator already includes Edge, which measures how much money your position earns more or less compared to holding coins as is. Finally, let's talk about the points and airdrops that everyone is most concerned about. Metric's trading interface has already displayed points related identifiers and an invitation mechanism, but the complete points weight, airdrop ratio, and TGE time have not been clearly confirmed.