#30 @CamelotDEX
good bet for arbitrum token launching? King Dex & launch launchpad of Arbitrum
#30 @CamelotDEX -
good bet for arbitrum token launching?
King Dex & launch launchpad of Arbitrum
📍In this thread
Camelot TLDR
What is Camelot
The $Grail token
Key stats to look at
📍TLDR
Camelot is a swap that supports Uniswap V2 & curve-like stable swap with some additional features with project’s need in mind, making it the go to launchpad & swap of different new arbitrum projects.
📍What is Camelot
Camelot is dex with dual AMM model (uniswap v2 & curve-like stable swap) with additional features such as
a) Dynamic directional fees
b) Referral
c) Staked LP position wrapped as NFT (spNFTs)
d) Nitro Pool
Camelot’s dual AMM
Camelot provides two type of AMM mode,
x*y=k (uniswap v2)
x3y+y3x =k ( for correlated assets such as stable coin or LSD)
Traders will be route to the right pool based on the asset and LP can choose which pool to deposit
a) Dynamic directional fees
In short this allows pool makers to set different fees in swap direction (buying or selling). This allows projects to incentivize their pair directionally based on their needs.
Fyi it is a feature that you need to work camelot as a protocol to use.
b) Referral
This basically allows a referral system in LP, allow projects to use referral marketing for promoting their LP.
c) Stake LP position wrapped as NFT (spNFTs)
Camelot’s LP can be wrapped into spNFTs, each position has it’s own basic information
Unique ID
Deposit LP token
LP token amount
APY
Optional Lock settings ( duration, start/ end time )
Multipliers information
This essentially allows camelot to distributes incentives to the stake positions of term defined selected wrapped LPs, giving more leeway projects to distribute incentives to the right farmers.
d) Nitro Pools
Nitro is a tool for protocol to incentivize farmers to wrapped their LP to the preferred terms.
There are two different kind of Nitro pools.
Official nitro pools that can be created by anyone
Community nitro pool that is only deployed by anyone
📍The $Grail token
There are two tokens in the camelot system, $Grail & $xGrail. $Grail can be staked into $xGrail, which is a non-transferable escrowed groverance token.
🔹$xGrail is design for users to allocate into their prefer use
Sharing protocol dividends (22.5% of protocol fees)
Yieldbooster for your spNFT position
Launchpad
Camelot & community additional plugins
Voting rights
🔹How to redeem $xGrail > $Grail
The minimum vesting duration of 15 days will provide a 1:0.5 ratio
The maximum vesting duration of 6 months will provide a 1:1 ratio
🔹12.5% of the Protocol fees dedicated to $GRAIL buyback and burn
📍So how would lambro play the $Grail
Lets start with free riding dashboard from @defi_mochi @martin100x
https://dune.com/martin100x/camelot-grail-tokenomics
https://dune.com/defimochi/camelot-dex
Keys stats
✳️Holders balance
$Grail holders (3,342) vs $xGrail holders (2,279)
I will use this as a rough idea of how many ppl (xGrail holder) are willing to lock and stay with the protocol for the long term.
Do take note, $Grail holders might be provide grail pair LPs and
xGrail holders can leave with a 50% reduce $xGrail > $Grail
✳️Comparing a few different swaps
CamelotDEX
🔹mcap 23.15
🔹Circulating mcap 11.23m (after taking into account of convert to xGrail)
🔹fdv 91.89m
🔹tvl 30m
🔹30days fee - 142,416
🔹fdv/tvl 3
QuickswapDEX (go-to swap on matic)
🔹mcap 29m
🔹fdv 57m
🔹tvl 183m
🔹30days fee 2.22m
🔹fdv/tvl 0.42
PancakeSwap (go-to swap/ launchpad on bnb)
🔹mcap 737m
🔹fdv 3b
🔹tvl 2.5b
🔹30days fee 8.41m
🔹fdv/tvl 1.31
traderjoe_xyz (go-to swap/ launchpad on avax)
🔹mcap 89m
🔹fdv 132m
🔹tvl 70m
🔹30days fee - 2m
🔹fdv/tvl 1.88
🐏Here are a few things i'm thinking
🔹effective short term mcap is 11.23, it extreme situation assuming everyone vest xGrail in 15days for 0.5 it will be approx 16-17m mcap.
🔹Fdv is relatively high compared to quickswap but if you are bullish on arbitrum chain, the go-to swap of avax or bnb its mcap & fdv compare to camelot looks good although quiet week on the 30days fee
🔹Catalysts 1, Arbitrum token - where will be the biggest swap & farm on arbitrum when it finally launch it’s token?
🔹Catalysts 2, All new projects are going on arbitrum & camelot is the go-to launch platform.
🔹In conclusion although the price has pumped a bit already, but there might be potentially still some room in $Grail short term base on it’s 11.23 “circulating mcap”. but i’d keep an eye closely on amount of people unstaking xGrail (@defi_mochi can i get a free ride here) number of projects launching on camelot and their performance. For the long term although i'm bullish on arbiturm, we will need to monitor more closely on camelot’s growth in tvl, number of traders , fee growth as its quite a big difference compared to other swaps.
📍Summary
I really fucked up in thinking camelot is just another dual amm swap like solidly at the start and didn’t pay enough attention to it. Bye bye profit
It’s refreshing to see a dex designing new features and tools to help protocols to bootstrap liquidity. On top of that, Camelot's BD team it's on another level. The team has shown ability to execute on a competitive field (dex) on the hottest chain.
It is still in very early stage and yet to proven with fees and trader’s traction, but this is definitely something i think you should keep an eye on specially with the potential arbitrum token coming out.
P.S. a little birdie told me quite a few protocols are coming…
