Compilation of the original text: Deep Tide TechFlow
Compilation of the original text: Deep Tide TechFlow
Daily active users of $OP ("DAUs") are increasing, TVL is increasing, and smart money is pouring in. Is now the time to study the $OP ecosystem and find hidden alpha? Let's jump down the rabbit hole and dissect the latest L2 development.
smart money flowing in
Smart money inflows into $OP amounted to $4.2m in the last 7 days, as seen by Onchain Wizard from ChainEdge, possibly for $OP's Bedrock upgrade and $OP's last week's mission trade.
$OP volume and TVL
OP fees have skyrocketed, ranking fourth behind BTC over the past 7 days.
Overall TVL increased from 500 million to 572 million, an increase of about 14% over the past two weeks.
OP Daily Deals > Arbitrum.
Price movement of OP
Current price:$1.72
Current market cap:$377 million
FDV：$7.5 billion
The next major unlock, representing 3.6% of the total supply, will happen in 135 days. There is plenty of time for the OP ecosystem to take off before predatory VCs enter the game.
OP Ecosystem
As $OP grows in popularity, here are the top 5 projects to watch:
VelodromeFi: The Solidity-Forked AMM on the OP, with the second highest TVL.
Perpetual Protocol：Perp Dex has more than 15 trading pairs and real yield token economics.
Lyra Finance：Options trading platform.
Sonne Finance：A native lending protocol on OP with the deepest OP liquidity.
OPX：Low market cap Perp Dex with real yield token economics.
The reasons are as follows:The reasons are as follows:
Perpetual Protocol provides traders with 10x leverage.
Its clearinghouse manages trades and LPs while enabling leveraged positions.
With the latest V2 exchange, transactions are settled on Uniswap V3 virtual token pools such as the vETH-vUSDC pool.
Current price: $1.68.
Current market cap: $43 million.
FDV: $68 million.
The CMC/FDV ratio is 0.63.
Perpetual Protocol Indicators:
Perpetual Protocol accounts for the majority of transactions happening in $OP. As OP volume grows, you can expect most of its fees to flow into Perpetual Protocol.
Daily Active Users (DAUs):
Perpetual Protocol's DAUs have surpassed GMX and Gains.
The Perp dex business model depends on transaction volume, which is driven by the number of users.
Higher DAU → higher transaction volume → more fees for protocols/stakers.
Traders are increasingly frustrated with the high fees charged by GMX_IO (0.1% variable borrow fee and 0.33% swap fee). These fees are eating into traders’ profits, and GMX’s revenue could collapse if traders decide to switch to a better product like Perpetual Protocol.
P/E Ratio:
Perp and Gains Network have lower price-to-earnings ratios (Perp: 7.96 times, GNS: 8.83 times), while the market capitalization is only half of the latter.
Considering the DAU growth, Perp's upside looks very attractive.
Total Value Locked (TVL):
Perp has ~$17M in USD, flat from late '22 to early '23, suggesting that capital has remained relatively sticky, a good sign of product-market fit.
Insurance Fund/Clearing House:
The insurance fund grows steadily, increasing the resilience of the protocol by ensuring traders get paid and have no bad debts.
While the clearinghouse has declined along with the overall cryptocurrency market, trading volumes have remained fairly steady.
$PERP Token Economics
$PERP token distribution: All investor tokens are issued and vested, team tokens are vested within 30 months. Most of it is for the ecosystem and rewards for long-term holders.
As holder:
• Staking $PERP to give you vePERP. Once the insurance fund reaches its threshold, vePERP will award you 15% of the income from the agreement.
• vePERP holders can also lock $PERP to earn 10% of total transaction fees.
Original link
