last has been instrumental in kicking off interest and activity on L2s so far this bullrun. The chain represents a sort of flipping of the switch in user interest. Not too long ago some people were hesitant to even just take on smart contract risk; now, yields are high and liquidity is flowing.
In this edition, we’ll be briefing you on several key projects within the ecosystem, including Mangrove, Thruster, and more…
Stay alert, stay informed ⬇
Mangrove
Mangrove brands itself as an ‘adaptive liquidity layer’ that allows for the ‘restaking’ of DeFi liquidity. The protocol also markets itself as the first programmable DEX; Mangrove offers an order book DEX that allows liquidity providers (LPs) to post arbitrary smart contracts called hooks as offers. This is what enables the restaking of liquidity held in other protocols. Additionally, while the offer is pending for being matched, its liquidity can also be deployed elsewhere to further enhance capital efficiency.
While restaking is a bit of a buzzword, in this context it refers to users using positions on other DEXs/ lending markets to earn more yield on Mangrove, not literal restaking with implied sharing of security. Mangrove uses the order book DEX model; this model promotes a more efficient use of capital, potentially attracting liquidity providers seeking higher returns on their idle assets.
Within Mangrove, users have full control over their own liquidity, and can simply select their source of DeFi yield. Restaking positions is done by posting orders or running a series of strategies on the DEX. These strategies can be built by the users themselves, or existing strategies can be opted into.
Thruster
Thruster is a DEX citing a ‘Degen 1st’ Philosophy (designed by degens, for degens!), aiming to provide comprehensive support for token lifecycles from inception to potential widespread adoption. The protocol serves as a yield focused DEX, with several opportunities for LPs to earn on their assets.
The protocol is designed to attract both developers seeking fair and broad token distribution and users looking for lucrative yield opportunities and a simplified trading experience. Thruster notably consists of a Constant Function Automated Market Maker (CFAMM) with different fee tiers. Included within Thruster are built-in active liquidity incentives and liquidity management partners, a stableswap AMM, as well as a launchpad for Blast native projects.
Trading & LPing alike are also gamified to encourage user activity. The protocol includes a dual-interface for varying user expertise, and integration with Blast’s yield mechanisms to encourage deeper liquidity and utility across its offerings.
Ambient
Ambient Finance (formerly known as crocswap) gained prominence after the introduction of Uniswap V4, which many noted took inspiration from the Ambient protocol. Crocswap’s solution to common problems faced when making swaps dates back to its white paper, where it outlined some core inefficiencies in the current DEX landscape, notably high gas fees and liquidity fragmentation.
It does this by basically storing all pool balances in a single contract. Ambient’s design can reduce gas costs, simplify liquidity management, and combine the benefits of concentrated and ambient liquidity in a single pool – no more unnecessary shuffling of tokens between pools.
Now, users can also access Ambients recently implemented points system, which is available on all chains including Blast.
Ring
Ring Swap is an AMM that operates similar to established DEXs like Uniswap V2, allowing liquidity providers (LPs) to earn a portion of the transaction fees generated from trades within their pools. The goal of the project is to bridge the gap between idle assets and projects requiring liquidity by leveraging what’s called an “elastic liquidity token”, in $RNG.
Ring focuses on optimizing asset utilization on Blast, with a suite of products including:
-Ring Swap: AMM which distributes fees to LPs
-Ring Launchpad: bridges the gap between idle assets and projects
-FEW Protocol: asset-wrapping layer used by both the Swap & Launchpad features
Following the projects Blast mainnet launch, a new reward mechanism dubbed ‘Ring Point’ was brought to the table, rewarding users who provide liquidity on Ring with various incentives, including swap fees, native yield, Blast Points, Blast Gold, and the $RING Governance Token.
Bebop
Bebop is a multi chain DEX establishing its most recent deployment on Blast. simplifies crypto transactions by automatically identifying the most efficient trading paths for various tokens, similar to a DEX Aggregator.
Trading in Bebop works with an intent-based Request-For-Quote (RFQ) system dubbed ‘bebop Jam’. This stands for Just-in-time Aggregation Model (JAM). The model works by works by finding the best routes for users to place their trades at the best price by sourcing liquidity across multiple sources on-chain. The protocol notably enables trading with 0% slippage and MEV protection from arbitrage bots.
This mechanism & the DEX itself notably have the backing of Wintermute, a top market maker in the industry.
If you’re finding this information useful, you can access our full Launch Alpha report for FREE.
Our full ~20-page report goes over the intricacies and attractive attributes of more Blast spot DEXs, and much more in-depth…
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