TL;DR Aperture is excited to announce the airdrop results from our UniV3 LP tooling (liquidity management) private beta! We are also excited to share an overview of all the product updates we’ve made based on user feedback and share what’s to come in the next few weeks.

The Airdrop Results An update on the “NFA” program and introducing Instant Redemption

When we announced our private beta incentives program back in Q2 we mentioned that Aperture would be providing airdrop recipients with an “NFA” or NFT to signify their claim on the airdrop. Since announcing this program we also launched ApertureSwap our very own UniV3 fork on Manta Pacific L2. As part of the rollout for ApertureSwap we launched a liquidity mining campaign that required a vanilla airdrop dashboard to track incentives for each user. In order to keep focussed on shipping the products users care about we had to sunset the NFA idea and merge all Aperture token recipients with the airdrop dashboard.

However, fear not — we have a way to provide private beta airdrop recipients with immediate liquidity!

Instant Redemption in USDC:

Aperture is setting aside 30,000 USDC for all airdrop recipients to claim in lieu of their airdrop. This comes out to about 333 USDC for users who received the minimum airdrop and 666 USDC for users who received the full airdrop. Users can opt to redeem for USDC immediately by signing a Tx on our airdrop dashboard or they can simply do nothing and have their tokens vest in the airdrop dashboard.

Aperture aims to TGE in Q1 2024 If users opt to keep their token airdrop they will have 10% available upon TGE and the remaining 90% will vest over 12 months Aperture will distribute the USDC on a rolling basis Users will have until December 31st, 2023 to decide if they want to sign the Tx and take the USDC redemption Aperture’s First Airdrop: Details On The Incentivized Private Beta Note: this is a living document and is subject to change. medium.com

How did Aperture calculate who qualified?

If you’ll remember from our initial announcement we were intentionally vague about how one would qualify for the airdrop of up to 66,666 Aperture tokens. We did this to avoid wash TVE (more on TVE in a second) behavior.

In short — users who contributed at least $50K in qualified TVE were eligible for 50% of the airdrop (the minimum airdrop amount). Every additional dollar of TVE up to $100K meant a linear increase in their airdrop up to the 66,666 max (aka full airdrop). Users with referrals that qualified for the airdrop or content contributions also received tokens.

The TVE snapshot window was from 7/10/2023 — 10/6/2023 32 users received the full airdrop by contributing $100K or more in qualified TVE during the snapshot window. 13 additional users received a partial airdrop by contributing between $50K-$99K in qualified TVE during the snapshot window. What’s TVE again?

TVE stands for “total value enabled”. Since Aperture does not take custody of a users LP position we do not have a standard TVL metric (ApertureSwap DEX aside). For the purposes of our private beta airdrop we counted all TVE that directly interacted with Aperture’s automation tooling. This included:

Instant rebalancing Automated rebalancing Fee compounding Automated fee compounding Prescheduled position close (range order) Limit order How do I know if I qualified?

Aperture will be releasing the results to our Airdrop Dashboard

The Road to Product Market Fit (Stats) Our UniV3 tooling usage keeps growing. We started with $10K / day in TVE and grew steadily to a recent record of $5M+ on November 13th!

Our most popular tools are rebalancing, both instant and automated.

A look at cumulative TVE volumes by chain since launch reveals that Arbitrum is king. But we’ve seen a recent uptick in activity on Ethereum.

Our Roadmap: How we’re democratizing more institutional grade tooling Since launching on July 10th we’ve added several key features

Support for all major UniV3 chains (Avalanche, Base, BNB, Polygon, Optimism) Support for 99% of all pools Triggers in volatile per volatile token terms (e.g. ARB per ETH) 1inch support for swaps related to instant or automated rebalancing What’s coming next? Based on a high volume of feedback from the community we have several major roadmap items planned for the rest of Q4.

Recurring Rebalance (Perpetual Rebalance) Users will be able to rebalance in perpetuity around a future spot price based on left side and right side triggers. This is a first of its kind fully composable strategy — similar to a Gamma or Arrakis vault but one where you, the LP gets to decide the rebalancing strategy. This is an advanced feature for an advanced user or institution looking to market make like an on-chain hedge fund.

For example a user trying to maximize fees could rebalance to +/- 10.50 USDC per ETH around the future spot price every time their position becomes 80% USDC or 80% ETH.

WIP UX/UI Analytics (courtesy of our partnership with APY Vision ) Aperture is teaming up with APY Vision 2.0 to provide users all the important LPing related analytics from within the Aperture web app. For users this will be a major improvement over needing to toggle between Aperture and 3rd party analytics platform or spreadsheet. We will include crucial analytics like:

PnL by position, pool, chain, and wallet Impermanent Loss Dollar value of position at time of close Comparisons to HODL positions and more! Institutional Grade Back Tester (using event logs) Many back testers on the market now are free and directionally accurate. But anyone who’s compared actual results to these back testers will know that there is a large divergence especially for longer dated back tests. This is because these back testers use “hourly snapshots” to calculate APR. This is not the most accurate option but it is the easiest and cheapest.

The most accurate option relies on the “event log” level of granularity. When on-chain hedge funds or professional liquidity providers are researching UniV3 LPing strategies they will employ and engineer to use this costlier and more time consuming method that ultimately delivers more accurate results. This method is beneficial for any LP with size over $100K and also beneficial for LPs of any size who are researching beyond 30 days.

Aperture has been impressed with the level of sophistication we see within our LP user base and we want to continue to support our community by democratizing more institutional tools like this back tester. Aperture will likely charge a nominal fee for this product to help offset our storage and compute costs.

TL;DR Aperture is excited to announce the airdrop results from our UniV3 LP tooling (liquidity management) private beta! We are also excited to share an overview of all the product updates we’ve made based on user feedback and share what’s to come in the next few weeks.

The Airdrop Results An update on the “NFA” program and introducing Instant Redemption

When we announced our private beta incentives program back in Q2 we mentioned that Aperture would be providing airdrop recipients with an “NFA” or NFT to signify their claim on the airdrop. Since announcing this program we also launched ApertureSwap our very own UniV3 fork on Manta Pacific L2. As part of the rollout for ApertureSwap we launched a liquidity mining campaign that required a vanilla airdrop dashboard to track incentives for each user. In order to keep focussed on shipping the products users care about we had to sunset the NFA idea and merge all Aperture token recipients with the airdrop dashboard.

However, fear not — we have a way to provide private beta airdrop recipients with immediate liquidity!

Instant Redemption in USDC:

Aperture is setting aside 30,000 USDC for all airdrop recipients to claim in lieu of their airdrop. This comes out to about 333 USDC for users who received the minimum airdrop and 666 USDC for users who received the full airdrop. Users can opt to redeem for USDC immediately by signing a Tx on our airdrop dashboard or they can simply do nothing and have their tokens vest in the airdrop dashboard.

Aperture aims to TGE in Q1 2024 If users opt to keep their token airdrop they will have 10% available upon TGE and the remaining 90% will vest over 12 months Aperture will distribute the USDC on a rolling basis Users will have until December 31st, 2023 to decide if they want to sign the Tx and take the USDC redemption Aperture’s First Airdrop: Details On The Incentivized Private Beta Note: this is a living document and is subject to change. medium.com

How did Aperture calculate who qualified?

If you’ll remember from our initial announcement we were intentionally vague about how one would qualify for the airdrop of up to 66,666 Aperture tokens. We did this to avoid wash TVE (more on TVE in a second) behavior.

In short — users who contributed at least $50K in qualified TVE were eligible for 50% of the airdrop (the minimum airdrop amount). Every additional dollar of TVE up to $100K meant a linear increase in their airdrop up to the 66,666 max (aka full airdrop). Users with referrals that qualified for the airdrop or content contributions also received tokens.

The TVE snapshot window was from 7/10/2023 — 10/6/2023 32 users received the full airdrop by contributing $100K or more in qualified TVE during the snapshot window. 13 additional users received a partial airdrop by contributing between $50K-$99K in qualified TVE during the snapshot window. What’s TVE again?

TVE stands for “total value enabled”. Since Aperture does not take custody of a users LP position we do not have a standard TVL metric (ApertureSwap DEX aside). For the purposes of our private beta airdrop we counted all TVE that directly interacted with Aperture’s automation tooling. This included:

Instant rebalancing Automated rebalancing Fee compounding Automated fee compounding Prescheduled position close (range order) Limit order How do I know if I qualified?

Aperture will be releasing the results to our Airdrop Dashboard

The Road to Product Market Fit (Stats) Our UniV3 tooling usage keeps growing. We started with $10K / day in TVE and grew steadily to a recent record of $5M+ on November 13th!

Our most popular tools are rebalancing, both instant and automated.

A look at cumulative TVE volumes by chain since launch reveals that Arbitrum is king. But we’ve seen a recent uptick in activity on Ethereum.

Our Roadmap: How we’re democratizing more institutional grade tooling Since launching on July 10th we’ve added several key features

Support for all major UniV3 chains (Avalanche, Base, BNB, Polygon, Optimism) Support for 99% of all pools Triggers in volatile per volatile token terms (e.g. ARB per ETH) 1inch support for swaps related to instant or automated rebalancing What’s coming next? Based on a high volume of feedback from the community we have several major roadmap items planned for the rest of Q4.

Recurring Rebalance (Perpetual Rebalance) Users will be able to rebalance in perpetuity around a future spot price based on left side and right side triggers. This is a first of its kind fully composable strategy — similar to a Gamma or Arrakis vault but one where you, the LP gets to decide the rebalancing strategy. This is an advanced feature for an advanced user or institution looking to market make like an on-chain hedge fund.

For example a user trying to maximize fees could rebalance to +/- 10.50 USDC per ETH around the future spot price every time their position becomes 80% USDC or 80% ETH.

WIP UX/UI Analytics (courtesy of our partnership with APY Vision ) Aperture is teaming up with APY Vision 2.0 to provide users all the important LPing related analytics from within the Aperture web app. For users this will be a major improvement over needing to toggle between Aperture and 3rd party analytics platform or spreadsheet. We will include crucial analytics like:

PnL by position, pool, chain, and wallet Impermanent Loss Dollar value of position at time of close Comparisons to HODL positions and more! Institutional Grade Back Tester (using event logs) Many back testers on the market now are free and directionally accurate. But anyone who’s compared actual results to these back testers will know that there is a large divergence especially for longer dated back tests. This is because these back testers use “hourly snapshots” to calculate APR. This is not the most accurate option but it is the easiest and cheapest.

The most accurate option relies on the “event log” level of granularity. When on-chain hedge funds or professional liquidity providers are researching UniV3 LPing strategies they will employ and engineer to use this costlier and more time consuming method that ultimately delivers more accurate results. This method is beneficial for any LP with size over $100K and also beneficial for LPs of any size who are researching beyond 30 days.

Aperture has been impressed with the level of sophistication we see within our LP user base and we want to continue to support our community by democratizing more institutional tools like this back tester. Aperture will likely charge a nominal fee for this product to help offset our storage and compute costs.