Voodoo - First Perp DEX with Eigen LRT + Intent-Based

Launching on Fjord LBP

arndxt

Jan 31, 2024

Over 16k users, $44k fees and $88M trading volume

They are leading a new primitive: HIVE

The first Perp DEX where users can farm Eigen LRT + Intent-based architecture 🧵 👇

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Perp DEX has been a favorite narrative of mine and it gets better when there is @eigenlayer restaking narrative along with a intent-based architecture.

@TradeVoodoo is the first fair launch Perp DEX on Base that have the following features:

Unique set of incentives to create flywheel effect
up to 100x leverage on both long and short positions
0% slippage on all trades

I particularly like how they differentiate themselves from existing Perp DEXes:

Community-focused tokenomics, no private sale, no VCs
Launching on Fjord
Already audited by @peckshield

@TradeVoodoo is pioneering a new primitive called HIVE.

HIVE = Hybrid Intent & Vault Engine

HIVE combines the best of

Intent-based Order Matching
Composable LP Vaults
Eigenlayer Restaking

LBP sale

They will be holding their LBP sale on @FjordFoundry and to add legitimacy to this sale supported/curated by @CryptoGrills and Fjord themselves.

Really low starting FDV at only 9.8M as compared to other perp DEX

NO VCs, FULL Community raise

https://app.v2.fjordfoundry.com/pools/0x21b14441C489F9720d9CAc4CDe30DB423885D144

Pros and Cons of Intents

Intents provide gasless executions and faster trading speeds but at the expense of decentralization. They predominantly benefit professional market makers at the expense of retail traders, limiting the latter's ability to participate in liquidity provision and yield generation.

Voodoo's V1 incorporated an intent-based approach for margin trading, relying on a keeper server for key operations. It maintained an on-chain orderbook for transparency.

In their V2, they developed a HIVE model that aims to maximize decentralization while leveraging the benefits of intents.

HIVE Features

Hybrid Model: Combines intents with composable LP vaults, allowing any liquidity provider (LP) to participate.

Gasless Transactions: Uses ERC-2612 for gasless approvals, aligning with intent-based systems for user experience.

Frictionless Upgrade: Seamless migration from Voodoo V1 to V2 for existing VLP pool assets.

Enhanced Security and Listings: Retains a non-synthetic model for security while expanding tradeable asset offerings.

Decentralized Infrastructure: Incorporates multi-party computation (MPC) and Eigenlayer for security and decentralization, introducing a Liquid Restaking Derivative Token (LRD) called Voodoo Restaked ETH (vrETH).

Eigenlayer Integration: Voodoo V2 integrates with Eigenlayer to enhance security and decentralization, offering a mechanism for users to stake ETH or LSDs and earn from various sources, including protocol emissions and restaking points.