Market Making

3xcalibur is an AMM based on Solidly with some key improvements, including voting mechanics, rewards, and emissions, built on Arbitrum.

Risk Rating
Watch Out
Protocol Code Quality
Protocol Maturity
Protocol Design
What we like
3xcaliSwap innovates upon the AMM platform with useful features such as MultiSwap, Zap and MultiZap.
What we like less
Liquidity providers (LPs) on 3xcaliSwap are only rewarded in inflationary protocol emissions (paid in XCAL). There are also centralization concerns with the minter role as it can arbitrarily mint the XCAL token.
What it means for you
3xcaliSwap improved upon the key features of stableswap exchanges to better incentivize liquidity and allow you to trade crypto assets with low fees and low slippage.
  • Website
  • Token: XCAL
  • Tags: Market Making
Key Metrics
  • TVL: $4.4K (Rank #225)
  • TVL Ranking by Market Making: #0
  • Blockchain: Arbitrum
  • Chain TVL
    • Arbitrum: $4.36K
Risk Assessment
Watch Out
Protocol Code Quality
  • Code reviewed by at least one experienced auditor; Omniscia audited in April 2022
  • Anonymous team reduces transparency
  • No documented protocol hacks since launch
Protocol Maturity
  • Latest protocol version launched in 2022; maturity over one year minimizes technical risk as smart contracts are well battle-tested
  • Bottom 80% by total value locked increases risk
  • Core contracts can be upgraded with just an EOA wallet
  • No timelock exists or no information documented, which mean a malicious actor could approve upgrades without any delay
  • Low voting power concentration reduces risk
Protocol Design
  • No death spiral concerns
  • This protocol is susceptible to risks related to decentralized exchanges (DEXs), such as impermanent loss
Things to know about 3xcaliSwap

How 3xcaliSwap works

3xcaliSwap is a Solidly fork built on Arbitrum with its native XCAL token emitted on a weekly basis and used to reward 3xcaliSwap LPs. XCAL holders can lock their tokens (up to maximum of 3.69 years) on the platform to receive veXCAL and participate in governance, which includes voting on which liquidity pools should receive XCAL emissions. 3xcaliSwap offers two kinds of pools: variable pools for uncorrelated assets and stable pools for pegged assets. Stable pools leverage the same Automated Market Maker (AMM) design as Curve's stableswap invariant and variable pools use the standard constant product AMM formula (like Uniswap V2). Key new features of 3xcaliSwap include MultiSwap, which allows traders to do a 1-to-n asset swap. The order will be directly routed through different pools to mitigate the gas fee as well as slippage. For example, users can swap 100 DAI for ETH, DPX, and GMX (users set the percentage distribution). Moreover, there is a Zap feature that allows traders to directly exchange a crypto asset for LP tokens, as well as MultiZap to exchange for a basket of whitelisted assets.

How 3xcaliSwap makes money

3xcaliSwap makes money through trading fees that are currently set at 0.27% for all swaps within a variable pool and 0.0369% for stable pools. veXCAL holders vote on which liquidity pools receive XCAL rewards, and pools earn proportionally to the voting power they accrue per week. veXCAL holders earn trading fees generated by the pools they voted for proportional to their voting power.

How you make money on 3xcaliSwap

You earn XCAL emissions for providing liquidity on 3xcaliSwap. You can also stake XCAL to receive veXCAL and vote on pools to earn trading fees. veXCAL holders also earn bribe fees paid to the pools they voted for, as well as non-dilutive rebase emissions.