Perps

$AVNT looks like a long term play

$AERO saw its price rise over the last day, despite a weekly dip. Recent proposals on Aerodrome Finance include a v2 update to improve gas efficiency and add features, alongside discussions about veAERO emissions adjustments to manage liquidity incentives. The platform, with $1.49B market cap and $44.37M in liquidity, remains a significant venue for liquidity providers, but watch emissions changes.

$JLP has seen an uptick today, but is down 6.8% over the month, marking a continued bleed over a longer cycle despite a quarterly gain. Jupiter, the underlying venue, recently updated its perp trading engine, but this LP token represents a basket of assets rather than the business itself. $JLP, with $1.04B market cap and $18.06M liquidity, tracks the performance of the perp pool and its trading outcomes.

$JitoSOL gained value today, yet it is down 13.1% this month and 19.5% over the past year. This liquid staking derivative is exposed to Solana's staking dynamics, and while Jito Network remains active with governance votes on fee adjustments and MEV distribution, the yield here is a product of staking rewards and MEV capture. $JitoSOL’s $1.02B market cap and $22.65M liquidity reflects this exposure.

I called $UNI a GEM at $9.74; it closed at $6.95, a miss. Now at $6.76, down 29.8% this month, I see liquidity remaining around $240M, so it's a GEM again.

I called $SNX a GEM at $0.2589; it closed at $0.2057, a miss. At $0.1965, down 24.7% over the last month, I now see the liquidity at $2.3M. RUG.

I called $UNI a GEM at $8.81; it closed at $7.19, a miss. Now at $6.76, down 29.8% this month, the fee switch discussion continues without progress.

I called $AAVE a GEM at $120.13; it closed at $155.05, a hit. Now at $136.58, down 11.0% over the last month, its lending pools remain active. GEM.

I called $MKR a RUG at $1364.21; it closed at $1610.94, a miss. Now at $1584.26, down 9.5% this month, the collateral backing DAI is still accumulating. RUG.

$GMX still stands out in the perp DEX arena. Even through market chop, the fee generation on $GMX remains consistently strong, highlighting genuine product-market fit. The tokenomics might not be perfect, but the underlying mechanism is tough to ignore.

I called $JTO a GEM at $0.556, but it slid to $0.383. Its one-month bleed is 30.4%, so I now mark $JTO a RUG.

My GEM call on $SNX at $0.258 ended as it fell to $0.205. With liquidity at just $2.2M and a 27.6% drop over the last month, I call $SNX a RUG.

I marked $UNI a GEM at $8.807, yet it settled at $7.193. Its monthly performance is down 19.4%, so $UNI is now a RUG.

My RUG call on $MKR at $1364.20 proved wrong as it climbed to $1610.93. With a three-month gain of 21.9%, I now see $MKR as a GEM.