Maverick (MAV)

• Maverick is a composable decentralized finance infrastructure that enables builders and liquidity providers to achieve high capital efficiency and execute their desired Liquidity Providing (LP) strategy.

• MAV is Maverick Protocol's native utility token, and can be used for the following functions:

  • Governance: MAV token holders can stake to receive veMAV, which will be used to vote on protocol governance decisions.

  • Voting: veMAV will provide community voting rights, including allocating protocol incentives to particular pools or positions within Maverick AMM.

• The protocol consists of the following major components working in conjunction:

  • Maverick AMM: The first Dynamic Distribution AMM. A smart contract that enables users to place liquidity in arbitrary distributions and natively automates the movement of users' liquidity to follow changes in price.

  • Boosted Positions: A smart contract that sits on top of the AMM contract, allowing protocols to add token rewards to specific dynamic distributions in order to attract liquidity with surgical precision.

  • Voting Escrow: A smart contract that facilitates voting on Boosted Positions and Maverick governance.

• The project has raised 17,460,000 USD from three rounds of private token sales, where 360,000,000 of the 2,000,000,000 MAV total token supply has been sold. In the most recent private token sale round, the MAV price was 0.1 USD.

• As at June 13th 2023, the total supply of MAV is 2,000,000,000 and the circulating supply upon listing will be 250,000,000 (~12.5% of the total token supply).

Key metrics (as at June 13th 2023)

1. What is Maverick?

• Maverick is a composable decentralized finance infrastructure that enables builders and liquidity providers to achieve high capital efficiency and execute their desired LP strategy. At its core is Maverick AMM, the first Dynamic Distribution AMM, which gives liquidity providers greater flexibility in choosing where to place their liquidity and allows them to have their liquidity automatically move to follow price.

• Maverick's mission is to eliminate inefficiency from decentralized finance by helping users put their liquidity where it can do the most work. Maverick AMM facilitates a huge range of LP strategies, including strategies that improve upon the capital efficiency of both constant product and range AMMs. Moreover, by natively automating a set of liquidity strategies, Maverick lets all classes of users enjoy the benefits of dynamic concentrated liquidity.

• Maverick has proven to be a robust AMM for liquid staking protocols to attract TVL and volume. For example, Maverick AMM has facilitated significant amount of wstETH trading volume since its launch in March 2023. With more LST protocols launching, the competition between them for liquidity and volume is only going to grow more heated. Between its unique position as the ideal AMM for LSTs and its forthcoming Voting Escrow model, Maverick could become the battleground for the coming “liquid staking wars.”

1.1 Maverick's Value Proposition

• For Protocols: New protocols need on-chain liquidity in order to thrive. Maverick enables protocols to use precision incentives to shape their global liquidity distribution to meet their objectives.

• For Liquidity Providers: LPs in existing AMMs are constrained by only having a small set of LPing strategies available to them. Maverick changes this by adding new degrees of freedom to an LP's toolkit and allows them to collect incentives from protocols.

• For Traders: The highly concentrated nature of Maverick pools means that traders get extremely competitive pricing with low slippage.

1.2 Maverick's Key Highlights

• Dynamic Distribution AMM: Maverick AMM's key innovation is the native automation of liquidity movement. Previously, if a liquidity provider wanted to keep their liquidity in range at all times, they would have to monitor their liquidity position constantly and pay gas to move it manually. Maverick AMM eliminates this complexity by letting users select a movement mode that will move their liquidity for them.

  • Mode Right moves liquidity to follow the price of the base asset up, expressing a bullish price belief.

  • Mode Left moves liquidity to follow the price of the base asset down, expressing a bearish price belief.

  • Mode Both moves liquidity to follow price movement in either direction, suited to stablecoins and other tightly correlated pairs.

• Customized Liquidity Distributions: Maverick AMM supports non-uniform liquidity distributions across a range defined by the user. This unlocks a new degree of customization for liquidity providers, who no longer have to settle for uniform distributions or open multiple positions to configure a distribution that fits their needs.

• Liquidity Shaping: Using Boosted Positions, projects can incentivize liquidity in Maverick with surgical precision. Under prevailing incentive models, token incentives are distributed to liquidity providers across a whole pool, rewarding liquidity that is never used and that may even be counter-productive to a project's goals. By incentivizing a Boosted position on Maverick, a project can attract liquidity providers to a specific concentration within a pool—maximizing the efficiency of their incentives.

• Fee Auto-compounding: All trading fees generated by a liquidity position are automatically compounded back into that position. This saves liquidity providers gas fees they would otherwise spend claiming fees and adding them back into their position.

• Native LST Support: Maverick AMM is the only AMM built to support Liquid Staking Tokens (LSTs) natively. Static range and stableswap AMMs aren't designed to handle yield-accruing assets like LSTs.

  • Price Following: With its dynamic movement modes, Maverick AMM is the ideal solution for keeping liquidity in range throughout a LST's yield curve.

  • Protocol Support: LSTs protocols—both large and small—are competing for market share. Maverick is the most efficient platform where that competition can happen: LPs can efficiently provide liquidity and protocols can efficiently incentivize their desired liquidity distribution.

  • Voting Escrow System: In Q3 2023, Maverick will deploy a voting escrow (ve) contract that allows users to stake MAV and receive veMAV. veMAV can be used to direct incentive emissions to Boosted Positions. veMAV will be instrumental to competition between liquid staking protocols on Maverick, just as veCRV was to stablecoin projects on Curve.

• Note: For better visualization, please refer to the video here that explains the progression of capital efficiency improvements in AMM, starting with constant product AMMs and ending with Maverick AMM.

A summary of usage statistics since Maverick's dApp launch on March 8, 2023 until June 8, 2023

Source: Maverick

This diagram shows how each user type contributes to and benefits from Maverick Protocol.

Source: Maverick

This diagram presents a summary of the four LP modes enabled by Maverick AMM.

Source: Maverick

2. Token sales and economics

2.1 Token Distribution

MAV token allocation

MAV token release schedule

Disclaimer: The remaining allocation for Public Goods Fund, Liquidity Mining and Airdrops, and Foundation/ Treasury will vest beyond July 2030.

3. Roadmap and Updates

3.1 Completed Milestones

3.2 Current Roadmap

• Q3 2023:

  • Deploy on BNB Chain

  • Launch Voting Escrow and Governance contracts

• Q4 2023 (subject to DAO votes):

  • Launch Boosted Pool Voting

  • Launch AMM on more chains

• H1 2024 (subject to DAO votes):

  • Launch AMM on more chains

  • MAV LayerZero support on more chains

3.3 Commercial and Business Development Progress

• LST Protocols: Maverick is instrumental in supporting LST protocols and liquidity. Several LSTs are available on Maverick like wstETH, frxETH, swETH, rETH and cbETH.

  • Lido: launched a wstETH-ETH pool on Maverick and the Lido DAO has approved incentives from their treasury for Maverick Boosted Positions.

  • Frax: launched a frxETH-FRAX pool on Maverick and has been providing weekly incentives to a Boosted Position in that pool.

  • Swell: launched a swETH-ETH pool on Maverick and has been providing weekly incentives to a Boosted Position in that pool, attracting $4.24m of concentrated liquidity to the active price range.

• Stablecoins: Maverick AMM’s Mode Both has achieved strong market fit for stable pair liquidity. Several stables are available on Maverick like LUSD, FRAX, GRAI, USDC, USDT and DAI.

  • Liquity: launched LUSD-based pools on Maverick on both Ethereum and zkSync Era.

• Trade Aggregators: Maverick AMM is integrated with trade aggregators on both Ethereum Mainnet and zkSync Era like 1inch, Paraswap, Odos, Cowswap and OpenOcean.

• Others

  • Tokemak: A liquidity aggregation platform. Tokemak has announced that Maverick’s pools will be an important component of the Tokemak v2 Liquidity Management Pools product, specifically because of Maverick AMM’s proven optimization for LPing Liquid Staking Tokens.

  • Galxe: A Web3 credential data network. Maverick and Galxe have partnered for several NFT campaigns, and Galxe launched a GAL-wstETH pool on Maverick, designating Maverick as the go-to DEX for GAL token.

  • Layer Zero: An omnichain interoperability protocol. The MAV token will be supported as a bridgeable asset via their OFT bridge.

4. Community

• Twitter | 144K followers

• Discord | 115K followers

• Telegram | 22K followers

5. Appendix

• Website

• Medium

• Dune Dashboard: tracks Liquid Staking Token volume and efficiency across major DEXes, demonstrating Maverick’s leading edge in facilitating capital efficient liquidity provision.