> For the complete documentation index, see [llms.txt](https://docs.admiraldao.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.admiraldao.xyz/community-governance/sail-primer/clipper-fundamentals.md).

# Clipper Fundamentals

### Clipper Traction & Further Info

**Revenue:** $500k annualized revenue (up 2.5x from Q3). See <https://tokenterminal.com/terminal/projects/clipper>

**Usage:** $2.5 billion volume (8.3 billion comparable volume) from 216,000 traders across 2 million transactions with 99,000 LPs. See <https://dune.com/shipyard_software/clipper-official>.

* Note that people typically multiply Clipper’s volume by 3.3x to compare it to other DEXs. This is because Clipper’s prices are firm, precluding arbitrage/MEV bots. In contrast, 70% of Uniswap (and other CPMM) volume is arbitrage/MEV bots programmatically reacting to ‘real trades’. Mathematically, 1 / (1-70%) = 3.3x.

**Community:** 100k+ discord, 120k+ twitter.

**Chains:** Ethereum Mainnet, Optimism, Polygon, Arbitrum, Mantle, Base, Moonbeam.

**Price Competitiveness:** Clipper beats 0x API 92.5% of the time on a $10,000 USDC<>ETH trade. See <https://docs.clipper.exchange/introduction/why-clipper-has-better-trading-prices>

* **Yields:** Typically base APYs of 50%+ on ETH/WBTC/USD. Screenshot below from <https://clipper.exchange/app/liquidity>

  ![Untitled](https://prod-files-secure.s3.us-west-2.amazonaws.com/52f563d7-7e6c-445b-9382-fdeaac015d97/58bb2774-86f0-4333-9d14-d395a8e9905d/Untitled.png)
* **Proof of No Impermanent Loss:** Zero LVR ([Loss Versus Rebalancing](https://a16zcrypto.com/posts/article/lvr-quantifying-the-cost-of-providing-liquidity-to-automated-market-makers/) is a16z’s metric) since the last deployment in Q1 2023. Screenshot below from <https://clipper.exchange/data> (Ethereum Mainnet).

  ![Untitled](https://prod-files-secure.s3.us-west-2.amazonaws.com/52f563d7-7e6c-445b-9382-fdeaac015d97/04305d10-868c-437c-8b73-26b0b4fbbe8c/Untitled.png)