클리퍼

Clipper is a decentralized exchange (DEX) designed specifically for blue-chip tokens such as ETH, WBTC, and USD stablecoins, which represent about 70% of all on-chain trading volume. Unlike traditional DEXs that generate liquidity provider (LP) yields primarily from trading fees and expose LPs to impermanent loss, Clipper uses a novel architecture that eliminates impermanent loss entirely. It achieves this by leveraging an arbitrage strategy similar to professional market makers but implemented in a permissionless and non-custodial way. This approach allows LPs to earn superior yields without the typical risks associated with price divergence.

Clipper computes token prices off-chain using a sophisticated formula that integrates low-latency price feeds from centralized exchanges alongside snapshots of on-chain state. These prices are then validated on-chain through cryptographic proofs, ensuring permissionlessness and security. This design reduces gas costs for traders and prevents front-running by whales or bots, resulting in better trading prices and a fairer trading environment. Initially optimized for smaller trades, recent improvements enable Clipper to offer competitive prices for all trade sizes, provided there is sufficient total value locked (TVL).

Currently, Clipper operates on multiple EVM-compatible chains including Ethereum, Polygon, Optimism, Arbitrum, Mantle Network, and Base. Its architecture and focus on blue-chip assets make it particularly attractive for DeFi developers and financial institutions seeking stable, low-risk liquidity provision. Developers can integrate with Clipper via its documented smart contracts and request-for-quote (RFQ) system. Comprehensive documentation and community support are available to facilitate onboarding and integration.