Users of MaaS benefit from exceptional flexibility, allowing for precise control granularity and customizable levels of hands-on management.
What Is MaaS?
Market Making as a Service (MaaS) is a comprehensive suite of tools designed to enhance on-chain liquidity provisioning for protocol owners. While sharing similarities with Aperture's intent-flavored liquidity management solutions, MaaS is specifically tailored to meet the needs of on-chain market makers. This platform is further enhanced with advanced enterprise-level features and backed by robust customer support Service Level Agreements (SLAs). MaaS offers a refined approach to liquidity management, providing protocol owners with sophisticated tools to optimize their market-making strategies.
MaaS offers sophisticated on-chain inventory management, efficient maker/taker position rebalancing, and advanced algorithmic trading tools to optimize liquidity provision and market-making strategies.
Users of MaaS benefit from exceptional flexibility, allowing for precise control granularity and customizable levels of hands-on management, ranging from highly involved to largely automated approaches.
Who Is MaaS for?
MaaS is primarily designed for protocol owners at various stages of development, from pre-token launch to established projects post-token launch. This versatile platform caters to the evolving needs of protocols as they progress through different phases of growth and market presence.
Regardless of the development stage, MaaS empowers protocol owners with:
- - Customizable liquidity provision strategies
- - Real-time market analysis and response mechanisms
- - Risk management tools to navigate volatile market conditions
- - Scalable solutions that grow with the protocol's needs
By offering tailored solutions for different stages of protocol development, MaaS serves as a valuable asset for projects seeking to establish and maintain a strong market presence throughout their lifecycle.
What Is On-chain Market Making?
For protocol and company owners considering on-chain market making, concentrated liquidity market makers offer a powerful tool to enhance capital efficiency and market depth. This approach, exemplified by protocols like Uniswap V3, allows you to focus your liquidity provision within specific price ranges where trading activity is most likely to occur.
By utilizing concentrated liquidity, you can potentially achieve greater returns on your capital compared to traditional automated market maker (AMM) models. However, this model requires more active management. You'll need to regularly monitor market conditions and rebalance your positions to ensure your liquidity remains in optimal price ranges. While this can lead to improved performance, it also necessitates more sophisticated risk management strategies to mitigate potential impermanent loss.
Implementing concentrated liquidity market making can significantly improve your protocol's trading efficiency, attract more users, and potentially increase fee revenue.
How Does MaaS Work
- Mechanism Overview
Under MaaS, protocol owners deposit project token and ether or stable coin into Aperture managed vaults. Assets can only be withdrawn by protocol owners. Aperture's only role is in managing liquidity and inventory as instructed by the protocol. Assets are then split into two parts: inventory and active liquidities.
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MaaS will be responsible to dynamically maintain certain level of liquidity in the market based on protocol owner's preference. Active liquidities are rebalanced gradually to achieve deep liquidity around current pool price with 50-50 (ether/stablecoin - project token) ratio.
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（Inventory changes as liquidity changes）
- Maker vs. Taker Position Rebalance
Aperture MaaS offers enterprise-level flexibility to protocol owners through its support for both maker and taker rebalancing strategies.
Maker rebalancing is a method where tokens required for rebalancing are not acquired by taking existing liquidity. Instead, tokens are passively converted by providing liquidity in the Automated Market Maker (AMM). This approach effectively allows rebalancing without materializing impermanent loss.
When market conditions necessitate swift action, users can initiate taker rebalancing by utilizing existing liquidity from on-chain venues. This method is primarily employed when time is of the essence and the realization of impermanent loss is deemed acceptable given the circumstances.
- Algorithmic Trading Tools
Algorithmic trading tools are offered as part of the MaaS tooling suite to better help protocol owners manage inventories. Users can acquire or liquidate assets by using TWAP (price-weighted average price) or VWAP (volume-weighted average price) features either via maker or taker in the AMM.
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