I am revisiting GammaSwap, and the data is worth a look. @GammaSwapLabs were the first to launch structured products that automate yield on BTC, ETH, and stables. Their "Yield Tokens" combine liquidity pools with protection against impermanent loss with perpetual options. To be honest, these vaults performed poorly at the start due to bad market conditions. But since the market crash in October/November, the recovery has been impressive: > The ETH strategy (gETH): It was down 9% in November. Since then, it has recovered almost everything, growing 8% in just 57 days. > The Stablecoin strategy (gUSDT): It is up 3.5% overall, but specifically grew 5.6% in the last two months alone. If you calculate that growth over a full year, we are talking about more than 30% APY. The main problem right now is volatility (just the opposite problem to @yieldbasis). If the price moves too fast and stays out of range, the strategy loses money. However, the team is about to launch V2, which is designed to fix these drawdowns and make the system more efficient. It is still a work in progress, but an 8% gain in two months during a recovery phase is impressive.