Visor merges with Gamma, a re-org focusing on security and performance
TL;DR: Visor is merging with Gamma Strategies. Tomorrow, Gamma will be providing liquidity for $GAMMA and will be distributing tokens to all VISR, vVISR and tVISR holders at time of snapshot (occurred December 21st).
Concentrated liquidity AMM’s are a very recent development and smart contracts for discretionary position management are even newer. As with many parts of DeFi, there will be an audited smart contract suite that emerges and becomes a standard amongst sophisticated managers. We think this will be Visor’s hypervisors, but are paying attention to what is emerging from other participants.
Many of the external contracts interfacing with Uniswap v3 have had their growing pains. Popsicle, Gelato, the official Uniswap v3 LM staking contract, and Visor have all had issues recently as best practices emerge and audits are still being conducted.
Before Uniswap released its design schematics for Uniswap v3, mandating that a discretionary manager role be created, Visor has been working tirelessly to implement ‘discretionary asset management’ as a protocol and explore it as a larger category within DeFi.
The development journey led Visor to a series of position manager contracts called hypervisors that are open source and interface with Uniswap v3 core contracts as a replacement to the LP NFT, allowing for a much more flexible framework for managers and LP’s.
No doubt Visor has faced some hurdles along the way charting new territory. Their work on active liquidity, their vision of discretionary DeFi, their generous grants awarded to many groups, and their guidance to LP’s, projects and the establishment of a robust protocol revenue model have been an immense contribution overall and we are extremely thankful for all the work Visor has done.
However, we have reached unanimous agreement as two teams that the appropriate outcome is to merge the protocol, treasury and personnel with Gamma Strategies.
Since the initial grant from Visor in May 2021, Gamma’s team has worked closely with Visor and has made extraordinary progress on defining and becoming the leading active liquidity manager.
For the past 6 months the Gamma team has worked on all the tooling necessary to interface with position management as well as develop active liquidity strategies managing $25M in TVL and 40+ pairs for both retail LP’s and projects. We have an incredible structure in place that allows us to execute on the most competitive aspect of active liquidity management: the strategies.
In addition to managing all positions, Gamma also develops and maintains the Active Strategy Framework, Uniswap position discovery for Mainnet, and Optimism and various deployed strategies that are currently active across all pairs.
Once audits are complete, we will be deploying on all L2’s where Uniswap v3 exists. This includes Arbitrum, Optimism and Polygon. We are incredibly excited to move to an L2 (low gas fee) environment where strategies can be more responsive.
We will also continue to make progress building out strategy execution in a safe runtime environment with Forta, Arbitrary Execution, and OpenZeppelin, working toward a framework where anyone can safely deploy and run a strategy.
- Security: We will only manage funds using contracts audited by tier one audit firms
- Performance: We will focus on performance of positions and transparent metrics
- Tokenomics: The GAMMA token will adopt the same fee distribution model previously designed by Visor
- Personnel: Gamma will be hiring more full time team members dedicated to position management, performance and security as well as bringing on several advisors
The Merge Process
All web properties of Visor will be assumed by Gamma and reflect the new change.
Gamma has set up a new multisig and treasury assets have been transferred from Visor
GAMMA token has been minted and all tokens will be distributed to all VISR, vVISR and tVISR holders at time of snapshot within the next 24 hours.
Prior to token distribution liquidity will be set on Uniswap v3 of identical amounts at the time of snapshot
All holders of GAMMA tokens will be eligible for accrued fees from now until staking re-opens, as long as their GAMMA tokens are not transferred or sold by that time.
A weekly snapshot will be taken of all GAMMA holders who would be eligible for those accrued fees, which will be distributed to them at the time of re-opening of the new xGAMMA staking contract.
We thank everyone for the continued support and feedback as we continue to learn and develop active liquidity management within DeFi