Gyroscope launches its points system "SPIN" and Rehype, the market's most capital-efficient liquidity pool
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Gyroscope launches its points system "SPIN" and Rehype, the market's most capital-efficient liquidity pool
These launches enable Gyroscope to expand into new risk-adjusted yields within the stablecoin space, with Gyroscope's liquidity pools being 75% more efficient than competing products, delivering over 60% yields.
Navigating Web3 tides with focused insightsAuthor: Gyroscope
On March 19, 2024, Gyroscope, an all-weather stablecoin on the Ethereum blockchain, launched its invite-only points system 'SPIN' and introduced a new liquidity pool called 'Rehype,' currently the most capital-efficient design in the market. Rehype is Gyroscope’s novel automated market maker (AMM) that enhances returns for liquidity providers by combining asymmetric concentrated liquidity with automatic re-staking into lending protocols. With today’s launch, Gyroscope continues to automate risk management for its stablecoin, further solidifying its reputation as an innovator in stablecoin design.
In an increasingly centralized market landscape, this release adds a source of risk-adjusted yield for decentralized stablecoins. The SPIN points system will allow the Gyroscope community to identify early contributors—both new and existing stakeholders. These participants will be considered when future governance mechanisms go live, including potential allocations of governance tokens.
Gyroscope’s Rehype pools maximize returns for liquidity providers (LPs) by combining asymmetric concentrated liquidity with automatic re-staking into lending protocols. LPs can earn through three channels: liquidity fees, lending yields, and token incentives—all while also accumulating Gyroscope's SPIN points. Given current conditions, this combination of yield sources is expected to generate organic returns in the mid-double digits.
Rehype pools enable deposit tokens from lending protocols—such as aUSDC—to be used directly within trading pools. This new design uses lending protocol deposit tokens as underlying assets in Rehype pools, supported by front-end interfaces and smart order routing to manage conversions between deposit tokens and their base assets.
Ariah Klages-Mundt, co-founder of FTL Labs—the technology team behind Gyroscope—said: “Rehype’s auto-re-staking liquidity pools will be the most capital-efficient pools available in the market to date. They improve capital efficiency in two ways: through the pool’s asymmetric concentrated liquidity design and by automatically re-staking pool assets into lending protocols for yield. These pools consolidate multiple yield sources into one form, where liquidity shares can themselves be used as collateral in other systems. Meanwhile, the re-staking within these pools is transparent and user-controlled—standing in stark contrast to the opaque re-hypothecation practices that have caused issues in traditional finance.”
There are several ways to earn SPIN points:
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By minting Gyroscope’s stablecoin GYD: either through the frontend in permitted jurisdictions, or directly via smart contracts
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By holding Gyroscope’s stablecoin GYD: acquiring GYD through exchanges such as Balancer, 1inch, CowSwap, and 0x
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By providing liquidity to pools: contributing GYD and other tokens to specific E-CLPs
Lewis Gudgeon, co-founder of FTL Labs, said: “Users will receive SPIN points hourly based on the amount of GYD they mint or hold, as well as for providing liquidity to specific pools. SPIN points can also be doubled through multipliers influenced by various factors, including prior engagement with the protocol. This allows many users to boost their points and advance through tiers. Access to earning SPIN is invite-only, and users can also earn points by referring others. Points are distributed hourly.”
The SPIN points program also includes a unique incentive mechanism designed for “DAO-to-DAO” collaboration, encouraging partnerships with other projects. Such collaborations include using GYD and liquidity pool share tokens as collateral, integrating them into cross-protocol yield aggregation strategies, and applying them in diversified treasury management across DAOs. Additionally, SPIN points are available to node operators who initiate GYD price feeds on oracle networks.
To date, GYD E-CLPs have demonstrated 75% higher capital utilization than competing products and deliver yields exceeding 60%.
The SPIN points system forms part of Gyroscope’s broader governance framework, which aims to grant voting rights to diverse governance participants—including those who have provided capital, long-term supporters of the project, and experienced whitelisted participants from across the DeFi ecosystem (who are now eligible to claim Senator NFTs).
To receive early invites, follow Gyroscope’s social media channels: X, website, Discord
About Gyroscope Protocol:
Gyroscope is a decentralized stablecoin employing an innovative all-weather stablecoin design, integrated with a more efficient decentralized exchange (DEX) for stablecoins. The initial development team, FTL Labs, was founded by PhD Ariah Klages-Mundt (X), Lewis Gudgeon (X), and Daniel Perez (X), researchers known for influential papers on stablecoin design and DeFi risk. The project has received early backing from Placeholder (X) and Galaxy. Gyroscope’s stablecoin, Gyro Dollars (GYD), features an innovative architectural system that fills a critical gap in secure and scalable stablecoin design. For more information, visit https://gyro.finance/ or review the documentation.
Disclaimer:
The points system is a promotional feature and should not be construed as financial advice or investment guidance. Participation is voluntary and at each user’s own discretion. Points earned through this system are part of a promotional campaign and do not guarantee conversion into any form of value. Each participant is responsible for understanding the risks involved and complying with all applicable laws and regulations in their jurisdiction. The points system is not available in the United States, the United Kingdom, and select other jurisdictions. For more details, please refer to the Terms of Service.
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