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We saw a big demand and development of delta-neutral USD-notioned DeFi strategies: started with automated leveraged vaults and Robovault' strategies and now led to blossoming GMX ecosystem with hedged GLP vaults.

Comparing with existing protocols, UniV3 + Aave strategy stands out with its capital efficiency: having short exposure with borrowing or perpetual trading forces us to have part of invested funds frozen as collateral with LTV < 100% or kept as margin requirement. Increasing liquidity concentration in UniV3 works as "leverage" provided liquidity and outweights idle collateral funds: tightening range we can get any needed exposure to trading fees and IL, while collateral earns additional yield as lending interest.

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