{"updatedAt":"2026-04-04T02:35:39.070Z","live":false,"chain":"Arbitrum","protocol":{"id":"gammaswap","name":"GammaSwap","slug":"gammaswap","engine":"volatility","hybridEngines":[],"defillamaSlug":"gammaswap","defillamaProject":["gammaswap"],"reframe":"Yield comes from movement itself. When volatility compresses, the engine goes quiet.","mechanism":"GammaSwap borrows LP positions to monetize realized movement and implied/realized volatility gaps.","thrives":"High or oscillating volatility with active borrower demand.","breaks":"Volatility compression and sustained calm markets.","risks":["Vol compression","Pricing model failure","Low liquidity"],"arbitrumNative":false,"contractAddresses":{},"snapshot":{"protocolId":"gammaswap","apy":9.2,"tvlUsd":14000000,"symbol":"ETH-USDC"}}}