Rollup degen portfolio: low-cap Arbitrum and Optimism DeFi plays
Thread693 words
Bullish call$GNS−89%since this piece, moved against the call · 4 more callsHow it played out ↓Discloses an equal-weighted degen portfolio of low-cap Arbitrum and Optimism protocols, tilted to options and perp DEXs, as a proxy for ARB exposure and leveraged OP. Notes most of liquid assets remain in stables amid FTX contagion.
Key claims
Plutus controls 55% of DPX and 43% of SPA voting power
GMX excluded as a crowded trade
Author keeps a significant share of liquid assets in stables
0/ still difficult to call bottom & a lot of uncertainty reg macro & FTX contagion
hence still have a significant part of my liquid assets in stables
but I recently built a small #rollup #degen portfolio on low cap #Arbitrum & #Optimism plays 🚀 👀
🧵 on what & why (0/20) 👇
1/ and no I didn't bother to properly do my research everywhere here (yet). This is a degen portfolio consisting of a couple of comparably low cap assets on #Optimism & #Arbitrum that I came across lately
I wouldn't care if it all went bust
2/ portfolio mostly equally weighted, 2-3 exceptions based mostly on simple market cap considerations
3/ portfolio is slightly focused on decentralized options & perp trading platforms which is a core narrative in #DeFi imo, especially after FTX collapse and upcoming L2/rollup season
4/ but generally its all across #DeFi, from governance aggregators to #DEXes and yield platforms
5/ main thing is that all projects are on #Arbitrum & #Optimism and enable me to get #Arbitrum exposure in the absence of an $ARBI token or are basically a leveraged bet on $OP
6/ for a reminder on why I'm bullish on #rollups, have a look here:
x.com/expctchaos/status/1527419709616013313
5/ assets I currently have in this portfolio are the following 👇
6/ $DPX
@dopex_io is a decentralized options exchange built on Arbitrum and based on an option vault system
options are a type of derivative that give the holder the right, but not the obligation to buy or sell the underlying asset
7/ $UMAMI
@UmamiFinanceis a yield platform combining #CeFi elements with #DeFi to bridge institutional capital into DeFi protocols and deliver risk-hedged #RealYield
8/ $GNS
@gains_trade is a decentralized perpetuals futures platform that enables leveraged trading. Currently based on @0xPolygon but coming to @Arbitrum soon & hence basically $GMX competitor/alternative
9/ $PLS
@PlutusDAO_io is basically the @ConvexFinance of #Arbitrum and what is also referred to as a governance aggregator
@PlutusDAO_io controls 55% of $DPX voting power and 43% of $SPA governance power
so this is a bet on the value of governance over these protocols
10/ $LYRA
@lyrafinance is a decentralized options trading platform on #Optimism and soon on #Arbitrum
11/ $VELO
@VelodromeFi is the third largest DeFi protocol on #Optimism based on TVL and second largest in the $OP eco behind @Uniswap
12/ $KWENTA
@kwenta_io is a decentralized perpetual futures trading platform built on @optimismFND and basically an $OP-based low cap alternative to #Arbitrum's $GMX
13/ $KROM
@KromatikaFi is a multi-chain DEX aggregator, DAO and perps protocol with a couple of unique features (gasless txs, fee earning limit orders, etc.)
$KROM supports Ethereum, Polygon, Optimism, and Arbitrum and seems especially interesting as a low cap play
14/ $SPA
@SperaxUSD is a protocol that mints $USDs, a 100% collateralized stablecoin with built-in yield
$SPA also has a DEX liquidity manager (Demeter) that can be used by DAOs to launch incentivized farms on Uniswap v3
especially interesting if Demeter can push $USDs demand
15/ $GMD
@GMDprotocol is a yield aggregator built on top of GLP & @GMX_IO, featuring $USDC, $ETH and $BTC vaults
16/ $VSTA
@vestafinance is a lending protocol with its own stablecoin $VST and basically something between @LiquityProtocol and @MakerDAO
users can borrow $VST against a number of collateral assets like $ETH, $gOHM, $GMX, $GLP or $DPX
bet on decentralized stablecoins on L2
17/ $MYC
@mycelium_xyz is a decentralized perpetual futures trading platform based on #Arbitrum and basically a low cap @GMX_IO competitor/alternative
18/ will refine asset selection and weighting as I do more research though
some other candidates that might fit into a portfolio like this could be
$PREMIA, $QI, $JONES, $rDPX, $PERP, $HOP, $ACX, $BEETS
any suggestions / opinions?
19/ why no $GMX?
I rly like $GMX and def looking into that as well but seems like a bit of a crowded trade at this point, so I prefer to bet on a couple of low-cap alternatives as outlined above
20/ in any case, may this thread provide some inspiration if you're looking for similar exposure
and may one of these protocols become the next $UNI or $AAVE
enjoy your weekend frens 🚀 🙏
1 image on X
How the calls played out · since 10 Dec 2022
Prices as of 23 Oct 2026This piece takes a view on $GNS, $PLS, $LYRA, $VELO, $KROM, so those moves are read against the call. Other assets it covers are shown as context, not as calls.
−89%
Moved against the call · over 3.9 years
- At publication
- $4.03
- Now
- $0.455
- vs BTC
- −98%
- After 1 month
- −20%
- After 3 months
- +61%
- After 1 year
- −1.0%
- High since
- +157% 18 Feb 2023
- Low since
- −91% 13 Oct 2026
−99.1%
Moved against the call · to 13 Jun 2026, when trading data ends
- At publication
- $0.27
- Last trade
- $0.00256
- vs BTC
- −99.7%
- After 1 month
- −9.4%
- After 3 months
- +31%
- After 1 year
- −21%
- High since
- +389% 22 Mar 2023
- Low since
- −99.1% 13 Jun 2026
$LYRALYRABullish thesis
−99.9%
Moved against the call · since it listed on 27 Jan 2025, 2.1 years after this piece
- At listing
- $0.0036
- Last trade
- $0.00000469
- vs BTC
- −99.8%
- After 1 month
- +5.8%
- After 3 months
- −25%
- After 1 year
- −78%
- High since
- +62% 23 Feb 2025
- Low since
- −99.9% 02 Aug 2026
$VELOVelodrome FinanceBullish thesis
+43%
Moved with the call · over 3.9 years
- At publication
- $0.0243
- Now
- $0.0348
- vs BTC
- −70%
- After 1 month
- −19%
- After 3 months
- +418%
- After 1 year
- +117%
- High since
- +1,384% 29 Mar 2024
- Low since
- −49% 07 Jun 2026
$KROMKromatikaBullish thesis
−92%
Moved against the call · over 3.9 years
- At publication
- $0.0557
- Now
- $0.00427
- vs BTC
- −98%
- After 1 month
- −15%
- After 3 months
- +15%
- After 1 year
- −31%
- High since
- +39% 04 Feb 2023
- Low since
- −98% 22 May 2026
Mentioned for context
$SPASperaxsince publication−55%−90% vs BTC
No reliable price feed for $DPX, $UMAMI, $KWENTA, $GMD, $VSTA, $MYC.
Since then
Zero has written 2 more pieces on $GNS and $KWENTA and $PLS since this one.
- Plutus DAO: governance aggregator on Arbitrum, the Convex of ARBBullish call on $PLS
- L2 DeFi narrative portfolio: YTD performance vs BTC and ETH (March 2023)Bullish call on $KROM
Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish thesis is read as a call; explainers, maps and mentions are context. Not financial advice.