# What is Clipper? ### The Blue-Chip DEX Clipper is a DEX designed for blue-chip tokens (e.g., ETH, WBTC, USD stablecoins, etc.) and no impermanent loss. Blue-chip tokens comprise 70% of all on-chain trading volume. Clipper's [novel architecture](https://docs.clipper.exchange/how-clipper-makes-money-for-lps#fmm-architecture) makes money for LPs using the same arbitrage strategy used by professional market makers, but implemented in a permissionless and non-custodial manner. In contrast to most DEXs, Clipper's LP yields are not generated from fees. Clipper computes prices off-chain using a sophisticated formula that incorporates low-latency price feeds from centralized exchanges along with a snapshot of on-chain state. It then uses on-chain proofs to validate prices and preserve permissionlessness. This allows Clipper to make money from arbitrage, instead of paying a tax to arbitrageurs, while keeping gas fees low for traders. On Clipper, liquidity providers take home [superior yields](https://docs.clipper.exchange/introduction/how-lps-earn-from-arbitrage) with **no impermanent loss** and traders can expect no whales or bots front-running their trades. Clipper was initially developed by [Shipyard Software](https://www.shipyardsoftware.org) and licensed to [AdmiralDAO](https://www.admiraldao.xyz/). Previously, Clipper focused solely on smaller trades. Recent architectural improvements now allow it to provide best prices for all trades, with sufficient TVL. **Clipper is currently available on the following chains:** * Ethereum * Polygon * Optimism * Arbitrum * Mantle Network * Base > **⛵️ Fun Fact:** Clipper is named for the mid-19th-century merchant vessels that revolutionized global trade. Clipper ships were designed for speed, partially by trading off cargo capacity, and made their owners millions of dollars. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.clipper.exchange/introduction/what-is-clipper.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.