> For the complete documentation index, see [llms.txt](https://docs.clipper.exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.clipper.exchange/governance-token/sail-primer/clipper-fundamentals.md).

# Clipper Fundamentals

## Clipper Traction & Further Info <a href="#clipper-traction-and-further-info" id="clipper-traction-and-further-info"></a>

**Revenue:** $500k annualized revenue (up 2.5x from Q3). See​ <https://tokenterminal.com/terminal/projects/clipper>

**Usage:** $2.5 billion volume (8.3 billion comparable volume) from 216,000 traders across 2 million transactions with 99,000 LPs. See <https://dune.com/shipyard_software/clipper-official>

* Note that people typically multiply Clipper’s volume by 3.3x to compare it to other DEXs. This is because Clipper’s prices are firm, precluding arbitrage/MEV bots. In contrast, 70% of Uniswap (and other CPMM) volume is arbitrage/MEV bots programmatically reacting to ‘real trades’. Mathematically, 1 / (1-70%) = 3.3x.

**Community:** 100k+ discord, 120k+ twitter.**Chains:** Ethereum Mainnet, Optimism, Polygon, Arbitrum, Mantle, Base, Moonbeam.

**Price Competitiveness:** Clipper beats 0x API 92.5% of the time on a $10,000 USDC<>ETH trade. <https://docs.clipper.exchange/introduction/why-clipper-has-better-trading-prices>

**Yields:** Typically base APYs of 50%+ on ETH/WBTC/USD. See <https://clipper.exchange/app/liquidity>

**Proof of No Impermanent Loss:** Zero LVR ([Loss Versus Rebalancing](https://a16zcrypto.com/posts/article/lvr-quantifying-the-cost-of-providing-liquidity-to-automated-market-makers/)  is a16z’s metric) since the last deployment in Q1 2023. Learn more about Clipper's No Impermanent Loss (NIL) Index <https://clipper.exchange/data>