Dave White
@_Dave__White_
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I've been working on a new NFT derivative: the floor perpetual.
Floor perps are synthetic NFTs that track the floor price of a given project and can be minted by locking up NFTs from that project.
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i've been working on a new financial product: everlasting options
perps give traders never-ending futures exposure without the effort, risk, or cost of rolling
now, we can do the same for options... and
@SBF_Alameda
and I have a simple pricing model
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Art Gobblers is a decentralized art factory owned by aliens.
As artists make cool art, Gobblers gains cultural relevance, making collectors want the art more, incentivizing artists to make cooler art.
It's also an on-chain game.
w
@FrankieIsLost
@transmissions11
@JustinRoiland
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I've been working on a new financial product with
@danrobinson
and the team
@opyn_
: the power perpetual.
If the price of ETH doubles, the ETH^2 power perp 4Xs, the ETH^3 power perp 8Xs, and the ETH^5 power perp 32Xs.
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When NFT projects have a fungible token, the communities holding the NFT and the token often diverge over time.
@FrankieIsLost
,
@transmissions11
and I built a mechanism for
@artgobblers
to disincentivize this divergence and fix it when it happens anyway.
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I've been working on a new type of automated market maker with
@danrobinson
and
@haydenzadams
.
The Time-Weighted Average Market Maker, or TWAMM (pronounced "tee-wham"), helps traders on Ethereum efficiently execute large orders.
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I've been working on a new NFT primitive with
@andy8052
and
@danrobinson
: RICKS (Recurrently Issued Collectively Kept Shards).
When you fractionalize an NFT into RICKS, the protocol mints and sells new RICKS every day.
All proceeds go to RICKS stakers.
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.
@FrankieIsLost
,
@JustinRoiland
, and I have been working on a new NFT mechanism.
CRISP, the Constant Rate Issuance Sales Protocol, aims to sell NFTs at a targeted rate over time.
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nothing has ever cost me as much money as believing in the efficient market hypothesis
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If you liked Squid Game, I've got great news for you 🦑
There's a whole "people forced to play high stakes games" genre, and it is AMAZING.
In this 🧵, I'll introduce you to my favorites and briefly analyze a game from each.
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I've been working on a highly speculative new NFT primitive: Martingale shares, or "Mortys."
Mortys represent fractional ownership of classes of NFTs.
They do not require buyouts or oracles, but instead rely on a random Martingale settlement process.
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the anti-NFT
everybody owns it except one person
you transfer the right NOT to own it
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when you work with world class people, every disagreement is alpha
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I designed a new type of MEV-resistant auction with
@danrobinson
,
@0xvanbeethoven
, and
@ksrini_
.
We've been exploring the emerging intersection of auctions, consensus, and MEV.
Our first creation is the Leaderless Auction, a decentralized auction with no auctioneer.
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has anyone made multi-class governance tokens?
e.g. founder tokens have 10X voting rights but can be overridden by a super-majority of other tokens
or for an inflationary token, every month newly issued tokens might have half as much "governance weight"
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so-called "bitcoins" are in fact NFT packs, each containing 100 million NFTs called satoshis
a satoshi has a single attribute, a unique integer ranging from 1 to 2.1e15 representing the order in which it was mined
in bitcoin transactions, satoshis are transferred in FIFO order
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The Cartoon Guide to Perps
retweet + follow for a chance to win an adorable perp NFT
mega thread 👇
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looking for a web3 ui designer to help with an nft project for the next 1-3 months
trust me, you're not going to want to miss this one
reply with a link to the app you're most proud of designing
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google's new language model is capable of doing word problems and explaining jokes
hard to overstate how shocking this is
i'm bumping my estimate of AI achieving superintelligence within my lifetime to 33%
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i can’t explain why but having this new pfp is making me want to tweet like a *lot* more
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I made a game that lets you simulate any world you can imagine.
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you know what they call the metaverse in paris?
internet with cheese.
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welcome to all my new followers from yesterday's everlasting options post ( ＾▽＾)／
i help crypto startups design mechanisms
@paradigm
i tweet about crypto, memes, and new models of reality
@ me and i will design a low-effort mechanism for literally anything
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I’m looking for a function with
f(x)f(y)=f(xy)
and
f(1) = 1
any examples besides f(x) = x?
how can we characterize the set of such functions?
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going tradfi -> crypto feels like you've been training for the high jump at 10x earth gravity and when you get to the competition it's on the moon
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slowly realizing i have no idea how traditional finance works or what it even is
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.
@MartinTassy
@_charlienoyes
@danrobinson
and I are thrilled to announce our solution to
@paradigm
's Uniswap Open Problem
Even when LPs lose money on every trade, under some conditions they still do better than HODLers thanks to volatility harvesting 👀
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i've gotten feedback on my new NFT project from
@matthuang
,
@danrobinson
,
@gakonst
,
@_anishagnihotri
,
@samczsun
,
@GrugCapital
,
@nope_its_lily
,
@0xSisyphus
,
@Fjvdb7
,
@mewn21
, and
@hasufl
just this week
luckiest designer on earth
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there is no feeling on earth better than having a competent and dedicated person take a problem off your plate
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a quick 🧵 on convexity in options
consider the $70-strike $HOOD call
if $HOOD is worth $100 at expiry, we can exercise the call for $70 and sell the stock for $100, netting a profit of $30
the payoff diagram below show's the call's value at expiry for all $HOOD prices
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making art, mechanisms, and software with
@justinroiland
and the ridiculously stacked
@artgobblers
team has been the experience of a lifetime
beyond excited to show you the experiment we made for you
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"Everything around you that you call life, was made up by people that were no smarter than you. And you can change it, you can influence it, you can build your own things that other people can use."
Listen to Steve Jobs and build something at the Solana Hackathon.
I'm a judge.
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@justinkan
luckily, as soon as you don't hire them, they have failed at getting hired, and you can then hire them
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An NFT that always sells for $1B:
Alice agrees to pay Bob $1,000 for the NFT.
As part of the transfer, the NFT automatically flash borrows $999,999,000 from
@Uniswap
on Alice’s behalf.
Alice pays Bob $1B for the NFT, Bob pays her back all but $1,000, and Alice repays the loan.
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disjointed NFT NYC reflections 🧵
I’ve been extremely busy with object-level work this year, and probably over-cautious about Covid.
As a result, I’ve been very isolated, basically underground, and lost connection with the people in my life, including many of you.
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anyone worked on continuous parameter governance?
imagine a param like min collateralization ratio
instead of yes-or-no votes, gov token holders can stake their tokens on "higher" or "lower" at any time
the greater the imbalance, the faster the param moves in that direction
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working with hypercompetent people is all well and good until you realize they have stripped you of the excuses you were using to procrastinate on your own work
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Mechanism design exercise:
I would be willing to pay significantly more for a food delivery service that provided binding guarantees on delivery time and paid me a significant amount (>= $100) on failure.
Design a system to make this work and estimate the cost to the end user.
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let's design an NFT project together 🧑🎨👩🎨📈
QT with the seed of an idea and we'll go from there
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the most exciting shit in crypto happens at the intersection of based and cringe
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ok, now i would like to understand the financial system less well
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an ERC20 that can only be sent and received by punk holders
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finally bought elden ring
while it installs, please help me rationalize this questionable decision
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Art Gobblers are called Art Gobblers because they gobble art.
In particular, they eat art that artists draw using our draw tool and turn into 1/1 NFTs using in-game resources.
All the artworks a Gobbler eats belong to it on-chain and are displayed in its belly gallery forever.
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Of course, floor perps also provide other market participants leveraged long and short exposure to NFT floor prices.
The basic mechanism can be extended to facilitate lending, everlasting options trading, attribute perps, and more.
I'm excited to see what you come up with 🤩
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"memetic shielding" is when you express info in such a way that only your intended audience can understand or spread it
old school: legalese, mysticism
new school:
@CL207
leaking mind-blowing alpha in smol, <stuff i can't allude to here because it's so well shielded>
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daily reminder you can right now pick up one of tens or hundreds of books containing unspeakably powerful and dangerous knowledge right on Amazon
no questions on this one folks
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we're looking for a cryptoeconomic designer to build a new web3 game alongside legendary game devs
experience w/ crypto game economies, NFTs, and token launches a big plus
your first design task: convey in one tweet-length reply or DM why you’re the right person
pic related
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"Do something you love, and you'll never work a day in your life."
Yes, but you'll also never NOT work a day in your life.
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An AMM koan:
The Abbot delivered the teaching on impermanent loss.
When prices change from where they were when an LP first staked, the LP loses money.
When prices return, the LP makes their money back.
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what are finance nerds who aren't in crypto excited about these days?
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We intend:
As artists create cool art, the cultural relevance of Art Gobblers will grow.
As cultural relevance grows, Gobbler art will be in higher demand from collectors.
As artists see higher collector demand, they will create cooler art.
Gobble on.
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sleeping and taking a shower are low key the two most powerful tools for problem solving
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just stayed up til 3am coding
haven't done that for years
ai-assisted development hits different
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unhinged mechanism design friday
qt with an idea seed and let's make something chaotic
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The
@opyn_
research retreat began on the 4th of July, Independence Day in the US.
I showed up in the late evening, so
@snarkyzk
and
@danrobinson
heated me up a burger.
We sat by the pool and talked about building something new.
36 hours later, we had discovered Squeeth.
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🐱 So hyped to announce that Squeeth is live on Ethereum mainnet!!
Check out the dApp 👉
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does anybody else end zoom calls by physically saluting now?
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.
@artgobblers
just passed me in followers 🥲
it will be a finished product as of its 10/31 mint, so a post-gobblers life is fast approaching
i wonder what i'll focus on next...
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a backstage look at last night's crypto stream donation narrative
🧵👇
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finally done checking twitter and discord on my laptop
time to check twitter and discord on my phone
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1. create simple rules
2. navigate the resulting complexity
3. address it with new simple rules
4. (repeat)
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What is the most mathematically elegant financial product you know?
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say it with me: finished product at mint
we will not be interfering once the experiment is live
Section 517.33, on Infrastructure:
All infrastructure (including teleporters, goo tanks and art creation facilities) MUST be complete prior to invasion. Afterwards, evolution of the system is left to local inhabitants and the Gobblers themselves.
— The Gobbler Invasion Handbook
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project that uses a GAN to let you breed two NFTs from distinct ecosystems
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cherry blossom NFTs that disappear from your wallet after two weeks
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.
@transmissions11
be like "what's a derivative" and 15m later is correcting problems in my differential equations
learned more math working my way through this
@_Dave__White_
spec than i have in a full year of school tbh
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research update: i now no longer know several obvious things
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has anyone done fully generalized variable-lockup staking yet?
like curve gauges but for any timeframe
e.g. lock your tokens for N days and get rewards at a rate of O(log(N)) daily, autocompounding
1 day lockup = .1% daily = 44% APY, 100 day lockup = .3% daily = 300% APY
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starting to see gobbler pfps show up on the timeline and it makes me feel like i'm with friends
wholesome af
let's make some art
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as many of you know, i'm a hopeless overwatch and slay the spire addict
so a hybrid MOBA/CCG from the team that shipped age of empires, words with friends, and lucky's tale would already be pretty exciting
if it wasn't also the most innovative web3 game i've seen
but it is
WELCOME FANS! The day is finally here. And so are you.
Wildcard is the ultimate spectator sport, backed by the power of you (& Web3).
Let's catch some Spords
➡️
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extremely excited for the first
@artgobblers
space tomorrow with
@DeezeFi
and
@andy8052
none of this would have happened without RICKS and Mortys, we owe it all to
@tessera
Tomorrow at 6pm EST
@andy8052
and I will be doing a little
@artgobblers
space with
@_Dave__White_
and frens
We’ll be going deep on all things Art Gobblers, $GOO, and whatever the hell else comes up 🫡💚🖼️
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The initial (free!) Gobbler mint consists of 2,000 fully animated Gobblers.
Over the next 10 years, players will spend Goo to mint 8,000 more Gobblers using VRGDA.
Issuance is relatively fast at first to bootstrap growth, but slows and eventually stops to preserve exclusivity.
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👆👆👆
it's friday night, let's build a mechanism together!
quote tweet with "wouldn't it be cool if [your DeFi/NFT/other idea]"
then me, you, and your tl can jam on it
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You decide to use your Ocelots as collateral to mint and sell OCELOT floor perps.
Not only do you get immediate liquidity, you are also protected if the floor price drops.
You will miss out on profits if the floor rises, but still stand to gain if your Ocelots appreciate more.
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Art Gobblers, from our upcoming NFT project
@artgobblers
, are NFTs that produce an Ethereum token called Goo, which they squirt out of hoses in the middle of their backs.
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as a bonus, the framework lets you create and price an everlasting version of *any* expiring derivative, not just regular futures and options
working on this this design has been a joy, and i'm incredibly excited to share it with all of you today
have fun :)
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the first ever empirical study of everlasting options behavior
3. The first task was to see how an EO would be priced over the past 2 months. Fortunately, we replicated an EO by using a strip of
@DeribitExchange
calls and some simple math (see writeup). Our focus was on the $50k BTC everlasting call for a two month period as shown below.
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rare look inside the paradigm research process
They’re both giving each other bardic inspiration
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we’re live!
not that anyone will probably care, but just in case,
@JustinRoiland
is with us
Tomorrow at 6pm EST
@andy8052
and I will be doing a little
@artgobblers
space with
@_Dave__White_
and frens
We’ll be going deep on all things Art Gobblers, $GOO, and whatever the hell else comes up 🫡💚🖼️
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every day for the past ten days i've bought 1 book and read 0.1 books
i think i might not finish all these books guys
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a fascinating list of tradfi corporate governance tricks
would be a fun research project to pick a few of these and whitepaper out how to make them work on-chain
happy to be a sounding board for anyone interested
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you guys have no idea how weird my papers are before my sane friends convince me to tone it down
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