allbits
@allbits11
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I hold these tweets to be self evident
Joined June 2019
So much summed up in an ironic post. It's the current state of things. Fortunately, blockchain allows for mechanisms that do away with the worst of tradfi rather than emulate it. We just haven't seen it in the wild yet
I hope all of you MEV searchers had a really good time out there and made a lot of friends along the way because Citadel has arrived and they are, in fact, much better at ordering transactions than you are
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It would be much much better if I could just send my conversion tx onchain and be guaranteed best execution price at settlement simply because of mechanism design and the dynamics of the system
Who’s ready to build the most powerful routing engine that finds the best path across the one million v4 pools, each with its own hook?
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They state this as if it's universally true because they're locked inside their paradigm. I agree with them that it's true in uniswap. But it's not a universal truth for AMMs
4/ Liquidity also impacts price slippage 🌀 If you have plenty of tokens in a pool, price impact should be minimal. But if liquidity is low, larger trades can affect token price.
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See, they always knew it was neither efficient nor effective. Because of LVR
4/ FLAIR represents an important step towards improving the efficiency & effectiveness of LPing in AMMs. In the graph, current models equate the green & blue pools with low flow-toxicity. FLAIR separates these by measuring LP competitiveness, showing an important 2nd dimension.
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The thing is, Hayden doesn't care at all about looking at the full solution set for these issues. Instead, bagholder logic leads to him promoting "solutions" via analogies where people shoot each other in the back of the head. So sad.
And yet blockchain technology that isn't flawed from the get go is perfectly suited to more elegant, cooperative and efficient mechanisms
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And yet blockchain technology that isn't flawed from the get go is perfectly suited to more elegant, cooperative and efficient mechanisms
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oNLy pOSsiBLe oN sOLaNa
Fetching all the NFTs an address owns on Solana is generally slow and unreliable with the new Digital Asset Standard (DAS) API, you can now get ALL nfts — compressed and regular — in a single, blazing-fast RPC call! only possible on Solana check it out:
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The fundamental challenge he has in analyzing this is that he implicitly and automatically accepts the received "wisdom" that decentralized apps shall be implemented via smart contracts over a generalized VM base layer. Unfortunately, it means systems that aren't fit for purpose.
When considering the type of hyperscale novel apps like an onchain game would require, my mental model in the past was fractal scaling: 1,000 validiums, settling to a zk rollup But after further discussions, the design space is actually much wider open https://t.co/05pVbTIvLs
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Blockchain technology can be used to create AMM mechanisms where market dynamics elegantly protect LPs from LVR without further ado. It's too difficult to implement on VMs like Ethereum though so you get complexity, gas heaviness and elements of trust.
A Surplus Capturing AMM study funded by the CoW Grants Program is out. 👏👏 A large fraction of DeFi relies on liquidity pools, yet LP's are poorly compensated. The study examines this problem and how to properly reward them. https://t.co/CAL4PjOiVJ
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Classic example of bagholder language. He actually means "ETH staking reward rate needs to be a lot lower for DeFi *on ethereum* to have a chance". DeFi itself will do just fine either way.
I think the ETH staking reward rate needs to be a lot lower for DeFi to have a chance. We can either get there by changing the protocol parameters to lower issuance or by moving all activity to L2s, thereby diminishing fees and MEV on mainnet.
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No. Easier than that even. Make chains as easy to deploy as sending a transaction.
Make chains as easy to deploy as smart contracts
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"AMM LPs are betting on a sideways market and hoping fees will exceed their IL" There are more efficient ways to do this where you are not systematically undercompensated for risk because arb bots are regularly eating your lunch. AMMs like uniswap are not fit for purpose.
Neat stuff: @SmileeFinance is building "smile" derivatives that have the inverse of an LP's payoff AMM LPs are betting on a sideways market and hoping fees will exceed their IL Smile buyers pay a premium and are hoping for an "impermanent gain" (IG) that exceeds their premium
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Imagine being so proud of a less than zero sum unregulated supercasino ponzi use case
Imaging being bearish on Ethereum because people are paying tens of millions of dollars a day to use it The stupidity is mind-boggling
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The supercasino and ponzi use cases.
But memecoin mania is bullish for ETH. $ETH has ripped 6.5% in the past 24 hours And over the past week, we've burned 39,554 ETH ($78.9 million).
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Marketing? Who cares? Sometimes people build, or contribute to, open source protocols because they can. And users pick it up, or don't. From there, we sometimes get Linux, or git, or nginx, or Bitcoin, or ... /fin
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Legal considerations are greatly altered. There's no business making money here. No-one getting rich. Just software (which is speech) and players choosing to run it, perhaps just to play with family or friends. Do police smash down doors for weekly poker night? /4
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By adding "identities" and analysis, people can see the level of pseudonymous people they're playing against, and steer away from suspected pros or cheaters, or people with no history /3
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If someone solves this, it becomes an interesting piece of software that can be used by people to coordinate a network. With no rake (just small fees to incentivize validators), known friends can use it to coordinate games from afar, recreating "poker night" at distance /2
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OP doesn't see the flaw of his reasoning, which derives from his implicit assumption that onchain poker *must* be a business. But it can be a protocol. In this case, poker would be one example of people coordinating through selfrun software, instead of through central services /1
1/7🧵So you got an idea for poker on-chain? Brilliant. But. You have at least 3 big problems: 1. Nobody wants to play poker 2. Business model doesn´t work 3. You can go to jail because it´s a regulated market a small🧵to get you started.
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All it takes is some eth whales and OGs to put up massive liquidity and not to worry about being systematically under compensated for risk. Because when the arbbots eat their free meals, there's huge volume, and hopefully it pumps your eth bags because it looks popular
The Uniswap Protocol has officially passed $1.5T in trading volume 🚀
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