Amber Group
@ambergroup_io
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Excited to be the Sleeve Partner of
@ChelseaFC
. Looking forward to bringing together the promise of digital assets and the world’s most beloved sport! ⚽️
We're excited to reveal
@WhaleFinApp
, the digital asset platform powered by
@ambergroup_io
as our new sleeve partner from the 2022/23 season! 💙
#AmberGroup
|
#WhaleFin
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We have reproduced the recent Wintermute hack. Figured out the algorithm to build the exploit. We were able to reproduce the private key on a MacBook M1 with 16G memory in <48h.
Full writeup coming in the next few days.
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1) Today, we’re announcing that Amber Group has completed a $300M Series-C round, led by Fenbushi Capital US and joined by other crypto-native investors and family offices.
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Flows we are seeing:
1) Crypto funds, macro funds, opportunistic VCs beginning to buy this dip in BTC+ETH as well as blue-chip DeFi by staggering limit orders and running longer TWAPs. Buying is still relatively passive/measured at this moment.
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1) We've written a piece diving deeper into ZK technology, explaining some of the terminologies commonly used when discussing the ZK field, why the crypto community is excited about ZK rollups, and describe the current state of the market.
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1) We've experienced multiple market cycles over the past 5 years, and our focus has been and continues to be the same – delivering an industry-leading service for trading, storing, hedging, and managing digital assets with a key focus on these core pillars.
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We are excited to announce our Series B+, which comes at a time of rapidly increasing crypto adoption globally. The investment reinforces Amber Group’s strategic alignment with its investors, as well as a shared vision of digital assets’ future in a new, digital economy.
#wagmi
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1) DeFi meets corp raiding. Example of theoretical attack: borrow $COMP tokens, identify the market with lowest collateral % per unit of borrow, change the collateral factor such that loans are immediately underwater --> trigger cascading liquidation. Cover short in underlying.
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Lots of bearish chatter around GBTC unlocks whilst conveniently ignoring that in-kind subscriptions funded by debt will ultimately translate into spot buying.
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2) Rollups play a central role in shifting from “monolithic” to “modular” blockchain architectures.
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Potentially a George Soros type of trade to play out in Ethereum... Fees are sky high. Yield farming craze goes on -> gas elevated. Large unwind -> gas elevated. Outright buying gas tokens could kickstart a +ve feedback loop in network congestion. Thread:
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Listen, are CT traders all George Soros? Of course not. Are they extracting alpha everyday from the markets? No, but do they wake up everyday trying to be the best traders they can be?
Also no.
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“In life and business, there are two cardinal sins. The first is to act precipitously without thought and the second is to not act at all.”
- Carl Icahn
CARL ICAHN: WE'RE LOOKING AT CRYPTOCURRENCY, YET WE HAVEN'T PURCHASED ANY YET. HOWEVER, CRYPTOCURRENCIES ARE HERE TO STAY.
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Being both the player and the house (
@synthetix_io
) is the crypto equivalent of a owning a Markowitz optimized portfolio in TradFi. Everyone understands this.
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With Uniswap v3 range orders, LP bots will soon emerge. Expect vaults to come that help automatically optimize for LPs. As pooled AUM in them grows, a new form of MEV will arise; front-running by pushing pool prices during/ahead of rebalance calls.
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Was discussing correlation of BTC with SPX and gold with
@AviFelman
this morning and he noted, "bitcoin is no longer digital gold, now it's digital S&P."
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1) Biggest risk to stablecoin yield farming: a permanent depeg. If DAI or USDT goes to 50c on the dollar, LPs get stuffed. You can approximate
@CurveFinance
LP returns by selling worst-of puts on the basket (rainbow options). The APY you earn is equivalent to the option premium.
Waking up to crazy trading volumes and APYs. My God, what's happening!
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FTSE China A50 Index at new ATHs, surpassing 2015 mania levels. As a proxy for risk sentiment in China, this could bode well for crypto.
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Tranching in TradFi vs DeFi:
TradFi: Senior tranches oversubscribed, bank sales hustle to sell the junior/equity tranches to risk-seeking hedge funds
DeFi: Everyone seeks max yield; bottom tranche oversubscribed, 0 cares for senior tranches
Degenonomics 101
h/t
@mrjasonchoi
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In response to the increasing needs for liquidity from market participants / lenders - we've just paid down all our outstanding
@ClearpoolFin
balances.
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100%-200% APYs can be misleading. With floating rates, actual rolling/realized rates are what matter, and currently they are much closer to 10-12% at best (ignoring token rewards). Looking at daily DeFi APYs is like annualizing a BTC yield from
@BitMEXdotcom
perp funding.
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On-chain interest rate swaps (IRS) are going to be awesome. The ability to swap floating rates into fixed income streams is especially important given how high + volatile floating yields with token underlyings. Vanilla example:
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Trading macro: reading FOMC minutes and analyzing changes in language and what it means for Fed policy
Trading crypto: listening to Elon on Clubhouse waiting for a crypto mention with a finger on the market buy button
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To update our clients and relevant stakeholders, we can confirm Amber Group and
@WhaleFinApp
are business as usual. Weathering through market cycles, we have to constantly adjust and pivot our business strategies, product offerings, and, as a result, internal teams and functions.
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9) As our late co-founder and dear friend Tiantian always said, “One step at a time, and we will become the unquestionable category-leader in the industry.”
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A whole range of AMM designs have been launched since Uniswap and Bancor v1. This month we review important AMM designs and market trends.
Some highlights🧵:
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Uniswap top 10. Those of you in the old school who believe this is a bubble simply have not understood the new mathematics of stablecoins, or you did not cared enough to try. Supply contractions are mathematically impossible in this new paradigm. So are -ve rebases and all else
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Broke: I'm taking a loss for you
Woke: I'm taking an impermanent loss for you
Bespoke: I'm making your losses permanent?
I did the recent move because I care about the community. I'm taking IL for you. But all I received was blaming and FUDing.
Here's what happened. The devshare part of me. I converted them to $ETH. I stop caring about price and I will focus on the technicality of the migration.
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1) Pain points around institutional custody and DeFi participation cannot be understated. Retail can interact with DeFi from Metamask or any Ethereum wallet, but institutions are under a larger set of constraints - namely around signing policies and operational setup.
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NBA Top Shot sales about to surpass annual revenues of LA Lakers
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2) Seeing an unwind in smaller alts with rotation back into BTC and ETH. Many investors have been overweight alts / underweight majors over recent months - we're now seeing that reversing.
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Introducing
@LootSwag
! Loot Swag is a tool built for the community to customize their loot avatars through skins. It allows you to:
1) Visualize your loot items. It also generates an avatar of a character wearing the skins.
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1) Seeing more and more parallels drawn between DeFi growth and the '08 subprime crisis. Is this really a fair comparison? The backbone of DeFi in its current form is built on overcollateralization of liquid tradable assets.
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Our latest research report on Account Abstraction:
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So, we're now all familiar with
@YieldGuild
@Avocadoguild
@MeritCircle_IO
and other gaming guilds that are essentially player DAOs that try to maximize P&L over time. They're all fascinating experiments in mass coordination at scale.
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Amber Labs achieved 6th place at MoveCTF 2024 by
@MoveBit_
! In this article, we detail our approaches to the programming, cryptography and reverse engineering puzzles. From swap contract exploits to zero-knowledge proof, read how we solved the challenges:
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3) Asian family offices and UHNWIs which were sidelined are starting to fade this moving using options (selling puts) given the favorable skew / high implied vol as a way to scale in.
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Regarding certain false allegations against Amber today, our legal counsel will issue an official statement shortly and take potential legal actions.
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In this report, we aim to educate readers on alternative layer 1s which use DAG technology, while providing a framework to classify different uses of DAG technology and improving knowledge of how they operate.
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1) Friend used to trade European government bonds. His colleague the desk was the son of Mario Draghi (ex-ECB President), trading interest rate swaps. Yes - he was market making derivatives in which the underlying reference rate was set by his dad.
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@CSMCapital
@mrjasonchoi
Hello Johnny. We are not speculating. “Flows we are seeing“ = customer/counterparty trades facilitated through our desk. If you wish to short - DM us so we can get onboarded and we’ll make you a market!
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BTC-denominated investors subscribe at NAV by sending coins to the trust. Upon unlock -> sell shares into cash. Use cash to buy back BTC to pay back liabilities/return to base portfolio.
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AMMs -> we now have constant product, constant function, multi-asset, curve-shifting, vol-adjusting, etc. Will we see AMMs for time-decaying assets? Bonds, CDS, options are all huge markets coming on-chain where duration is one of the key variables for determining price.
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The secret to technical analysis is to adjust the lines until it fits your pre-existing bias. $DOT
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1) So Uniswap volumes > Coinbase. If AMM LP shares are vouchers for short vol positions, under what assumptions can we start thinking about using liquidity pools to derive implied vols on-chain?
@gauntletnetwork
@ConvexMonster
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On Oct 18th 2022, the blockchain security team at Amber Group discovered a critical reentrancy vulnerability in two Mai Finance’s vaults (SCSEMVT and YCSEMVT), and reported it to Mai Finance.
We elaborate on the details of our findings👇
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Excited to announce that we are joining
@PythNetwork
! We share a common goal to make markets more accessible and transparent for trading participants through DeFi. We look forward to providing our crypto data to help it flourish!
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The resilience of Gold over the past month despite the rise in real yields (30y has gone from -27bps to +11bps in Feb) is quite telling of which way the market wants to go. And bullish for Bitcoin. Buoyant like a bath duck.
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Wait for the dip they said
You'll get a better entry, they said
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1) The rise of lockdrops / stakedrops à la
@HeyEdgeware
$EDG and
@keep_project
$KEEP as token distribution and security-bootstrap events for protocols could shake up the borrowing market for $ETH.
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Yet again, a re-entrancy loophole has been identified by
@chiachih_wu
and the blockchain security team at Amber Group. We break down the details in this blog post.
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A month in crypto is like a year in traditional industries. Headlines and announcements of fundraisings, protocol upgrades, governance proposals, airdrops, hacks, NFT mints, acquisitions, and more — barrage users seemingly every hour.
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Who said crypto traders aren't using the kelly criterion? They're just optimized for 2K instead of K aka the degen optimum. Just ask the Binance futures traders
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In this report, we cover various use cases, trends, solutions, hardware/infrastructure and challenges.
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Epic Games (Fortnite, Unreal Engine) raised $1bn earlier this year to build out the Metaverse. What we deemed science fiction in the past (The Matrix, Ready Player One) is becoming reality in front of our eyes. Crypto will play an important part in it.
A great Piers Kicks article on blockchain based underpinnings for an open Metaverse. This is the most plausible path towards an ultimate long term open framework where everyone’s in control of their own presence, free of gatekeeping.
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Rise of DeFi derivatives means broadened scope for physical/fungible arbitrage strategies. Let’s say you have stablecoins, and want to lock in a high fixed yield. You can:
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"How did you go bankrupt?" Bill asked.
"Two ways," Mike said. "Gradually and then suddenly."
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Time has come for many to pay the piper. It's biz as usual with Amber /
@WhaleFinApp
- if we can be of help, reach out!
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"Crypto is a put option on world chaos, and a call option on risk assets"
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A journey of a thousand green candles begins with a single market buy
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8) However with strict exposure limits on individual trading venues, this represents <10% of our total trading capital. It does not pose a threat to our business operations or liquidity.
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Having the right anti-money laundering (AML) defenses are always critical. At Amber Group, we make security our
#1
priority and keep compliance front of mind. Today’s partnership with
@ripjar
strengthens our position as a highly secure player in the digital assets market.
📣 We’re pleased to announce a new strategic partnership with
@ambergroup_io
. Our sanctions monitoring, PEP & adverse media screening tech will support them to detect & prevent fincrime across their operations.
#AdverseMediaScreening
#SanctionsScreening
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There’s currently a ton of big MA confluence in $GBTC (50/100/200 SMA) in the $9.8-$10.0 range, or ~8.9k-9k in spot-equivalent. Technical analysis via proxy instruments is usually not discussed very widely. Does price and pattern formation in one always lead the other?
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2) This new round of fundraising demonstrates investor confidence in Amber’s business and the commitment to shape our future together. As part of that future, it's important for us to adapt and protect our clients in this challenging market environment.
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Discounting chicken coins et al., DeFi/blockchains at scale will produce insights into game theory / economics similar to how imperfect-information games (Go, NLHE, Dota2) allowed for huge advancements in AI/reinforcement learning.
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6) Crypto, despite it’s volatility and being a 24/7 market is in many ways less stressful given its ‘purity’ (as weird as that sounds), being largely distanced and free from nonsense related to economic/monetary interventionism dictated by the few.
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1) $COMP mining summary: high USDT rates -> short-term +ve feedback loop for miners. 0.5 COMP gets distributed each block and split 50/50 between suppliers and borrowers, pro-rata against accrued interest. Higher rates creates better mining yield which leads to more borrowing.
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NBA Topshot but for trading. Instead of dunks and and assists, you own specific markets events, eg the Doge pump, the Elon candle, the March 2020 crash, ETH ATH break. Tokenized memory of when you made bank/got rekt.
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We have seen
@iota
,
@Mysten_Labs
,
@FantomFDN
, and
@avalancheavax
all use DAG technology. But how exactly do they work?
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