noodles
@crypto_noodles
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You can't talk about perps without talking about the king:
@dYdX
Wonder why $DYDX has been down only?
👇 👇 Come at the king, best not miss 👇 👇
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You've seen the overnight success, big volume, and big fees of vAMM perps like
@perpprotocol
v1 and
@DriftProtocol
But what if I told you it isn't real?
👇👇👇 👇👇👇👇
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There is something special about
@arbitrum
- No VC subsidized TVL like
@solana
- More TVL than
@optimismFND
even w/o a token
- No token emissions to incentivize usage (like
@Polygon
/
@avalancheavax
)
This is why we build on
@arbitrum
@rage_trade
More will follow...
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So your telling me that
@multicoincap
:
> Invested $5M in
@SeiNetwork
at $50M FDV
> $SEI trades at $5B FDV
> $5M investment is now $500M (vested over 4yrs)
@KyleSamani
is probably the best investor in our industry. And $ETH maxis hate to see it.
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Its been a minute since I've done one of these
So here's
@rage_trade
's master plan:
"A guide to building
@arbitrum
largest stablecoin farm"
👇👇👇👇👇👇👇
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All roads lead back to one:
-
@berachain
- BERPs
-
@Blast_L2
- NFT Perps
-
@SeiNetwork
- Parallelized -> Orderbook -> Perps
-
@monad_xyz
- Parallelized -> Orderbook -> Perps
-
@aevoxyz
- OP AppChain -> Perps
-
@HyperliquidX
- Cosmos SDK - Perps
-
@ethena_labs
- Yield -> Perps
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A new iteration of
@TornadoCash
:
Problem: Hacked and normal funds shouldnt mix.
Solution:
- Incoming deposits are queued for 1month
- Current depositors vote to reject from queue
- Users can vote to fork/split the anonymity set if they disagree on an incoming deposit
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DAOs are gaming L2 airdrops
Of the 9M $OP granted to
@perpprotocol
:
- 500k was dumped by Perp's Grants DAO
- 70% of 1.8M $OP airdrop was sent to team wallets
- 70% of those addresses insta-dumped $OP
If left unchecked, DAOs will do this in future $OP airdrops too
h/t
@Gancor_
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The
@arbitrum
team has been awfully quiet recently.
I sense something big is about to happen.
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Okay anon, it's announcement time!
Today we are unveiling
@rage_trade
, the first liquid, composable, and omnichain ETH Perp Swap.
👇👇 So why build another perp? 👇👇
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If your like me:
> Not big brain enough to do MEV
> Not well connected to go early VC
Then go to governance forums, its perhaps the easiest way to frontrun future price action.
Few of the best:
-
@feiprotocol
-
@fraxfinance
-
@OlympusDAO
-
@CurveFinance
-
@ribbonfinance
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Yeah they call it 'having a job'
The game has mixed reviews tho.
has anyone done a "play-to-earn" project where the "work" is something productive in society?
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Insider alpha leak:
@Uniswap
's next *big* product is a wallet.
@MetaMask
/
@rainbowdotme
competitor
For Uni Labs, its high revenue potential
For builders/users of UNI v3, it means no v4 and continued bad LP experience
This is an opportunity for new AMMs like
@CrocSwap
@eljhfx
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I believe most
@cosmos
AppChains are cash grabs by founders + investors.
Do we need another:
- Orderbook
- Stablecoin
- AMM
They'll dump bags on you anon.
Don't be fooled again.
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2024 is for airdrops:
If your a whale LP:
>
@eigenlayer
>
@Blast_L2
>
@ethena_labs
If your an HFT:
>
@JupiterExchange
>
@HyperliquidX
If your 5/6 figs LP stake:
>
@CelestiaOrg
>
@cosmos
>
@osmosiszone
@rage_trade
will be the best way to earn new perp + chain tokens
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As we approach crypto ATH, it's worth asking yourself what's changed since 2017?
Well here's a brief history of people/events that brought us from 2017 to today
(A newcomers guide to the last crypto bear market)
👇👇👇👇👇
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2 years ago I created
@crypto_noodles
I simped
@tarunchitra
till he became my first follow
Over time, I made CT frens. And we got together to build
@rage_trade
.
@0xtuba
pushed me to launch faster
Today we hit our $1.5M cap in minutes
I'm grateful to CT for all the support!
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Last week we launched our DN
@GMX_IO
product.
Our $10M cap was hit in minutes!
So we spent the past week analyzing the performance. Let's have a look
👇👇👇👇
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ETH L2s (zk/optimistic):
-
@Polygon
-
@zksync
-
@aztecnetwork
-
@Scroll_ZKP
-
@StarkWareLtd
-
@arbitrum
-
@optimismPBC
If the above succeed, they will fragment ETH liquidity in the process.
This is increasingly bullish for SOL and bearish for ETH.
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The
@cosmos
AppChain thesis will be eaten by $ETH rollups:
-
@eigenlayer
modular trust
-
@Calderaxyz
/
@arbitrum
L3 app rollups
- Flashbot/SUAVE democratized MEV
The combination of the above will make rollups cheap, app-specific, and user friendly (w/ EIP 4337)
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I've tried to bite my tongue because I'm bullish
@arbitrum
But each
@CamelotDEX
launchpad sale (with 1 exception) has been an absolute scam:
- Glorified landing pages
- Copy pasta code
- Down only tokens (for the most part)
Each listing is like watching a slow rug in real time
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Polygon's zkEVM has $2.2M
I'd bet each member of
@0xPolygonLabs
senior management team holds more than $2.2M in crypto.
Is this what happens when there's no new token to farm?
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With
@GMX_IO
v2 around the corner, there have been some difficult questions to answer:
- Will v2 displace v1?
- Will LPs continue to lose?
- Will Open Interest scale?
- Will GMX continue its market dominance?
👇👇 Well, let's get into it 👇👇
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Blockspace is cheap. We no longer need AMMs.
@Uniswap
v5 will likely be an orderbook. You can already implement Uni v2 style bonding curve on
@HyperliquidX
's spot market + MMs can join over time.
Don't waste your time on LVR or mech design debates. Orderbooks will win.
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- Sold $SOL holdings at $3.00 ($7M at todays prices)
- Passed cofounding a project that netted > $10M
- Won first $SOL hackathon, didn't continue building.
Tagging frens to share their biggest Ls:
@0xtuba
@mewn21
@0xSisyphus
@DeFiGod1
@scott_lew_is
@tarunchitra
-Passed on $ohm private sale
-Did sell few hundred eth at 400 for ‘risk management’
-did not focus on health enough in the grind to riches
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So
@opyn_
is launching Squeeth today.
- ETH^2 price exposure
- Can hedge any portfolio of ETH options
- No liquidation for buyers
- And $ETH price is 3k
And if your still bearish anon... ngmi
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The hashtag
#SeiScam
is trending.
As expected the airdrop was majorly sybil attacked leaving behind a paltry sum for the real users. And the real users were pissed.
But what do you expect from a vaporware chain?
- There is no product, there is only a token.
- There are no…
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The most common response to our previous thread on the vAMM ponzi was:
"What about
@perpprotocol
v2?"
@0xDosa
,
@0xAthanase
, and I went digging.
And the answers will surprise you!
👇👇👇👇👇👇👇
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There are 1k - 10k active/power DeFi users.
If you are not trying to talk to each of them individually, then you are doing a disservice to your:
- Team
- Token Holders
- Investors
Do the work, anon.
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A Layer 2 is only as valuable as the interesting applications built on top of it.
-
@BuildOnBase
has
@friendtech
-
@arbitrum
had
@GMX_IO
@Treasure_DAO
Layer 2's like
@Polygon
@zksync
@0xMantle
are still searching for that killer app.
While it may seem that VCs are ploughing…
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A quick thread on $ETH vs $SOL
(from the perspective of an ETH/Solidity developer)
👇👇👇👇👇
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Building/listing on
@HyperliquidX
L1 today will be like getting into the
@binance
/ BNB eco in 2019/2020.
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If your a perp trader, you could go to:
-
@GMX_IO
for ETH/BTC
-
@synthetix_io
for top 20 cryptos
-
@GainsNetwork_io
for forex
-
@aevoxyz
for pre-launch pairs
-
@HyperliquidX
for alts w/ cross margin
-
@vertex_protocol
for $VRTX rewards
Or go to
@rage_trade
and trade on all of…
📢 Docs for Rage v2 are live!
Learn how you can trade on
@GMX_IO
v1/v2,
@synthetix_io
,
@HyperliquidX
,
@vertex_protocol
,
@ribbonfinance
, and more all in one place.
➡️
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In conclusion, dydx built the most liquid perp book - but the liquidity comes at the expense of HODLers. HODLers hold the token all the way down, while MMs eat a free lunch at your expense.
Please follow
@0xAthanase
for the work that went into this!
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If a protocol offers 60% APR on GLP, when
@GMX_IO
offers 30%... they are taking leverage:
- 2x APR
- 2x exposure to trader PnL
- 2x exposure to asset prices
- 2x profits or losses
If they only show you the APR and leave out the leverage risks, their lying to you.
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Of the top 5
@arbitrum
protocols by TVL,
@GMX_IO
is the only arbitrum native project.
@rage_trade
will be the next arbitrum native protocol to break the top 5.
Screencap this, anon.
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If youre building in DeFi, you gotta know hurdle rates
Hurdle Rate = Min return to justify investment
Current rates are:
- Stables: 15%
- ETH: ~7-8% (Staking + MEV Boost)
With
@eigenlayer
(re-staking ETH), DeFi ETH rates will struggle to remain competitive against staking.
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When
@0xtuba
nerdnipes, you gotta oblige.
All credit goes to
@134dd3v
for the thorough code review.
So how is Sushi's Trident different from UNI v3?
👇👇👇
can some gigabrains who have read the univ3 codebase read the
@SushiSwap
trident concentrated liquidity pool contract and summarize what the main differences are ?
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There's a team building on
@GMX_IO
that:
- Copied
@rage_trade
's mech design
- Called us 'dimwits' (after copying us)
- Tried to poach our LPs (none of our LPs listened)
- Reply guys to me for engagement
And our response?
- Build more cool shit
- Live rent free in their head
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Perp tokens coming to market this year that will create billions of dollars of value for farmers:
>
@HyperliquidX
>
@aevoxyz
>
@DriftProtocol
>
@ZetaMarkets
>
@JupiterExchange
>
@IntentX_
Imo
@HyperliquidX
might be the biggest of em all, since theres no private investors
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The biggest comeback story from
@terra_money
's meltdown will be
@Delphi_Digital
:
They were big investors+builders in the Terra eco.
Consequentially, they are experts in:
-
@cosmos
dev
- Mech Design
- MEV
Those skills will pay off more than their $LUNA holdings ever could.
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For a more detailed version of this thread, read the full article:
Give
@0xDosa
a follow for all the effort that went into researching this.
Additional thanks to our peer reviews:
@0xtuba
@backbooked
@0xperp
@Jib0xD
@MLGavaudan
@rebeccadai0
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There used to be a meme that
@synthetix_io
only had 13 users, but its far from the reality today.
With v3, Synthetix will introduce multi-asset LPs (not only $SNX stakers) and a multi-chain LP system (supported by sUSD).
I've always believed their volume was artificially…
As perp builders, we take inspiration from fellow builders. It's no secret that we've been
@GMX_IO
fans since the early days.
Tho
@synthetix_io
innovations in perp mechanism design are criminally under appreciated.
Synthetix/
@Kwenta_io
v2 fixed scalability and LP payoff issues…
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I think
@GMX_IO
solves
@maplefinance
's problems
On Maple:
- Lenders earn 6-8%
- MMs move funds to CEXs
- MMs provide liquidity on CEXs (earn >20%)
On GMX:
- LPs earn trader fees (>20%)
- LPs provide liquidity at oracle price
- LPs = onchain MMs
Onchain MM >> Offchain MM
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So:
>
@Bybit_Official
did $7B volume across top 6 perps
>
@GMX_IO
did $181M across v1/v2
>
@synthetix_io
did $238M
This is your reminder that onchain perps have another 30-50x ahead of us. It'll come from:
> UX (
@rage_trade
@infinex_app
)
> Aggressive user acquisition
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In our research we found:
1. Most volume is arb
2. Arb traders are playing a PvP ponzi
3. High funding rates = High APY ponzi
4. The protocol's aren't actually making profit
5. The protocol's can blowup
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We are in a 'malthusian trap'.
There are more people than financial opportunities
Time to trim the fat:
- Ghost chain builders (Aptos, Sui etc)
- DAO members leeching off treasuries
- 'Advisors' simultaneously holding multiple jobs
- Frauds virtue signaling to other frauds
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As traders go DeFi post-FTX, heres a trick to open levered shorts on Aave
$100 ETH short w/ $50 margin (~2x):
- Flash-borrow $100 ETH
- Sell ETH for $100
- Add $100 in Aave
- Add $50 more for health factor
- Borrow ETH + repay loan
@rage_trade
use this to hedge
@GMX_IO
's GLP!
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It's crazy to think that $40M of
@GMX_IO
voted in
@rage_trade
's favor
This was more bipartisan than the 'FTX Listing' vote:
- 96.9% voted for Rage's treasury swap
- 91.9% voted to list on FTX
Delta neutral GLP could grow TVL by $100M+
Long live the blueberries!
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A few influencoors have been FUDing
@GMX_IO
But have they done the math?
GLP Returns = ETH Rewards + Trader PnL
GLP's returns over last 2 months:
Sep 29 - Nov 28 = +$11.7M
Oct 29 - Nov 28 = +$4.17M
Nov 14 - Nov 28 = +$60k
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For the unaware, Solana hackathons are a big fking deal.
The best VCs. The best founders. The best buidlers. And some rando celebrities too.
So my team and I set out to: learn Rust, learn Solana, and build a fully functioning fantasy sports app in one month.
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Insider trading is rampant in crypto.
> Bullish Unlocks?
> New Partnerships?
> New Capital Raise / Repricing?
The top tier VCs don't do it, but the mid tier ones do. You know the names. They LARP for integrity on here.
I cant name em, but don't let em prey on you anon.
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We spent months working on our
@GMX_IO
DN Vaults
In that time, we have:
- Done a treasury swap w/
@GMX_IO
- Been audited + $10M insured by
@sherlockdefi
- Partnered w/
@MIM_Spell
@UXDProtocol
@SushiSwap
@sentimentxyz
(enabling leverage + liquidity)
Mark your calendars, anon!
The day you have all been waiting for is finally here!
Our Delta Neutral GLP vaults will be live December 12th.
For more information, please join our Discord.
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I'm so excited to work with one of the biggest brain teams on
@arbitrum
!
@dopex_io
is one of the few projects that has been pushing the bar for DeFi derivatives.
I hope
@rage_trade
can match their energy.
@rage_trade
❤️
@dopex_io
HUGE announcement Rage Army! 🚨
Team
@dopex_io
has OFFICIALLY invested in
@rage_trade
💎🤝😈
Special thanks to all of these individual contributors ⬇️
@mariodigital_
@0xsaitama_
@chutoro_au
@Cryptobean36
@Bigbazuso_
@ZoomBie255
@psytama7
@witherblock
@tztokchad
(1/2)
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Only 20 arbers control the PvP game. On Perp:
- 20 arbers did $36B volume (90% of total)
- 20 arbers control 90-95% of Open Interest
Drift has similar results. Its likely the same 20 MMs are playing both games.
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Months of building, and now Rage v2 is finally in beta!
We’ve spent about 2 years building / iterating on perp products and all those learning have culminated in v2. I think this can be our mark on the onchain perp space.
Ironically in late 2021 (when we got together) nobody…
The Rage v2 Public Beta is live!
• Aggregate
@GMX_IO
v1/v2 +
@synthetix_io
• Soon
@HyperliquidX
,
@aevoxyz
,
@dYdX
& more
• 100% rebates on GMX v2
• Best funding/prices
• New perp strategies
• No moving gas b/w chains
Join Discord for invite 👇
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One of the cool aspects of DeFi is that a single instrument (for ex: options) can have many different flavors.
Let's talk about 4 different flavors of options in DeFi
(
@opyn_
,
@HegicOptions
,
@PrimitiveFi
,
@CharmFinance
)
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There is some irony to the fact that
@FTX_Official
creditors may be made solvent from the
@AnthropicAI
investment.
If one AI investment can fill the hole left by 100s of crypto investments, we all need to take a hard look at ourselves.
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Both
@Blast_L2
and
@berachain
have been around long enough to study the
@arbitrum
and
@Optimism
playbook.
> Incentivize builders
> Builders make apps / memes
> Apps / memes bring users
> Builders + users = community
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In todays science experiment, we will put $30B at stake to test out a multi-agent sybil attack.
Our players:
- foreign advesaries
- local politicians
- polarized right + left groups
Lets see who wins.
Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock.
Do you support this?
50K
22K
137K
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I am running for the
@synthetix_io
Spartan Council.
I think Synthetix v3 has one of the most ambitious visions for making decentralized perps multichain, scalable, and easy to use.
There are a few core ideas behind v3:
1. Separate liquidity provision from trading infra
2.…
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Are MMs earning $DYDX risk free?
Yes, MMs are fully hedged:
- Provide liquidity in CLOB
- Trade against their own liquidity
- Hedge position on CEX
Risk free profit, then sell $DYDX
@EOSIO
+ FCoin ran similar token sale / trade mining operations
Both ended badly for HODLers
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The day came and we were ready. We'd finished building.
Excitedly, I DM'd
@SBF_FTX
to let him know the app was ready. And within minutes he responded/tested it and gave us good feedback.
What kind of billionaire has that response time?!?
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So what did we find?
- No ponzi / fake trading volume
- GLP depositors make real money
- Arb'ers make money too but LPs make more
- 1 arb'er made nearly $4.2M
- Real retail usage (and its growing)
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My big takeaway, we need a decentralized stablecoin:
- Can't be rugged by market maker
- Can't be rugged by regulators
- Can't be rugged by founders/teams
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Yesterday, we posted a proposal to
@GMX_IO
governance. Of the 13 negative responses:
- 53% (7 of 13) accts were created in the last 24hrs
- 77% (10 of 13) posted on only 1 other topic
Separating noise from signal is the hardest job!
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How much have MMs earned?
Upto epoch 8:
- Fees Paid: $272M
- Tokens Paid (priced at emission): $385M
- Net Profit: $113M
Effectively $DYDX has run a multi-epoch long token sale where traders paid $272M for $385M in tokens.
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In our effort to remain transparent, we've launched a stats page for our DN
@GMX_IO
vaults that covers daily/cumulative values for:
- Risk On/Off Returns
- Hedge Costs (Uniswap, GLP mint/redeem)
- Realized/Unrealized Trader PnL
👇👇 Let's dive in 👇👇
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As a protocol builder, most days you're putting out fires and working across timezones.
But somedays, everything works so smooth.
-
@peckshield
Audits ✅
- Top 20
@paradigm
CTF ✅
-
@dopex_io
investment ✅
-
@rage_trade
<>
@GMX_IO
vault ✅
Week so far at Rage:
- Devs spent weekend on
@paradigm
's CTF
- Rank
#16
among top auditors/hackers
-
@peckshield
returns audit report... no high severity vulnerabilities (
@GMX_IO
vault coming soon)
How's your week going anon?
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The test of Solana contract security will be when:
1. All the code is open source
2. There is a liquid mixer to wash hacked funds
If the day comes, I hope for meme sake we call it `The Great Solana Hackathon`
it is so crazy to me that so many solana projects are closed source...
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Real yield is built on real demand.
3 biggest sources of demand:
- Leverage (Perps, Options, Lending)
- NFTs
- Blockspace (L2s, AppChains, MEV)
@ribbonfinance
vertically integrated from options yield to owning blockspace
Kudos to
@aevoxyz
,
@rage_trade
is watching closely!
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How is
@dYdX
a stablecoin farm?
MMs earn risk free profit.
Like any stable farm, excess profits are short term:
- MMs dump $dYdX
- $dYdX down only
- MMs yield compresses
You can see the yield compress by comparing trading fees vs $dYdX emissions each epoch.
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Let me restate that once more.
@SBF_FTX
responded to us in minutes. Keep in mind, I am a dog LARPing as a cat LARPing as a rust developer.
What kind of world do we live in?
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So what did we find?
- A stablecoin farm for pro MMs
- MMs inflate volume to maximize token yield
- As stable yields compress, tokens dump
- Chicken-egg problem solved via token
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So where does that leave us today?
Well the builders from the hackathon ended up building tools and projects that define Solana today.
And, well, I am still building on $ETH (cause I love it). But I think about Solana everyday, because the people behind it are awesome.
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2
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Who is the chicken and who is the egg?
So idk who is the chicken/egg but if you were a hodler then MMs ate you for dinner.
You HODL'd while they earned risk free money.
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1
57
Unconsciously, I was so jaded by coins like $EOS, $ADA, and $XRP that I really didn't believe
@rajgokal
@aeyakovenko
would be any different.
I was wrong. They were genuine builders who were working their ass off to make this thing a success.
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One of the consequences of MMs pulling out from
@binance
and other CEXs is the popularization of MM operated vaults.
It's still early days, but its happening:
-
@GMX_IO
GLP
-
@synthetix_io
SNX stakers
-
@HyperliquidX
HLP
Its a win-win:
- Retail gets yield
- MMs get liquidity
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5
58
In conclusion,
@DriftProtocol
and
@perpprotocol
have designed one of the most elegant PvP ponzis Ive ever seen. But with every PvP ponzi game comes blowup risk.
Despite this, I see no reason why a token cannot backstop it for a long time.
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1
53
Question for founders + tweetooors:
I am really excited about our upcoming product.
I can't stop telling people about it.
How do I share it better without being a shill?
Fwiw I think
@statelayer
@boredGenius
and
@sudoswap
team are p good at this!
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1
55
So
@arbitrum
did:
- 4.5k ETH ($7M) profit (from gas)
- 135M txns
- $0.051 profit per txn
OTOH:
-
@Uniswap
/
@SushiSwap
do 10%-20% of arbi txns
- $0.7M - $1.4M in arbi profit each
I see 1 of 2 outcomes:
- Rollups share profits w/ protocols
- Protocols deploy sovereign rollup
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How did we find the data?
We ran 3 statistical tests to separate arb from retail volume:
- Do arb'ers have price edge?
- Does edge change on open/close trades?
- Do arb'ers have similar trade timings?
See our full statistical analysis here:
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5
54
I keep thinking about
@opensea
existence through the last bear market.
Nobody:
- Gave a fuck
- Wanted to give them money
- Use their product
It makes me boolish because there's probably an OpenSea among us today.
It might even be your favourite shitcoin anon.
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49
So why is token down only?
Markets are a chicken and egg problem:
- Traders need liquidity
- MMs need traders
$dYdX solves the problem by paying MMs to create Open Interest + Trade Volume via token emissions.
These risk free emission are dumped on token holders
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2
51
In the last cycle, there were a few (fixed for floating) yield swap protocols that raised large sums.
Only
@pendle_fi
survived long enough to capitalize on the demand for LRTs like
@KelpDAO
@RenzoProtocol
@EtherFi
.
@pendle_fi
's an overnight success, years in the making.
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5
49
@ivangbi_
@multicoincap
@SeiNetwork
@KyleSamani
Anon these are hardly illiquid investments, look at the volume / orderbooks on some of these.
Tbf I dont think it wouldve been hard for any CT influenza to invest in these coins a year ago.
Very few had the courage while number was going down.
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0
26
Are MMs inflating volume?
Empirically, we observe that MMs inflate volumes before the end of each epoch (see red line in the graph below).
This allows MMs maximize their score (w) and $dYdX earnings with minimal uncertainty.
We suspect this volume to be wash trading.
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1
47
Money multiplier effect: Banks lend more than they have and increase money supply.
Crypto is no different:
- Perps trade more than spot
- MMs borrow/recycle $1 to create $100 in vol.
- Yield tokens are rehypothicated across protocols.
Its all leverage. And always has been anon.
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9
47
First off: how do the vAMMs work?
Each perp pair is an UNI v2 pool w/o any LPs.
- The protocol adds fake liquidity to the pool
- Arb'ers trade against the fake liquidity
Arbers are playing PvP bcoz there are no LPs.
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47
So last month I got into a debate on this with
@wireless_anon
on
@DriftProtocol
and
@perpprotocol
v1 mech design
Soon after
@0xtuba
nersnipped me and
@0xDosa
into digging through the data.
1
1
46
DeFi projects would be wildly more successful if they invested in customer acquisition like their centralized counterparts.
By way of example,
@Stake
:
- Generated $2.6B in 2022
- Sponsored
@Drake
and the
@ufc
- Launched a
@Twitch
competitor (
@KickStreaming
) after it banned…
10
7
44
Where does all the LP revenue come from?
Approx ~80% from margin trading.
Who is margin trading:
1. Arbitrageurs (68.5%)
2. Retail trading (31.5%)
@GMX_IO
has the highest retail volume of all the defi perps we analyzed (likely due to concentrated liquidity)!
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47