Duality Labs
@dualityxyz
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Building efficient, incentive aligned markets. Contributing to Duality Protocol and @cosmoshub
Joined August 2022
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Pinned Tweet
The power of collaboration over conflict! We're super excited about the prospect of working with Astroport in elevating the liquidity provisioning experience on Neutron
The End of Fragmentation ✴️
In the wake of the proposed
@Neutron_org
and
@Dualityxyz
merger, some have asked ‘how does
@Astroport_fi
fit into this vision?’
Learn how Neutron, Astroport and Duality could be reshaping Cosmos Liquidity:
→
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Today, we unveil Duality, the DEX that gives Liquidity Providers superpowers. The next generation exchange is now coming to Cosmos.
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Today we're excited to announce Multiplicity, a modification to the Tendermint consensus that enables full on-chain MEV capture and redistribution to Duality LPs, available open-source in Q2 of this year.
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We're excited to announce a partnership with
@axelarcore
to revolutionize cross-chain communication !
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We've finished building Duality and are actively testing - stay tuned for a testnet! Mainnet coming Q1 2023.
If you want to get involved with Duality... follow, like, retweet, DM, and join our telegram!
Telegram:
Litepaper:
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We're excited to announce our partnership with Strangelove to reduce liquidity fragmentation in Cosmos through innovative IBC functionality
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We're excited to announce our partnership with
@squidrouter
to bring cross-chain DeFi to life on Duality !
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Duality's launch proposal for replicated security is open for discussion! Ever since announcing, we've maintained our conviction in building incentive-aligned open markets. And to incentive-align Duality with the Cosmos HUB, we're proposing no revenue sharing.
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The Duality way is creating value before considering capturing any. A sneak peak into our upcoming ICS proposal:
100% of gas fees to the Cosmos Hub validators
and
100% of swap fees to Liquidity Providers
A public good DEX for the Cosmos Hub 💥
@nicholasevans14
from
@dualityxyz
dropping bombs
If you know you know
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Most importantly, $ATOM will accrue value. Gone are the days of the Cosmos curse. Liquidity will flow back to the Hub, benefiting $ATOM holders and the entire
@cosmoshub
community.
Read more at:
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Enter Duality.
We are a
@Cosmos
app-chain DEX that will unleash the next generation of on-chain exchange.
Our novel mech design is intentionally simple: it’s an assortment of constant-priced pools.
This simplicity opens up a world of possibilities. It gives LPs superpowers.
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1/ Run strategies with ease.
Builders, vault managers, and LPs can stop wasting time with complex AMM math.
Instead, you can:
- Create any arbitrary AMM curve w/one function call
- Place native limit/range orders
- Auto-rebalance LP positions
- Enjoy infinite capital efficiency
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Duality is fighting the status quo of complicated, unsustainable on-chain finance.
Unsustainable incentives and hyper-complicated AMMs are not the world we set out to build.
We will change DeFi thru AMM products, trading infra, app-chains, modular blockchains, and more (soon!).
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The world is engulfed in financial revolution. The core problems in financial markets have become increasingly prominent and concerning.
Payment for order flow, hyper-inflationary incentive schemes, and complex, opaque market designs are the status quo.
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2/ Sustainable Emissions thru MEV Redistribution
Passive LPing is a losing game. LPs lose money to sophisticated LPs or rely on unsustainable incentives.
Duality flips this on its head by giving MEV profits to LPs. We will be the first sustainable emissions DEX.
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The
@cosmoshub
(and ATOM holders) will gain secure access to a next-generation DEX which enables capital efficiency and sophisticated strategies, all within the $ATOM economic zone.
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3/ Native Capital Efficiency
AMMs have long been capital inefficient. Some adopt concentrated liquidity, but have to engineer it backwards.
Duality has orderbook-level capital efficiency, cleanly and natively. Traders enjoy unmatchable prices (and zero-slippage stableswaps!)
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Orderbooks are not made for crypto. They are non-composable and computationally inefficient. In a world of tokenized LP positions and the inherent inefficiencies of blockchains, this doesn't work.
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In this world, AMMs and orderbooks dominate on-chain finance, but neither are good enough.
AMMs are complicated. Too often, they rely on an unintuitive UX, PhD-level protocol designs, and unsustainable economics.
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Traders and liquidity providers need to choose: the familiarity and capital efficiency of orderbooks vs. the composability of AMMs.
But what if you didn’t have to choose?
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Why liquidity incentives aren't actually necessary for DEXs to thrive👇
Not dunking on duality btw. I'm looking forward to the launch!
It'll be a great experiment to see the extent to which a cosmos dex without a token to subsidize liquidity can compete with existing solutions.
The game has changed quite a bit since gravity dex.
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We partnered with the research team
@specialmech
to tackle one of the most critical problems to on-chain market design : How to build On-chain Auctions.
Check out the post to learn more !
NEW RESEARCH
"Censorship Resistance in On-Chain Auctions"
Ethereum with mev-boost lacks the necessary censorship-resistance to hold credible on-chain auctions. A new approach is suggested.
by
@MaxResnick1
,
@malleshpai
and
@PossibltyResult
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This is a true win-win for both
@dualityxyz
and the
@cosmoshub
.
Duality will use Interchain Security to inherit the Hub's multi-billion dollar security budget and loyal validator set from day zero (pending governance approval).
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Excited to share some big stuff over the next few weeks 🔜™️
I'll add that some of the most exciting things about
@dualityxyz
didn't make it into the forum prop because they're an "under-promise over-deliver" kind of team
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For more detail on our design, see our blog ➡️
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We are adapting Tendermint to bust up this leader-based monopoly by ensuring that the entire validator set has a say in the transactions that make it into each block. Duality will run MEV auctions on-chain and return the value to LPs.
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All value goes back to whoever created it. Validators get 100% of gas fees; LPs get 100% of their swap fees; and $ATOM holders maintain full control of the protocol.
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Our mission is clear: create a performant and incentive-aligned open market. Billions of dollars in MEV is extracted from users every year. Imagine a world where all of that value was sustainably returned back to them.
best guess order of magnitude based on conversations with players
atomic arb on eth: ~$1b / year
stat arb on eth: ~$10b / year
long tail arb on eth: ~$1-5b / year
high confidence on atomic, 50% confidence interval on stat arb
would love to see disproving data!
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If MEV recapture is as exciting to you as it is to us, please reach out! Duality plans to open-source 100% of our development on Multiplicity in the hopes that these insights can be leveraged by the entire ecosystem.
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One small step for man, one giant Leap for Duality users!
the interchain moves fast, so we move just as fast!
support for
@dualityxyz
is coming soon to Leap 🐸
portfolio overview, in-wallet staking, governance, and much more...
get Leap, the only wallet that keeps up with the Cosmos 😉
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This allows them to censor other auction participant's bids and take most of the value for themselves, leaving the auctioneer with nothing.
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With new IBC innovation (such as swap and forward is pioneered by
@strangelovelabs
) the UX frictions around using IBC will trend to 0
This will greatly reduce concerns about liquidity fragmentation and increase the value to be gained from cross-chain integrations
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"Computer scientist Alan Kay famously said that those who are serious about software build their own hardware. We believe that communities which are serious about decentralized applications, own their whole stack."
- Duality Gitbooks on the power of app-chains
“People who are really serious about software should make their own hardware.”
- Alan Kay
From
@dualityxyz
’s GitBook (which is a great read btw)
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Multiplicity works from a simple insight: We can capture MEV for users if we can run MEV auctions on-chain. But on-chain auction designs have a major vulnerability. Malicious block proposers have monopolies on transaction inclusion.
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🥧,📈
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The future holds a lot of exciting cross-chain applications and integrations
To learn more about how
@axelarcore
and Duality will work together check out our blog post :
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Thanks for all the feedback so far, see you on the forum!
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This mission starts with
@axelarcore
's general message passing module that will enable arbitrary Duality transactions to be initiated remotely from other
@axelarcore
connected chains
This will be live on Duality's launch
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About a year ago we hosted an event on LVR
Inspired by conversations with
@alexhevans
,
@zmanian
and
@hdevalence
we pursued the direction of on-chain auctions ()
Feeling nostalgic but also excited for the solutions and problems that have yet to be found !
Had a great time at the research club meeting hosted by
@VoltCapital
. Thanks
@wiIIiamrobinson
for putting it together. Amazing to see the progress on LVR topics from a similar event last year hosted by
@dualityxyz
on LVR topics.
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Big thanks to the representatives form
@StargazeZone
@SkipProtocol
@squidrouter
and
@stride_zone
for their input on what the cross-chain future might look like!
If you couldn’t make it but want to learn more, check out the recording👇
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If you want to stay up to date with Duality's progress make sure to join our Telegram group !
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While the mindshare and technology is powerful, compared to Ethereum, the Interchain does not have much liquidity
Time spent competing would be better spent working towards bringing more liquidity and resources into the Interchain
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@squidrouter
is pioneering cross-chain user experience, with an effective but simple thesis :
Transacting cross-chain shouldn't feel any different than transacting on the same chain.
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It's been a pleasure working with the
@squidrouter
team and excited to see what the future brings !
To learn more check out our blog post on the partnership :
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Deep Duality X Osmosis integrations would be useful for all users of the Interchain, and allow for greater alignment between the ATOM Zone and Osmosis
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If you're interested in building with swap-and-forward or CosmWasm on Duality dm Duality Labs on twitter !
To learn more about the partnership check out our blog post on the partnership for more details
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It was a pleasure collaborating with
@strangelovelabs
. Looking forward to what the future of IBC holds !
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If you have more ideas for how Osmosis and Duality can work together please share !
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Some ideas for developers to build or integrate with :
- Vaults for liquidity position management
- Stable coins with Duality LP positions as collateral
- Lending markets with automatic, end-block liquidations
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Duality will be powering
@squidrouter
swaps on the backend. While the UX is a single click for users, on the backend Squid is coordinating a transaction flow that might look something like this:
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@SkipProtocol
Thanks Skip <3
Agreed that MEV protection is one of the coolest things you can do with the Cosmos stack! Excited to explore the other features we haven't even thought of 🎏
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Kudos to
@wiIIiamrobinson
and
@VoltCapital
for pushing things forward with collaborative brainstorming !
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The main character here is swap-and-forward - functionality that allows swaps on Duality to be called from other IBC enabled chains and forwarded to any other IBC enabled chain.
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Woof about $HUAHUA on
@dualityxyz
? 🐶
We’ve heard paw-rful stuff they’re cooking 🍖
#Cosmos
#IBCgang
#memecoin
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@_ndigo
Yes Uni v3 ticks can be thought as pools, but they're not constant priced. Each tick is a range (not a single price), and users are forced into a single distribution across ticks in a single transaction.
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To make a cross-chain swap without Squid you need to:
1) Locate the bridge
2) Bridge to the source chain
3) Make sure you have gas tokens on the new chain and if not buy go back to step 1. and bridge them
4) Swap
With Squid it's as simple as :
1) Swap on Squid
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For a brief summary check out co-author
@MaxResnick1
's thread
How censorship resistant is Ethereum really?
While Ethereum guarantees transactions will be included ‘eventually’, its short-term censorship resistance is too poor for auctions. To illustrate this, we propose a new definition of Censorship Resistance
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To get regular announcements, make sure to join our Telegram channel
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This "reduces" liquidity fragmentation, by making it easier leverage asynchronous composability for users and integrations
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Check out the Gitbooks to learn more
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To stay up-to-date with Duality Announcements, makre sure to join our Telegram channel
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There is no group of people with more insight on this than the Cosmos community. Afterall improvements aren't improvements unless the users find them useful. If there any questions or topics you'd like to hear the speakers chat about feel free to drop them in the comments below!
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Duality will be a place that DAOs can bootstrap liquidity in a fully aligned way with value accrual to the Cosmos Hub
This will be especially useful for DAOs within the ATOM Zone and other Hub aligned DAOs as a way to bootstrap liquidity and accrue value back to the Hub
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@wiIIiamrobinson
@VoltCapital
Some screenshots from the original primer docs. We've come so far...
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For the full post go to
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Some initial use cases :
- Cross-chain DEX aggregation with
@squidrouter
- Cross-chain MEV with
@SkipProtocol
- Cross-chain liquidations from
@agoric
and
@Umee_CrossChain
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Join us this week on Wednesday May 31 at 2pm ET, with
@stride_zone
@SkipProtocol
@StargazeZone
@squidrouter
for a peek into how some of the most innovative teams in crypto are working towards seamless, cross-chain user experiences.
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@_ndigo
Duality's design is easier for LPs to understand where their money is and customize the distribution.
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A big part of this is collaborating with organizations outside of Cosmos, such as
@specialmech
which builds MEV infrastructure for Ethereum
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While individual chains can tailor their native UX, improving the interchain UX requires coordinating resources and creative solutions by users and builders.
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Permissioned CosmWasm on Duality will enable developers to build new, synergistic applications or integrate with existing ones on Duality leveraging synchronous composability
And did we mention they can be written in Rust?
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@wjvill
@NicholasEvans14
People don't realize how much innovation is left in AMMs! Excited for the future 🎏
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If you're interested in building with Duality reach out with a DM
To learn more about the CosmWasm deployment on Duality, check out our longer-form blog post :
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Thanks for reading !
To keep up to date with Duality you can join the announcements channel on Telegram
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With
@stride_zone
in the ATOM Zone, Duality LPs will be able to participate in market making strategies while also earning interest on their staking position
It's a win-win : the ATOM Zone grows LST adoption and markets become more liquid!
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Along with shipping user-centric infrastructure, a large mission of Duality Labs is to push the space forward with innovative, open research on how to align on-chain markets with their users
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By leveraging superior bridging technology (IBC), Cosmos was built to be the home of many, many chains. But as more chains onboard, surfing the Cosmos becomes more and more complex.
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To onboard the next wave of Cosmonauts it's crucial that we work towards a seamless interchain UX.
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The participants in this space believe that improving the interchain UX is both the biggest barrier and opportunity in Cosmos adoption.
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Uniswap has never had liquidity incentives, but is the most popular DEX by volume
They accomplished this by prioritizing capital efficiency through concentrated liquidity
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After looking at the data on Ethereum, it became apparent that a common strategy for bootstrapping stable coins and other like-asset pools was allowing for LP tokens to be used as collateral for lending and stable coins
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