edgar ◼️
@edgarpavlovsky
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I resigned from mrgn today. From working on marginfi, from the research arm, from it all.
It's a world class team -- it really is -- but I don't agree with the way things have been done internally or externally. I've said it many times and I'll say it again, but those of us who
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We rebuilt the
@marginfi
UI from scratch.
It's beautiful.
It's on web.
It's an xNFT.
It's mobile-friendly.
And soon, it will be available on Saga.
◼️
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Christmas Day, 2023:
@marginfi
crosses $500 million in supply
I have only one thing to say:
Job's is nowhere close to finished
Next stop: $1B
◼️
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Points were the start, not the conclusion.
We're testing thoroughly to make sure that users who stick with
@marginfi
are rewarded exponentially more.
Enjoy the holidays. Be ready in the new year.
◼️
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Christmas Eve, 2023:
@marginfi
breaks $100M in borrows and is close to $500M supplied
who are you onboarding this holiday?
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There was a 30% drawdown from
@marginfi
over the last 24 hours - that's >$250M
Deposits are coming back in, but you know what's even more important?
Bad debt: $487 (0.02% of rough yearly revenue, very good)
This is what a resilient, decentralized protocol looks like. This is
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Alright, so
@marginfi
is 1/3 of the way to $1B in deposits. What's on my mind?
A few thoughts on the growth of the protocol and where I think things go from here:
The growth flywheels are spinning. In the immediate term, we focus on stability.
Every marginfi growth metric
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i would say the
@marginfi
team is all hands on deck this morning, but the core team has been running 24/7 for a very long time
this feels normal, we have more capacity
it's time to take some of our imminent announcements to the finish line
◼️
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I've said it before, and I'll say it many more times:
If you are tired of the
@marginfi
points program or don't like the way it's architected, there's a beautiful thing that self-custody technology allows you to do:
Pull your money out!
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Woke up to me & my team being attacked for.. not supporting racism?
Wasn't on my 2024 bingo card.
We're going to go ahead and.. keep on not supporting racism.
Not sure what y'all are trying to achieve here
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9 out of 10 VCs told
@tensor_hq
to switch chains.
Impressive fortitude to stay the course.
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$JTO's stabilization around $3 -- and the shape of their overall growth post-launch -- is not just an incredible price point, but a leading indicator of a much healthier launch trajectory than the high pump / high dump token launches we saw in Solana 1.0
The indicators that we
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Not a hype tweet, just a candid recent view:
We need token-first startup strategies.
1) Launch token as early as possible, with what ideally will be the lowest token valuation in its lifetime.
2) Build in public and grow with your community, allowing them to see their
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@uzumakicrypto69
@edgarpavlovsky
@wormholecrypto
@tensor_hq
@edgarpavlovsky
should we do something together?
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Now that my hands are freer, I want to spend more time solving
@solana
core problems.
I've gotten plenty of inbound interest to work on other base layers (appreciate the kind words y'all 🖤) but I love the solana future.
Which core issue should I tackle?
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Let me be explicitly clear that I wholeheartedly support
@weremeow
and the way
@JupiterExchange
is going about its airdrop
Lasting, impactful things are enormous undertakings - & don't forget, crypto *still* moves faster than before
Don't like it? Join us and build it faster
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Some L7D
@marginfi
usage metrics:
· 115k MAWs app side
· 50k DAWs app side
· 10.2k DAWs contract side
250 people are on the marginfi app on a given second
The marginfi app sees 3 new views per second
We need to go much further
◼️
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•
@0xMert_
is going global through community notes
•
@blknoiz06
's tweets are crossing 1k likes
•
@aeyakovenko
had to limit replies to his tweets
•
@JupiterExchange
hasn't even launched token yet
🚀
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we absolutely love the jito team and i'm personally extraordinarily supportive of the team and the $JTO token's health long-term, but
@marginfi
risk engines require an understanding of a token's:
· market depth
· price volatility
in order to support it as meaningful collateral
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just paid my uber with $USDC in amsterdam
you gotta love that instant
@solana
transaction speed
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Who is doing the most robust airdrop mechanism effectiveness research you've seen?
Drop links below
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Liquidations on
@marginfi
have been super profitable lately, but they're entirely inaccessible for the average person.
There's an opportunity to build a passive yield solution here -- who's interested to dig in?
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Imagine
@marginfi
doing anything quietly
what do you think the growth team gets paid for
If you're expecting anything huge from marginfi trust me it's not gonna happen. Their airdrop is highly highly diluted and this is exactly why they don't want to do an airdrop yet. They wouldn't want to airdrop dust in the middle of their hype, also they still want to keep
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@gregisenberg
to be fair, chatgpt and autogpt serve different use cases
you don't ALWAYS want an agent that operates without you
but you DO probably always want an agent that *could* start operating without you if you told it to
there will be products that become both
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Half of 1 billion dollars supplied to
@marginfi
Much, much further & many more chapters to go.
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Yesterday the core marginfi frontend saw 110k unique visitors
Almost 1M page views total
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An array of
@marginfi
alpha:
Very cool to see liquidity continue to point towards bullish sentiment
• Deposits still largely in LSTs
• Borrows are still biased towards stables
We've been tracking liquidations closely, which have been very profitable these last few weeks (if
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across products,
@marginfi
is a little over $100M away from $1B
my entire focus is on its next chapters
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PSA:
@marginfi
makes no assumptions around asset pegs, so the $mSOL depeg means operations continue to run as normal.
It's worthwhile noting asset pegs are both an important opportunity and risk vector in decentralized finance:
1) Opportunity: Correlated assets can enhance
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Almost a year ago, I made a bet that every major team on Solana was going to launch an LST.
There's a global staking pool contract on Solana, which allows new LSTs to launch with a lot less work than LSTs on other chains. LSTs would be largely identical, but they would serve as
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evolve or die 🤔
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there's an interesting user archetype in crypto that assumes builders are scammers & are trying to get rich quick, that is *okay* with that, and that feels like they have a way to get their own chunk of change in that context
then they get upset when someone isn't trying to ship
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moved to brooklyn and set up all my furniture in 10 minutes 🙏
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A hot, optimistic take:
There is so much more capital in
@solana
now than there was a year ago that no matter how much rotates out post-incentives, we're looking at significant ecosystem growth.
This is extremely bullish.
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There are actually two questions you need to answer for yourself, and they're more different than they seem:
• Do you want a token? Doesn't matter what it is, you bet against the house & roll dice in a losing game
• Do you want to get rich? Accrue asymmetric information,
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The foundation built underneath the
@marginfi
powerhouse can do a lot more than meets the eye.
marginfi will grow into a deeply sophisticated, autonomous capital platform that evolves how you think about building your wealth.
It's time to break new ground.
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If you're a founder looking to raise please feel free to reach out to me and I will make appropriate VC intros for you for a total of $0 in compensation
I've now heard of multiple cases where people intro you to other VCs on the condition you pay them (sometimes with equity???) after you raise
This is an absolute scam and insanely shady behavior
Never do this
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The beginning of something enormous.
We're strong believers in the approach
@Backpack
is taking towards solving extremely difficult problems in crypto, and their team's focus and velocity is unmatched.
🎒◼️
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This week we saw the first community airdrop to
@marginfi
point holders.
What's better than one airdrop?
Many, many airdrops.
Introducing Hampter - a developer platform for **any** team to reward marginfi points holders.
Viva to the people ◼️
A New Chapter:
This week we saw the first team reward loyal marginfi points earners with an airdrop
It's just getting started.
Devs: Here's how to get your airdrop in the hands of the best userbase in crypto: the mrgn mamas 👇
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Before you read what I'm about to say, I want you to understand I am a massive proponent of high performance chains like
@solana
.
Last 3 months, every time I have interacted with EVM - every time - it has been a much cleaner and more intuitive experience.
We have work to do.
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.
@marginfi
crosses $600M in supply, largely due to price action
the next milestone that meaningfully matters is $1B
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there is some really exciting defi activity happening on
@marginfi
• $SOL holdings steadily migrating to LST holdings
• SOL pool utilization 60%+, closing LST/SOL arbitrage gap
• Trending coins launching as Isolated Pools to balance use cases with risk
• $100M+ continues to
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holy shit the
@marginfi
community forum is on a level of innovation i'm not sure i've ever seen in crypto
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It's interesting how ecosystem sentiment at a global conference like Breakpoint can be so heavily manipulated by $SOL price
Price is a lagging indicator
The reason things are getting better is because of the work brilliant people put in over the last year
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Solana DeFi is absolutely blowing up right now.
Here's what happened THIS WEEK (we're only halfway through) 👇:
Innovation. Scalability. Community.
Discover what sets Solana apart.
Built on the foundation you created.
#OnlyPossibleOnSolana
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y'all know nobody actually said "there will be no
@marginfi
" airdrop right
but look if *all* you want is an airdrop - go ahead & consider there to be no airdrop
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@h_avida
lol i was born to immigrant parents that came from almost nothing but i wish i was a trust fund baby
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This is our opportunity - whether you're coming from the EVM side or the SVM side - to prove that crypto is a positive-sum industry
One L1 does not need to lose for another one to win
Grow the pie ◼️
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Massive, massive congrats to
@buffalu__
,
@segfaultdoctor
, and the Jito team today.
This marks not just a step forward for an extremely high execution team with a rock hard foundation to build on top of, but a step for the Solana ecosystem that has battled through freezing
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If you want to see the strength and cohesion of the
@solana
community in action, pay attention to the incredible collaborative effort that sprung up from all over the ecosystem to process the
@cypher_protocol
events today.
I've personally seen:
1) Ecosystem teams directing
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I've finally had a chance to focus these last couple weeks and tore through the surprisingly intuitive 200 pages of Rust Atomics and Locks --
Would you guys be interested in a summary thread?
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If the entire ecosystem is scrutinizing every bit of
@marginfi
:
• Eng teams reviewing implementation gaps in the OS code
• Users reporting UX bugs
• Community criticizing incentive systems
It feels like a real decentralized effort 🤗
That's what we're here for - our team's
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developer hackathons are cool, but a GTM hackathon could be incredible
one of
@solana
's biggest problem right now is that the most valuable missing talent is *not* engineers - it's people who can take products to market
writing the code is 20% of the battle - we need a
@0xMert_
Oh I mean we built friend tech on Solana. It was Wumbo. I can give anyone the code if they want it. It’s not a working model, though. The hype cycle will end and friend tech will go to zero. There’s really no point in building it. We’ve run this experiment 37 times already.
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Wonderland is the most pleasant thing that's happened in DeFi in 2024, and all it took was close engagement with the community & some frontend magic
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here's what you need to understand about solana devs:
if you think there's upside now, you have NO IDEA how much gas these people still have left in the tank.
i've personally seen it.
these people are not going to stop.
number go up. down.
these people are not going to stop.
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great to see Solana DeFi trading opportunities exploding before my eyes
•
@jito_sol
capturing most of Lido's liquidity, $350M TVL
•
@marginfi
picking up lending liquidity, crossed $150M supply
•
@Kamino_Finance
's vault and lending picking up steam
•
@DriftProtocol
volume 🆙
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As a founder, I learned a really important lesson early on:
If you do not absolutely love what you're building, you will be miserable.
It doesn't matter if it makes you:
* rich
* famous
* smarter
You will hate it. Unless you love it.
I wish I understood earlier:
1/🧵
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It's exciting to see Solana DeFi risk systems work this week:
·
@marginfi
·
@KaminoFinance
·
@solendprotocol
·
@DriftProtocol
all seem to have had no problems with solvency.
The next step in transparency would be for users to see this quantified:
How close did a protocol
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couldn't have had more fun getting introduced to the
@DeGodsNFT
fam
y'all the homies
@We5lie
&
@WovenNFT
!!
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I'm incredibly excited about this one.
It's typical to use
@marginfi
as a spot holding account - and if you're borrowing against a major part of your assets, unwinding that loan can be hard.
Collateral repay cleanly uses mfi's
flashloan implementation under the hood to make
1/ New Feature!
Repay loans with collateral
Details below...👇
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I'm really excited to ship new mechanisms to Solana DeFi in 2024.
I know the last few weeks have been exciting, but compounding this momentum into a much longer journey is magnitudes more fulfilling.
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I've spontaneously spent a lot of time with
@metaplex
and candy machine the last few weeks.
A new 🌎 for a defi degen. I've extended the CM contract, the client-side code, & now the CLI.
I haven't talked much about my experience. If I did, what would you want to hear about?
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current marginfi usage:
• 265k MAWs
• 61k DAWs
someone logs into
@marginfi
ever 1.4 seconds
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High performance blockchain infrastructure offers enormous experience and safety benefits to DeFi - we're big fans of the MVM at
@marginfi
and I'm excited to see
@solendprotocol
expand operations to Sui.
Congrats
@0xrooter
& co!
👋We're excited to give a warm welcome to
@SuilendProtocol
, the largest lending and borrowing protocol on Solana known as
@SolendProtocol
, to Sui!
💥This new integration marks Solend’s first deployment on a blockchain other than Solana.
Solend boasts over $150 million in TVL
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Guys...
Ethereum is great
Solana is great
Cosmos is great
etc.
All chains are increasingly interconnected and synergize to form a global multichain network economy.
Tribalist incels(of every flavor) are in the wrong decade, go back to bitcoin and let the rest of us build.
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I'm wishing all affected teams the best, but the
@vyperlang
vulnerability today is why the
1) blockchain
2) programming language
you build with matters.
Long live Rust and long live
@solana
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