Will Warren 🍵
@willwarren
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Co-founder @0xProject / @matchaxyz
Joined February 2016
Sharing this internal "History of 0x" presentation in case it might be helpful for other web3 builders. It covers: . - Our almost 8 year voyage through the DEX idea maze, building on top of Ethereum. - Our mission and motivations, failures and learnings. - Historical context.
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This is probably a good time to remind everyone that 0x is a highly experimental technology that is built on top of another piece of highly experimental technology.
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Setup @phantom to experiment with Solana for 1st time. Phantom is 🤌 (0x mafia ftw). Tested out @wormholecrypto:.- sent in a token from my @0xPolygon wallet. - received the wrapped version on @solana. - used @Saber_HQ to swap to native version of token. Fast. What next?.
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Support for ERC721 and ERC1155 tokens will be landing in @0xProject v4 early next year. Excited for many reasons:.- gas efficiency.- built w marketplaces & creators in mind.- unique features baked-in day 1.- rollout to 8 EVM blockchains. Team to share more soon 🙂.
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1) PSA to Facebook, Amazon, Netflix, Google and AirBnb employees: blockchains will completely reshape human civilization over the next 1-2 decades. Simply put, there is no other industry where your contributions will have greater impact.
The 0x team is looking for passionate engineers (frontend/backend/FS) to help us build a more transparent and equitable financial system. Please let that talented crypto-curious friend of yours know we are happy to chat 🙂.
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ERC1155 is a new Ethereum token standard that I expect to become widespread in the next 6 months. It allows an unlimited number of digital asset ledgers to be maintained within a single contract. Ideal for game items, debt assets, and prediction markets.
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1) Some thoughts on tokens. You can't force value into a token. Period. Grafting artificial incentives onto a token (velocity sinks or mint/burn schemes) inherently adds friction (more gas per trade) to the detriment of users.
I strongly believe the @0xProject community should come together and re-architect the ZRX token model by the end of the year. This proposal by @sendwyre is a step in the right direction and I'd love to see alternative proposals as well.
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1) . 0x protocol v3 (@0xProject) is packed with innovative features for NFT markets and unlocks interesting use cases across gaming, defi, art, and beyond. These features were ahead of their time, but perhaps the latest wave of NFT devs will find them useful. .
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The first decentralized organizations with vast financial resources will emerge in the next 12 months. Internet communities with checkbooks. It's going to be a shitshow full of epic fails, bizarre capital inefficient decisions, top notch memes + a few fascinating successes.
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3) You don't need to be a technologist to enter the industry. We need problem solvers, product builders, designers, operators, organizers, writers and more. Don't be intimidated. No one in this industry knows what they are doing. You have an opportunity to help us figure it out.
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1) Most exciting governance experiment in the crypto space: tokenized /r/ethtrader subreddit karma called $DONUTS. - weren't intended to be tokenized.- earn via upvoted content, 2M minted/week.- use to purchase profile badges.- signal rep.- vote on polls.- set banner image.
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Congrats to the @Uniswap team on shipping v3! . A diversity of liquidity provision strategies is healthy for DEX markets and grows the pie 🥧.
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All forms of value will end up tokenized on public blockchains.
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1) A few thoughts on governance for decentralized networks:. The network with the "best" underlying tech, but no clearly defined governance process will either (a) become outdated/irrelevant due to inability to coordinate community for upgrades. .
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Moving all forms of value onto decentralized networks is how we eliminate the geographic lottery. Combined with globally accessible p2p markets, we can build a global financial system that is efficient, transparent, and equitable. This is what we're working towards at 0x Labs.
Eventually every asset will go on-chain, just like every form of media has gone online. So by 2030-2040 your portfolio may be 100% crypto. Question is how long it takes people to realize this. Already in progress for digital gold, art, loans, derivatives, stocks, etc.
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There are going to be so many dollar-backed tokens and/or dollar-pegged stablecoins. Can someone with a product background please build a @0xProject relayer specifically for moving between these assets?.
Tyler and Cameron Winklevoss approved by NY regulator to launch an ethereum token backed by U.S. dollars: via @ForbesCrypto by @DelRayMan $ETH.
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All forms of value will be tokenized on public blockchains.
That’s what programmable information meant: all forms of information were turned into packets and sent on the internet. That’s what programmable money means: all forms of scarcity are turned into distributed ledger entries and manipulated on-chain.
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Eliminate the geographic lottery.
So genuine q: What is the *most* positive possible scenario for the long-run impact of crypto? . What’s the most positive possible way proponents see it fundamentally changing society? (I assume some sort of liberatory annihilation of Wall Street + …?).
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DeFi and broader DEX adoption has pushed @0xProject trade volume beyond the ICO bubble highs. And we're only just getting started.
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Why doesn't the Ethereum Foundation take a fee on each transaction?. Just like the Ethereum blockchain, 0x protocol is free, public infrastructure for the world. Pay the relayers, not the protocol 🙂.
Is there a good argument for: Why wouldn’t @0xProject take a tiny txn fee per txn for all txns using their protocol? Essentially the Stripe of cryptocurrency.
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2) There is a common misconception that one must have prior experience or education in blockchain technology to enter the industry. This couldn't be further from the truth. To get started, all you need is genuine passion for your craft and a desire to have an impact.
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1) After analyzing historical trade logs, we have confirmed that the vulnerability found in the 0x v2.0 Exchange contract was not exploited. We have patched and re-deployed the entire 0x pipeline from scratch, updated our developer tools and packages, 0x Instant, 0x Launch Kit.
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(1/n) . It’s been 5 years since @abandeali1 and I first started working on @0xProject on October 1, 2016!. It’s hard to believe how far the crypto space and our team have progressed since then.
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1+ years of hard work and R&D went into 0x v3.0! Super proud of our team's effort and the final product too. 🚀.
1/ The 0x v3 vote will commence on 11/4! 🗳️. A brief thread on the key features included in the v3 upgrade and how 0x is evolving into a community-owned liquidity API. 👀.
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Number of tokens that will exist in 10 years, by market category (assuming we can scale):. ICOs ~ 10e+4.Securities ~ 10e+5.Prediction markets ~ 10e+7.Video game items ~ 10e+9 ⚔️.
I just bought my first pack of cards on @GodsUnchained and I'm so excited! It's like Hearthstone on Ethereum but you own your cards and can freely trade them
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Excited to announce that Berachain is live on 0x APIs. Start building for free today @0xProject
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Open finance is about democratizing access to financial services in the same way the internet has democratized access to information. It is about eliminating the geographic lottery.
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0x Instant has shipped! . A lot of hard work went into this @BChillman @fragosti @steveklbnf @burnsbend @tomhschmidt and team 👏.
Introducing 0x Instant 🚀. With just a few lines of code, you can now add crypto purchasing seamlessly to any app or website.
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1. DEX trader loses $250k to slippage in single tx. 2. Bots scramble to take resulting mis-priced AMM liquidity through atomic arb with 0x. 3. Gas auction: 162, 7.8k, 10k, 29k, and finally 42k gwei. 4. Winner profits 15 ETH, pays 6 ETH ($1445) to miner + 6 ETH to 0x reward pool.
🎆 @KyberNetwork Large Single Trade Alert (>200ETH) 🎆: . ⚖️ Pairs: #DAI/#WETH .💎 Size: 2502.853 ETH .💵 USD Size: $566,946 .👷 Facilitated by: @bzxHQ Fulcrum .📅 Date: 09 Feb '20, 06:23 PM.🖨 Link:
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There are many viable Ethereum-based DEX models, each with their own strengths. Upcoming support for smart order routing in 0x v3.0 will allow users to get better prices by pulling liquidity from @UniswapExchange @KyberNetwork and OasisDEX. A diverse DEX ecosystem is healthy.
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Excited to bring @solana support to matcha!. Since 2016 our core thesis has been that all forms of value will end up tokenized on blockchain rails. Solana has proven fertile ground for token experimentation and we believe Solana will continue to play a significant role in.
Trade all the tokens, now including @solana ☀️. We're supersizing our token selection with Solana, including the UX, security, & trust you love from . 🔀 Cross chain swap across SVM and EVM.👯♂️ Connect two wallets at once.⏱️ Instant token listings.🚨
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4) Blockchains + cryptoeconomic protocols must be designed to maximize utility for users. Not speculators.
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1/n Lots of exciting progress happening behind the scenes lately. A few highlights:. 0x Mesh is chugging along. Mesh is a censorship-resistant p2p network for distributing off-chain orders. Light-weight node runs in browser:. Used in Augur v2.
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1) DeFi borrowers are subject to steep liquidation penalties:.@MakerDAO - 13%.@dydxprotocol - 5%.@compoundfinance - 5%. With Conditional Orders (ZEIP-39) plus a little smart contract magic, borrowers can avoid liquidation penalties by creating stop-loss orders via @0xProject.
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Super proud of the 0x Labs team, what we've accomplished in 2021, and what we're building towards in 2022!. It's clear that there will soon be billions of tokenized assets & we're excited to help establish transparent, globally accessible markets for them all 🌎
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@lewifree .@sudoswap, @TokenTrove, and @usetrader are using 0x protocol v2 for NFT swaps on Ethereum😃. Little known fact: @opensea is using 0x protocol v2 on Polygon, which is pretty awesome!.
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We've made tremendous progress in 2020 validating our thesis that pro MMs will use 0x protocol to bring better prices to DEX markets. 0x protocol is driving almost 40% of WETH-DAI volume through 0x API, starting at 0% three months ago.
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8) I'd much rather put my effort into building something worth governing. This is what the 0x core team is going to continue focusing on and I'm glad that our community seems to be focused on this too.
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Would love to see the SEC approve @Airbnb's proposal to give hosts equity with *voting* rights. Community governed networks/platforms are a natural progression of the gig economy. What changes would the hosts make?.
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Grateful for the opportunity to introduce @coinbase users to @0xProject and #DeFi! . Next let's get them setup on @CoinbaseWallet to tinker with 0x relayers, decentralized lending, prediction markets, and NFTs!.
And here’s Will Warren (@willwarren89), founder of @0xproject on how they used Earn to get more than 100,000 new users to explore relayers at
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Same. Use 0x to replace the on-chain orderbook for more efficient and liquid markets. Large dev grant available for the right team.
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Veil is a peer-to-peer prediction market and derivatives platform built on top of @AugurProject, @0xProject, and @ethereum. Mainnet on Jan 15 (signup: . Solid user experience (try the alpha). Unique markets. Check it out.
🚨 It's announcement time! 🚨. We are thrilled to say that @veil will be live on Mainnet on January 15, 2019. And we're proud to share that we've raised a seed round from @paradigm, @sequoia, and @1confirmation. Let's bring @AugurProject mainstream.
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Think 2019 is the year we see more crypto projects (1) transition foundation war chests into DAO-operated community treasuries (see Decred Politeia) and (2) modify network economics to sustain development. Governance can be a poison pill or a growth engine.
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The 0x team is looking for passionate engineers (frontend/backend/FS) to help us build a more transparent and equitable financial system. Please let that talented crypto-curious friend of yours know we are happy to chat 🙂.
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As the number of tokens trends towards infinity and we race to explore the vast DEX design space, exchanges will look more like search engines for assets and liquidity. Never been more excited about the prospects of Ethereum and what we're building at 0x Labs! @matchaxyz 🍵
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0x offsite at the Monterey aquarium! Liquidity puns were made
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1) After reading @AntonioMJuliano's insightful thread I've realized that we don't do a great job communicating the longer term strategy for @0xProject. We prefer to let our work speak for us. That being said, communication is important for alignment, so here are some thoughts:.
Long thread on the state of @0xProject after their 0x Instant launch. Read on if you’re interested in the real state of 0x and open DEXs today👇.
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One of our core values on the 0x core team is to consistently ship. Excited to see the ZRX staking is on track to ship in late Q3/early Q4*. Fills pay the bills! @HyszSkies @abandeali1 @merklejerk . *assuming tokenholders approve of the change.
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The 0x team is looking for a passionate Data Engineer/Scientist to dig into large blockchain data sets and help us drive product decisions. If you know a crypto-curious DS/DE, we would love to chat with them about our mission 🙂.
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Government's are memes. Monies are memes. Religions are memes. It's memes all the way down.
When you dive down the governance rabbit hole, you begin to realize that decentralized networks aren’t simply disrupting money—they’re also disrupting governments.
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Introducing 0x Labs and Periscope Trading. Since the beginning, our core thesis has been that all forms of value will end up tokenized on public blockchains. 3 years on, tokenization is playing out rapidly and we're preparing for the next wave of growth.
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Internal hackathon @0xProject: first time seeing orders successfully routed through 0x Mesh and onto Launch Kit 🎉
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Watching Ethereum transition from a bunch of devs hacking together passion projects into the multi-billion dollar behemoth it is today has been surreal. Farfetched visions for the future are starting to breath life. The original values must weather a storm of hungry capital.
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10) DAOs are one of the most compelling use cases for Ethereum. We shouldn't be scared of DAOs just because "the DAO" was a dumpster fire. The idea of allowing a community to allocate capital for their collective benefit is insanely interesting.
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@srndptme @cyounessi1 The following image demonstrates how sophisticated MMs can eat into AMM fees until it is no longer viable to overcome impermanent loss.
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This type of predatory advertising is inappropriate. Just stop with the nonsense.
#Metronome on the @Nasdaq billboard! Read the owner's manual and view the descending price auction's live metrics on
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The @0xProject team proposed EIP712 in the hopes that wallets could help users avoid falling for phishing attacks when signing a payload like a 0x order. Only wallets can prevent phishing attacks like the recent one targeting OpenSea users.
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The DEX design space is massive. There are many viable strategies for pricing liquidity. The best strategy will depend upon the trading pair, market conditions, trade size, + other factors. A diverse market is a healthy market. A healthy market grows the pie, everyone wins.
(quite literally) few seem to understand that uniswap currently has the deepest ETH spot books in the world. take a moment to think about how ridiculous this would have sounded a couple months ago.
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Playing with money Legos? Use the best building blocks :). 0x is the liquidity API for DeFi.
1/ Introducing Asset Swapper, a powerful tool that enables DeFi projects to automatically source liquidity from the 0x Network, pass it into their smart contracts, and fill orders at the best prices! 🔁.
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The Ethereum community has a unique quality that is hard to describe. It's what initially motivated me to join the space and why I remain confident in the project's trajectory today. @lrettig's post has made me realize that this unique quality is psychological safety.
My long-form take on #Eth1x, #EIP0, @EthMagicians, the questions of transparency and technocracy, and the state of Ethereum governance today: How open is too open?
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0x protocol v4 has been approved by ZRX token holders! . Ultra gas efficient, RFQ engineered for professional market makers, and new extensible architecture for assembling DeFi legos.
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Browser support is coming for 0x Mesh. A p2p network with nodes that can run in your browser :). @_alexbrowne @fabioberger123.
Learn about all the recent dev updates from the 0x Core Team! 🚨. 🕸️ 0x Mesh beta improvements.📚 Python contract wrappers released + multi-language support.🔍 ZRX staking contracts drafted and open for review.
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Spent like an hour making this. So I am retweeting it.
@srndptme @cyounessi1 The following image demonstrates how sophisticated MMs can eat into AMM fees until it is no longer viable to overcome impermanent loss.
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Ethereum's DeFi ecosystem is a gravity well and @renprotocol has pulled $10mm of BTC into Ethereum's orbit.
🚨 New Token Listing 🚨. RenBTC is now available to buy, sell, and trade on Matcha! 🍵. Swap RenBTC now:
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ZEIP-31: A Proposal for Stake-based Liquidity Incentives. aka. "Fills pay the bills.".
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Excited to share 0x API with our friends in the Ethereum community! 0x API is a professional grade liquidity endpoint that is suitable for traders and dApp devs. Provide your money legos access to greater liquidity to accelerate adoption!.
Today 0x becomes the liquidity aggregator for the DeFi economy! Easily connect with 0x API ( to swap tokens at the best prices & source aggregated liquidity from 0x, @KyberNetwork, @UniswapExchange & @MakerDAO's Oasis. Learn more👇.
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Fun fact: one of the first @0xProject relayers was /r/tokentrade on @reddit. An impromptu internet message board for OTC trades. Now @alexisohanian and @Initialized are backing @ddex_io.
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Version 4 of 0x protocol is a massive improvement over previous versions because it puts users first. We learned more about user needs over the last 12 months than ever before by building @matchaxyz, 0x API, and working closely with market makers to understand their needs.
0x v4 RFQ is wild in terms of efficiency. good luck finding any other DEX where you can execute a mainnet trade for ~100k gas these days.
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To create a tokenized world where all value can flow freely we have to permanently drive exchange margins to zero, no way around it.
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We just launched a new feature on @matchaxyz that let's you see how much liquidity is available for any token within 2.5% of the spot price . It's still a PoC and we would love feedback on what you like / dislike and why. It's live right now at and
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Excellent work by @recmo @Logvinov_Leon and @fabioberger123 at @EthereumDenver! Profiler: a tool that measures gas consumption for Ethereum smart contracts line by line by analyzing the blockchain trace!
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0x isn't a stateless protocol. It isn't obvious unless you write smart contracts. State:.1) allowances for AssetProxies.2) access controls b/w Exchange, AssetProxies, & Governance module.3) external contracts that interact with 0x. DYOR.
Trying to govern a stateless protocol is like trying to govern an idea. You can't. dApp governance tokens trying to govern a stateless protocol have no value because of the ease of forks. Only the governance tokens which govern deposited capital are valuable (eg: REP, MKR).
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Front-running, Griefing and the Perils of Virtual Settlement (Part 2).
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Trading went live for @GodsUnchained cards 12 hours ago and @TokenTrove has done $43k volume, ~4500 trades!
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@bitnonymous @renprotocol @matchaxyz Yes! This is actually what I worked on for an internal team hackathon last week
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The decentralized message-passing network for @0xProject is 0x Mesh: It's permissionless + censorship-resistant, it's been live for months, it runs in the browser, and it has become the default conduit for 0x liquidity:.
"Serverless" doesn't have to mean "everything on-chain". Non-blockchain decentralized message-passing networks (eg. as used by @0xProject @ethstatus) can be a very valuable complement to blockchains, and offer important efficiencies in areas where global consensus is not required.
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This "research institute" is representing that only 0.04% of US tax filers reported crypto gains/losses in 2018 based on a sample of 250k users who filed their taxes through @creditkarma. @openmarkets you are spreading misinformation. Do better.
Because @USTreasury doesn’t have proper tools to ensure tax compliance across all crypto market actors, the burden of tax reporting is falling on individuals. And companies are popping up to “generate tax forms” for individual investors… who they charge EXCESSIVE amounts.
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Excited to work with the CB Earn team to grow the #defi pie and guide new users into the vibrant ecosystem of 0x relayers! CB is pushing this space forward.
We are thrilled that @0xProject is the first protocol to be featured through @coinbase Earn, a new initiative that gives cryptocurrency enthusiasts the knowledge and confidence needed to use exciting technologies like 0x! Let's grow the tokenized economy!.
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The NFT space wouldn't be where it is today without the dedication and persistence of @dfinzer and @xanderatallah over the years. Missionaries that deeply care about the NFT space, consistently ship, and are in it for the long-term.
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Account abstraction is long overdue. Challenging to offer a seamless UX without it (user EOA pays gas, sets allowances, can't batch function calls). We spent months getting around these constraints with @RobinhoodApp team for their new self-custody crypto wallet👀.
The good news is that we're narrowing down toward an actual path for account abstraction, something we've always wanted but have not managed to actually have!. And with the "carrot" of cost savings in rollups with signature aggregation, there's finally an incentive to adopt it.
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1) Enjoyed sharing ideas around governance in a multi-chain/shard world at #AraCon this morning. Thesis: need to move from a model of singleton contract systems to replicated modules. "Using metamodels for cross-blockchain governance". Slides are here:.
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@cobie @matchaxyz ZRX is the governance token for the exchange infrastructure underlying Matcha and many other applications.
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5) Non-whales say YES, donuts should be freely tradable. The bottom line is that, tradable or not, online reputation is valuable. And /r/ethtrader donuts may be one of the first experiments where we could observe this in an organic thriving internet community.
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Our NFT push was 2.5 years too early 😃 . Timeline for prediction markets was also overly optimistic. When they pop off it's going to be insane.
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"Smart contract" is the term used to help laymen understand the concept of a state machine. Ethereum smart contracts are tiny state machines that can be strung together to create complex systems. Sometimes these systems handle or manipulate digital assets.
Do you rent an apartment?.Would you sign a rental contract that allows your landlord to arbitrarily “upgrade” the contract to insert any changes they’d like?. If not, why are you OK with trusting smart contracts that have an “upgradeability clause”?.
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One of the biggest challenges of building in the crypto space is balancing attention between tools/products needed *right now* vs the flood of hyped technologies that could make your work obsolete. ZKPs such as STARKs are going to change things @recmo @StarkWareLtd.
Learn how we are working towards evolving the 0x tech stack to scale decentralized exchange for a tokenized world! 📚🌍.
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Smart contracts should be designed as modular building blocks that can be assembled and reconfigured.
We recently built 3 new extension contracts to extend how orders are filled via the 0x protocol!🛠. ⏩Forwarder Contract .🇳🇱Dutch Auction Contract .📃Whitelist Contract . Projects can utilize these contracts today to enable new forms of crypto exchange.🚀.
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Contrarian thought of the day: .Plasma has become a brand. Despite the fact that it is early stage research, the vitalik/poon/$OMG affiliation has captured the broader community's attention. There are other compelling approaches to scaling out there.
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Lots of discussion about oracles but none that include Augur's decentralized oracle: a swarm of humans with financial incentives (REP ownership) that cause them to converge on objective reality*. *Or not, causing REP to fork into two, each staking a different version of the past.
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