Reid

tech, history, art

[rain & coffee @rainandcoffee]

"@Lighter_xyz lost the @RobinhoodApp perps integration everyone thought was coming"

sometimes just thinking a little bit apart from reacting to a headline will do good.

so would reading up on NBBO & licenses and how Lighter's setup is the most likely the get the aforementioned (no fees for retail and circuits rather than decentralised network)

Robinhood will integrate many venues, but they will be forced to pick the best price.

[DCF GOD @dcfgod]

So if you could have gotten into Facebook at 1.3X the price that Peter Thiel got in at, you wouldn’t have?

[matt @mattbcapital]

“Lighter was just a farm, metrics will be down only post-TGE!”

[david @davidfucius]

somehow perps on mobile still feel prehistoric.

this changes today.

excited to finally release what we've been battle testing behind the scenes with real perps traders. it's currently focused for people who know how to trade perps, but we're slowly expanding more lite mode features as well to make it easier and more accessible.

[Reid @DecryptVC]

@RJCcapital @MayurC100 Lighter and Hyperliquid best two options

[Vladimir Novakovski @vnovakovski]

Our team is cranking away at launching new features and markets into the year-end. Next up are equity futures, starting with $COIN and $HOOD. Fun fact: both are investors in Lighter.

https://t.co/ofQAmWm7jK

[toly 🇺🇸 @toly]

My mistake. It does prove all the sigs. Pretty cool. Cunningham’s law strikes again.

[Reid @DecryptVC]

The alt L1 trade - SoLunAvax - from last cycle peaked in 5-10% range compared to Ethereum. Could be useful heuristic for SOV trade.

[mert @mert]

10% of Bitcoin seems to be a reasonable lower bound target for ZEC

that sounds a bit crazy until you realize XRP/BNB are already close to that

the memeability is there, the ecosystem/community is there, and the tech and utility are there

will take work but will be fun

[Reid @DecryptVC]

@ostium has been grinding on this problem all year. Kaledora is one of the best founders left in crypto. The HL mob at it again :(

[kaledora @kaledora]

1. My original tweet referenced the cost of holding positions. Many understood this to refer to the cost of longs specifically. I was referring to short positions. I could have been clearer in my language, but it didn’t occur to me that this would be misinterpreted.

2. Others, while understanding my point, criticized the spirit of it, claiming (1) it is unfair to extrapolate an annual cost that only persisted for a short period of time, and (2) open interest was capped, leading to limits on arbitrage capacity. (2) is fair. (1) is (in my view) a moot point: extremely volatile funding in either direction is undesirable from a trader’s perspective. I’d never suggest that +365% is a steady state rate; the problem rather is the fact that that value swings so high/low in the first place.

3. Since my post (3h ago), funding has flipped from -365% to +170%. This further goes to show that FRs on these markets are extremely volatile, and are likely to remain so for the foreseeable future with this market structure. This is a different game than crypto perps given the alternatives in TradFi and I would not expect web2 traders to tolerate this level of unpredictability in holding costs.

4. I’ve been quite vocal about this for a long time, but think it bears repeating that HL is a great product. It works great for crypto. I just don’t think it’s the right architecture to bring TradFi assets onchain. I believe the right model is to quote directly from the underlying market, more akin to a decentralized broker, than try to natively recreate limited orderbook liquidity from scratch onchain at the exchange layer. I am confident the market will eventually prove this thesis correct.

[Reid @DecryptVC]

@Lighter_xyz Think the Lighter team did a great job communicating what transpired and how it was handled given chaotic events. The insane upside of points based on all Lighter’s hard work doesn’t come w/o risk. Looking forward to new products and innovations.

[Lighter @Lighter_xyz]

On Monday, we will announce the details of the mass compensation event based on that data and reported issues, likely a combination of stablecoins and points distributed in a fair manner. A smaller part of that compensation will also go to those affected by the unrelated LLP drop (post mortem on that tomorrow).

[Vladimir Novakovski @vnovakovski]

We are excited to be attending Token 2049 in Singapore and announcing the public mainnet launch of Lighter!

Read all the details of how our tech works and what the launch means for early and new customers:

https://t.co/fXcvfybIzk

[Reid @DecryptVC]

As a Lighter user since day one, I have constantly been impressed with the team’s vision and execution.

Congrats to @vnovakovski, @manud_p, & Co. Grateful to be here for the ride.

gLighter

[Lighter @Lighter_xyz]

We hit 1B in OI in 240 days of Lighter private beta!

[Reid @DecryptVC]

@pegobry_en What are your favorite Balzac novels? Vautrin cycle with Lucien?

[Reid @DecryptVC]

Exciting step for the @N1Chain team. Many more milestones to come! Give the testnet a try if you have not yet.

[N1 @N1Chain]

First testnet on N1 is live.

DM @01_exchange for access.

[Reid @DecryptVC]

@kaledora Involuntary memory back to sitting in mass as a child

[Reid @DecryptVC]

@PhilJBonello Think need global liquidity expansion and higher risk appetite (very risk off sentiment rn). Gold correlation only one piece of puzzle.

[Bullpen @BullpenFi]

Bullpen, Co-Founder, @blknoiz06, explains why he's finally long Bitcoin again on the latest episode of @_Fullport 🎬

[Reid @DecryptVC]

Very bullish development. Like Bitcoin? You will love 50x leverage on Gold.

[Ostium @Ostium]

POINTS. 🟠

NOW LIVE ON OSTIUM.