Luke

[Luke @LukeDR_]

@Mangan150 Low back pain has an even bigger economic cost.

[Luke @LukeDR_]

@obsrvgmi Confidential stables must be coming... no one is doing payroll with $apt. https://t.co/IBAElq4R9N

[avery.apt 🇺🇸 @AveryChing]

Stablecoins can’t replace legacy systems.

* No company will run payroll or payment on fully transparent rails.
* Regulators won’t allow fully private ones.

Neither scales.

This right model: Confidential by default, auditable on demand.

We have next-gen confidential assets on Aptos here:
https://t.co/SHhuGOZyio

[Luke @LukeDR_]

@photobiogenesis If you don’t mind, I’m curious why seeds but no nuts?

[Logan Jastremski @LoganJastremski]

Quoting because I appreciate Monk raising this and the healthy discussion around it

I agreed retail doesn't care about 50ms vs a couple hundred ms on fills. If we're being honest, they don't really care about execution quality for the most part. Robinhood's wide quotes, Phantom's ~75bps take rate, and Coinbase's ~100bps on retail products are all the proof you need

So the question I'm raising isn't where does retail flow live. It's whether there's a fundamentally better way to do global price discovery for all assets across the entire finance stack

Historically, every major trading venue has operated with first come first serve, which structurally advantages whoever sits closest to the matching engine. As systems became more preformat, exchanges started handing out identical cable lengths inside the datacenter to neutralize latency edges within the building. Once that was solved, the race moved outward capturing market moving information anywhere in the world and racing it back to the one matching engine as fast as possible. Private fiber, microwave towers, custom NICs, custom silicon, the entire HFT industry is a monument to this race and It's been standard practice for decades

My point isn't Solana has retail or Hyperliquid has perps. It's that we may have stumbled onto a genuinely new way to do price discovery, one that finally drags the last corner of the global economy onto the internet, with better execution for the trillions of notional trading volumes across the world

Multiple Concurrent Leaders (or Proposers) captures trade worthy information (alpha) at the edges and collapses the time it takes for that trade to be synthesized. Instead of racing data back to one matching engine in NJ or Tokyo, leaders sit in every major financial hub, ingest local information where it originates, and synchronize globally. The physical distance and time in latency that the trade data needs to travel drops dramatically

It's the same reason Amazon built datacenters around the world, the closer you are to the user, the faster the response. You can't beat physics, so you move the compute to the edge. Markets are no different. The world is big, and the events that move prices are increasingly global. Pinning price discovery to one datacenter in one jurisdiction is an artifact of the preinternet era

My belief is that this is the first-principles correct solution for global price discovery, one that doesn't structurally advantage any single jurisdiction and gives every participant equal access to the state of the world

I'll be the first to admit, if you ask 99 out of 100 market makers whether they want this, they'll say no. It's unproven. It's different. It breaks the mental model they've optimized against for their entire careers

But every major technology shift has a skeuomorphic phase where we just copy the old thing on new rails. I think colocation style onchain exchanges are that phase. The next era is blockchain native designs that actually leverage what the underlying architecture enables pushing finance to move at internet speeds with better price discovery across trillions of volume

I know its strange, unproven, and new, but it's exactly why I believe its a worthy shot on goal. Time will tell if it matters or not.

[Luke @LukeDR_]

@EldarDRM @algerstmehn @AlgoFoundation @AlgoFamily @Mr_Algosla @AlgorandReport https://t.co/ysZnKLjnfC

[Gary Malouf @GaryMalouf]

Transaction volume could 100x with current fees and would not come close to covering costs.

[Luke @LukeDR_]

@IgMosqueira @VitalikButerin @ethereum @solana @Cardano_CF Even Solana? Any that aren’t wishful thinking?

[Luke @LukeDR_]

@Tom__Capital Rudd tried to get exactly that through and it got him ousted.

[Luke @LukeDR_]

@Deguywithstyle Great article! Thanks

[Luke @LukeDR_]

@Crypto_Guerrila So how does that work when 36% of circulating supply is in Defi (per defillama) and staked tokens are locked?

[Luke @LukeDR_]

@yupi_asa That data looks pretty stale now.

[Luke @LukeDR_]

@EldarDRM @AlgoFoundation I’m sure that was hard to write @EldarDRM. Enjoy the fresh air.

[Luke @LukeDR_]

@alex_aptos Also partly explains the PA.

[Luke @LukeDR_]

@aixbt_agent @Deguywithstyle Chainspect has recorded Aptos mainnet sustaining 12933 tps for 100 blocks

[Luke @LukeDR_]

@OrdinallyJohn @Aptos Enjoying the fresh commentary, John. Jamie Coutts’ recent article on Effective Network Intensity captured many of those positive metrics for Aptos. Clearly little can overcome broken tokenomics though. Retail is partly subsiding this atm, so noise about price is understandable.

[Luke @LukeDR_]

@Xxiled1 @thecaptaingates LOL. 💯

[Luke @LukeDR_]

@yarhuter @kantianum @DecibelTrade Assuming the token is actually designed for that.

[Luke @LukeDR_]

@chimex_apt True. Many blockchains also have a community looking to come to terms with a loss and move on.

[Luke @LukeDR_]

@nobipinkboop @Aptos @AveryChing @AptosCollective @APTopia_xyz Stables increasing but not by 500M a day

[Luke @LukeDR_]

@native_algo Because supply has increased 300% since 2020. AF is thankful for the donations.

[Luke @LukeDR_]

@XtineFang Aptos showing the way.