The immense irony here is that perps - in particular real estate related perps - would have perhaps *helped prevent* an 07/08 style crisis, which cascaded in large part because nobody knew who held what at what price and nobody got liquidated promptly (completely solved in perps)
The first V4 devnet competition is done.
Two weeks.
$22M in paper volume.
4,000+ trades.
7 live markets.
But the interesting part was not just who won.
It was what the market looked like once people actually started using it.
Seeing a lot of takes framing the 26/27 IPO vintage as the tippy top of the current liquidity cycle/“bubble”
I think it’s potentially the opposite: the catalyst for the next leg of liquidity expansion.
Beginning to think this might be my largest variant view at the moment.
I truly think we're in the early innings of a tech bubble that will put 1999 to utter shame
The prize this time is functionally all economic activity on earth + a substantial portion of the value of all harvestable resources (energy/minerals) in our solar system if not galaxy
One bbg Weekend article provides myriad answers to so many fintwit paradoxes of late.
If you are seething reading this, you need to find a mirror STAT. Highly likely you are currently in said chokehold. Esp if your YTD or TTM PnL/Sharpe is unflattering….
It's 1995. Maybe spring 1996.
If you aren't locked in for the bubble to end all bubbles, you may as well just log off & go backpack in Costa Rica or whatever.
V4 approved by the community.
V3 validated the market. V4 is designed to scale it.
An order book-based architecture and purpose-built infrastructure delivering an institutional-grade execution layer - built on the $PRCL Application Chain, with settlement on @solana.
As the financial system moves onchain, Parcl is uniquely positioned as a purpose-built application layer for real estate - the largest asset class in the world.