Space Monkey

technologist @AphelionTrading

[Space Monkey @RealSpaceMonkey]

This is a long post about the rise of "prop AMMs", the history behind them and their advantages/disadvantages. This post will be different than my usual style of trying to be concise and is more of a story since it was meant to be for a DeFi Day talk like I did in the past 2 years. Unfortunately, this year I was asked to provide my ID/KYC (not the fault of the organisers) to be able to speak which I'd rather not do.

[Space Monkey @RealSpaceMonkey]

@KobeissiLetter Big surprise

[Space Monkey @RealSpaceMonkey]

@RunnerXBT Very unlikely tbh. He'll find a way to "win". I'll be happy to be wrong

[U.S. Immigration and Customs Enforcement @ICEgov]

Fake & Gay!

Moussa Diawara, the Malian national featured in this shockingly poorly researched @60Minutes report, now faces allegations of immigration FRAUD after his asylum application surfaced, revealing that he claimed to be a HOMOSEXUAL man who feared persecution in Mali.

Read more ⬇️

[Tristan @Tristan0x]

Market impact too high? 😰

We just shipped chunked markets orders which let you submit larger orders in increments, waiting for liquidity to replenish between fills (at the cost of time).

To help visualise this, you can see how many orderbook levels you eat (estimated).

[Space Monkey @RealSpaceMonkey]

Fellow cows, watch out!

[₷₳®∀ℏ @s4hvm]

Saw this a few days ago and it’s put a worm in my brain. Can’t stop thinking about it.

[Space Monkey @RealSpaceMonkey]

@RunnerXBT Why? Just to shake things up? Force a revolution?

[Polymarket @Polymarket]

BREAKING: Texas police respond after man wearing Joe Biden mask & Charlie Kirk shirt appears on a family's doorstep eating a banana, but determine no crime was committed.

[Nassim Nicholas Taleb @nntaleb]

So he does a documentary & the evil state blows up his house in S. Lebanon. Cowards, evil Zionist terrorists.

They didn't do it with Israelis & Westerners.

[Space Monkey @RealSpaceMonkey]

@bryan_johnson 100% you're doing this to grab attention. It's a way of marketing by saying nasty things and shit that no one wants to know.

[Space Monkey @RealSpaceMonkey]

@RunnerXBT I'm already there and I'd love to meet. I Stay in Canary Wharf if you want maximum safety and it's directly connected to the centre via Jubilee and Elizabeth lines. Most phone theft happens in the centre in the areas that are supposed to be safe.

[Space Monkey @RealSpaceMonkey]

So tired of this shit. Should we switch everything to Signal? Everyone is on telegram

[calle @callebtc]

Telegram is not encrypted and has been sharing chats and user data with governments for years.

Pavol Durov is a liar and a manipulator.

He wants you to believe that Telegram is safe while it clearly isn’t. Telegram is the biggest privacy psyop in the world.

[Space Monkey @RealSpaceMonkey]

@RunnerXBT No but it can do backflips

[Swami Vivay Kamoon-Nandé @JohnDoe1450608]

@limalemonnn Yeah, I'm sure these were her questions, lol.
"FDIC insured". For sure. For sure.

We've got Ben Affleck saying he "codes in python", Josh Brolin saying he made more money "Day Trading" than acting, and Mila "FDIC Insured" Kunis.

[Space Monkey @RealSpaceMonkey]

@MaxResnick Nassim Taleb was just tweeting the same btw.

[Space Monkey @RealSpaceMonkey]

I didn't know @emirates has free and fast WiFi on flight and it actually works pretty much straightaway once in the air unlike most other airlines where you have to wait a while then you pay and sometimes it's still not great. Why isn't this standard?

[Space Monkey @RealSpaceMonkey]

Holy shit.. can't even buy a hardware wallet without getting hacked

[exsiway @exsiway_]

so about the $86m ledger drain. everyone’s screaming “ledger got hacked” again. i spent the evening digging and it’s dumber and scarier than that

there’s a shop in malaysia called cryptobilis that sells hardware wallets. ledger has it listed as an official authorized reseller since at least 2022, for malaysia, indonesia and the philippines. legit shop, real devices, years of normal customers

this spring the founders sell it. the deal comes with an NDA: they can’t tell anyone about the sale until october 19

by august the company registry shows one owner with 100%. some guy from heilongjiang, china

the shop keeps running like nothing happened. the site, the name and the “authorized by ledger” badge all stay up

then on oct 8 @MagicalTux posts photos of a ledger he cracked open. hidden under the screen there’s an extra little board with an LTE modem and an eSIM. it just watches the display. you set up your wallet, your 24 words show up, and they get sent out over mobile data. ledger’s genuine check doesn’t catch it because the actual ledger chip is real. his device came from malaysia

https://t.co/vRuBM0xIfR

that post does 120k views

22 hours later someone sweeps everything. 203 BTC hits two addresses in literally one block. ~$58m USDT moves on tron in the same hour. i added up all the wallets: ~$91m

about 7 hours after that ledger says “we’re investigating” and asks cryptobilis to pause sales

cryptobilis is still on ledger’s site as an authorized reseller

to be fair, nobody has officially tied the new owner to the bugged devices yet, and ledger hasn’t confirmed how it happened. but read it as a business plan:

get authorized, sell real stuff for years, quietly sell the company under an NDA, keep the badge, ship devices that phone home, then drain everything the second someone notices

and was ledger even told the shop got sold? nobody’s said so

“authorized reseller” means ledger trusted whoever ran the shop back in 2022. says nothing about who runs it today

bought your hardware wallet anywhere but the manufacturer? open it up today, ledger literally has a guide for that. then move to a fresh seed on a device bought direct

wonder who’s going to answer for this: the chinese frontman from heilongjiang, the shop’s previous owners, or ledger itself

@Ledger clearly needs to keep a much closer eye on who they call official resellers, and take way more responsibility for who sells their devices and how

[Carlos That Notices Things @QuetzalPhoenix]

Meanwhile:

[Tristan @Tristan0x]

September was an absolute blur, looking back on it we actually shipped a bunch of cool updates, and finally cracked a few big milestones (10m volume, 2m OI) 🚢

Bullet Liquidity Provider (BLP) was finally opened to public deposits, and the $300k cap filled the same day. We've extensively tested the strategy for 3 months and it's been overall profitable, with a 2.37 Sharpe and ~100% APY on the last 30 days annualised. Deposit caps will be opening up again this week, keep notis on 🔔

Speed. We benchmarked end-to-end execution against other perp venues. Bullet came in at ~8ms, ahead of Lighter and HL (Nado just recently improved their p50 a lot to ~7ms, congrats to them, we will get you back xd). Our matching engine runs at ~250µs, and most of the remaining time goes to the network, and there's a lot we have flagged to improve still. Thankfully still have the lowest p999 (tail latency) of any DEX by a factor of 4x.

Collateral. You can now post SOL and jitoSOL as margin, meaning no hassle to sell your beloved bags to stables. We built the jitoSOL integration with @jito_sol, so your collateral keeps earning staking yield while you trade.

New Markets. We listed RAY, BNC, UNI and NEAR, and PUMP and DOGE go live tomorrow. We also automated most of our listing pipeline, so a new market now takes us about 15 minutes end to end. Expect a lot more of them, and quickly. People under-appreciate the operational burden of exchange listings, and we've spent a bunch of time seeing how it can largely be automated. We're aiming to list 2 new markets every week.

Liquidity. Most majors (BTC/ETH/SOL) are now consistently 0.1-0.5bps wide at the top of the book (!!), which is testament to why we've been hell bent on building the fastest execution stack on the market. @AphelionTrading is now providing very competitive liquidity on Bullet. They were the highest-volume onchain market maker on Solana from last cycle, and true friends and legends that I am grateful to be working with again.

Fees. We cut trading fees across every tier, and volume picked in accordance. We are going to continue experimenting with fee structures that reduce friction to onboarding for new traders evaluating our product, our goal being to provide the best cost for the average perps consumer (spread + fees).

Affiliates. More than 100 affiliates have signed up since we launched the program. Form linked below.

Product. We shipped subaccounts, isolated margin, and vault infrastructure that lets anyone launch and run their own vault.

[Space Monkey @RealSpaceMonkey]

@jsvcamel @nntaleb What do you mean? Example?