BookRunner

The underwriting syndicate for on-chain perp markets.
Community - on @ponsdotfamily

[BookRunner @TryBookRunner]

Introducing Bookrunner:

The underwriting syndicate for onchain perp markets.
Per market books fund insurance and market making inventory.
Mandate bound agents quote and hedge within coded limits.

Each book publishes NAV, P&L and risk. Built on @RobinhoodApp Chain.

[BookRunner @TryBookRunner]

An agent mandate should say how much inventory it can carry and when it must hedge.

BookRunner’s specs describe those limits as part of the proposed book design.

[BookRunner @TryBookRunner]

Market making and insurance solve different problems.

Combining them in one book only helps if each purpose and each risk is visible.

[BookRunner @TryBookRunner]

A junior tranche taking first loss is still taking loss.

That is a priority in a waterfall, not a guarantee for senior capital.

[BookRunner @TryBookRunner]

The design is worth judging by whether an allocator can trace the market exposure and the loss order without guessing.

[BookRunner @TryBookRunner]

Pooling capital does not make market risk disappear. It changes how the exposure is organized.

[BookRunner @TryBookRunner]

A mark is not an exit price. A proposed backstop is limited to its available balance.

[BookRunner @TryBookRunner]

Capital does not become safe because it sits in a pool.

BookRunner’s proposed books separate market exposure, senior and junior capital, and the order losses are assigned.

[BookRunner @TryBookRunner]

https://t.co/XZ9Tk1MLWD

[BookRunner @TryBookRunner]

A useful market report answers three separate questions: what was held, how it was marked, and what would happen in a loss.

One headline number cannot do all three jobs.

[BookRunner @TryBookRunner]

BookRunner’s materials describe a proposed underwriting design, not a live market.

[BookRunner @TryBookRunner]

A market can make money and still hide who takes the first loss.

🧵👇

[BookRunner @TryBookRunner]

A monitor can report a breach. It does not automatically stop an action.