Xata (🦍^🎩)

Buterin Cards / AI-enhanced QQL artist / Founder of @leveragesir

[Xata (🦍^🎩) @Xatarrer]

@nextalphaa Im with you. Only minor "but" is that value accrual needs to improve for ETH.

[Xata (🦍^🎩) @Xatarrer]

I just replied to Vitalik's post on Ethresearch. I hope I don't get eaten alive. 😬
https://t.co/COOJmmMEBe

[Xata (🦍^🎩) @Xatarrer]

@grok @omyzmo @leveragesir @stableshaman @CloutedMind @VitalikButerin @eth_strategy If you think of LPs in Sir as being "N" and traders being "P", the solutions are not that different. The differences arrive from the option like contract which is not following the min(1, S / x) and max(0, 1 - S / x) formulas, and N and P can be redeemed any time.

[Xata (🦍^🎩) @Xatarrer]

@safetyth1rd Hey Danger,
We talked years ago. Interestingly Vitalik is just rediscovering Sir.
https://t.co/WRkHc7TGb8

[Sir Trading 🎩 @leveragesir]

Extremely satisfying to see Vitalik pitch what is essentially Sir Trading. Let us address Vitalik's proposal and compare it to us.

What if the use options as the base of defi, instead of CDPs and liquidations?
On Sir, traders pay a one-time fee, just like in options. There are no liquidations.

Instead your exposure to the index diverges quadratically from your preferred exposure in a smoother way.
This is exactly how our leveraged tokens work. Notice from the chart below that our ETH² does not decay over time (still went down because price of ETH went down oc). If you check 2 time instant with the same ETH price, you will notice that ETH² also preserves the price.

A key benefit is getting rid of the need for instant oracles, and instead making everything work on top of "slow oracles"
Precisely, we use 30-min TWAPs.

This design has a significant downside - the need to do regular rebalancing - and an open question of whether and how this rebalancing can be made slippage-resistant enough. But it's worth considering and trying IMO.
We have actually fixed this part. We fixed by adding more flexibility in the contract between traders and LPers. Instead of performing actual leverage rebalancing, we derived the formula if the leverage was maintained perfectly constant, and just recalculate amounts when someone enters or exits a position.

[Xata (🦍^🎩) @Xatarrer]

Hi @VitalikButerin,

You will probably not see this, but I must try anyway. I have been working on this exact problem for around 5 years at this point.

I did borrow ideas of options but I had to invent my own primitive to essentially create a "leverage token" that tracks:
- The underlying asset with quadratic (or other powers) exposure
- Traders only pay a one time fee
- No volatility decay under most market conditions

My Defi primitive is live.

It's been an extremely arduous task working solo on it and have been laughed off many times since it is so different to everything else. I wrote an article about it.
https://t.co/pnMOWgV6ri

[Xata (🦍^🎩) @Xatarrer]

@robustus @Crypto_McKenna Saylor may have had the right vision, but being so incredibly bad at trading may end up costing him his business.

Also probably a consequence of being a Bitcoin fanatic.

[Xata (🦍^🎩) @Xatarrer]

@nextalphaa @MKjrstad 💜💜💜

[Xata (🦍^🎩) @Xatarrer]

I don't say it often, but Buterin Cards is the project that brings me a smile when I think about it.

There's something about having done something in the intersection of art and technology that will persist as long as Ethereum exists that people love and share. 😊

[nΞxt alphaa 🛡️ @nextalphaa]

art is one of the million market use cases that Ethereum enable globally

read 'The Long Tail' thesis 🧠

[Xata (🦍^🎩) @Xatarrer]

@MKjrstad @nextalphaa We love that thesis.

I hope you also get a chance to discover one of those cool long-tail assets that are the Buterin Cards. 🙂
https://t.co/LZZEqxugdB

[Xata (🦍^🎩) @Xatarrer]

It is my pleasure to release the

🃏 𝗕𝘂𝘁𝗲𝗿𝗶𝗻 𝗖𝗮𝗿𝗱𝘀 collection. 🎴

A collection of 2015 unique cards paying tribute to @VitalikButerin.

Minting: https://t.co/wlzAbPNunj

Big thanks to the rest of my team: @tarpley_travis, @MrLivingstream & @PawelDudko

[Xata (🦍^🎩) @Xatarrer]

@AdrianLungescu @ThierryBorgeat I would've used a more subtle word, but motherfuckers will do

[Xata (🦍^🎩) @Xatarrer]

@JustDeauIt I heard that Leopold Aschenbrenner bought puts on Nvidia and is also pivoting. This would fit your hypothesis.

[Sir Trading 🎩 @leveragesir]

Guys, okay… total despair is starting for ETH.

Everyone and their mother is selling.

Vitalik is writing a sci-fi book.

The whole timeline is only bullish on HYPE.

Fees on ETH are low, and capacity will increase again.

According to the OpenZeppelin co-founder, no DeFi app is safe.

Mythos is coming for smart contracts.

But you know… ultrasound money, stablecoins, RWAs, CROPS and all that shit.

Seriously, we may never have seen a time when ETH was this controversial.

But if you believe in ETH and want to go leveraged long, doing it the traditional way is too risky.

No one knows how far it could crash.

On SIR, you can leverage long ETH with no liquidation risk and only a one-time fee.

You can wait as long as it takes for your thesis to play out.

Come take this trade on SIR, whether on MegaETH or Mainnet.

Link in the next tweet.

[Xata (🦍^🎩) @Xatarrer]

@scupytrooples @deww400 Sounds like you would like my project if you give it a chance @leveragesir. Not sure you remember but we had a call many years ago. 🙂

[Xata (🦍^🎩) @Xatarrer]

@CloutedMind @austincampbell He's name is Autism Campbell after all

[Xata (🦍^🎩) @Xatarrer]

@Crypto_Brute Haha, im not CZ mate.

I still think you have a naive take. He's been excersing power by guiding Ethereum upgrades with his maps.

But I also think it is good he did that. He's one of the best people to have as a leader due to his idealism.

[Xata (🦍^🎩) @Xatarrer]

Very interesting.

This long ETH bear market has created a class of ETH fundamentalists that are not sensitive to logic.

Fahad is right and Vitalik has a lot of soft power over Ethereum. Pretending that somehow that is gone because he made some mild opaque changes on the EF doesn't change that.

But ironically having these type of people for whom Ethereum is always the best no matter what is bullish ETH price. Just loon at Bitcoin how well it did with fanatics like Saylor and his cohort.

[Fahad Saleh @cryptoeconprof]

This is misleading because it conflates formal power with soft power. Vitalik's influence in Ethereum doesn't come from his board seat. It comes from being the community's most influential voice. By his framing here, Donald Trump is irrelevant to Republican primaries because Trump holds no formal role in candidate selection. Yet Trump has unseated multiple incumbents simply by attacking them publicly, and Vitalik can launch or kill initiatives the same way.

[Xata (🦍^🎩) @Xatarrer]

Tbf, the American way of drinking a glass of wine is hilarious. When my parents drink wine in Spain on every meal they drink a glass of wine that is so small that almost looks like a shot.

When Americans drink wine they fill up the glass to the top. 3 cups of wine all the way to the top is indeed TOO MUCH. Problem is that most folks never got proper drinking culture.

And btw, I agree there is a lot of sober signaling from influencers here.

[Xata (🦍^🎩) @Xatarrer]

@nextalphaa Haha, you're my favorite fundamentalist

[Boona @BoonaETH]

The faux sobriety trend does more harm than good

I’ve been sober for nearly 13 years, and it wasn’t because a few glasses of wine ruined me for 3 days, it’s because I couldn’t not have 3 bottles of wine in one sitting

I also wasn’t a pussy, I drank whiskey, but just trying to keep in line with the post

This content isn’t helpful, just a bunch of fragile ego stroking into thinking they’re better than you. They’re no better than early hybrid drivers, spirituality gurus, CrossFit people, or vegans

For people who genuinely need help, this paints the most inaccurate and retarded view of what being sober looks like. I’d put a bullet in my head if I was trying to get sober and saw this clip

If you can legit control and enjoy your drinking (at the same time), get the stick out of your ass and have a fucking drink lmao