ben

Rust enjoyer
DeFi engineer @flint_trade_

[ben @_datben]

Just started MEV on slack, DM me if you want alpha

[dgski @thedavidgorski]

Many firms have pricing models. ~Five have the Solana engineering.

Right now, it's not easy or cheap to provide active liquidity on this chain.

I want a big, beautiful, ergonomic on-ramp for new blood and that's what I'm focused on.

Soon.

[ben @_datben]

@toly @moonshiesty @atarashi @defido something sweet is being cooked atm

[Titan @Titan_Exchange]

https://t.co/pkgRYKXPeD

[ben @_datben]

@thedavidgorski Big if true

[π* | ¤ @totlsota]

worth mentioning re this Solana PERP DEX: Superis Labs project:
- this is already well advanced
- there are some very smart people working on this
- this will be good

[ben @_datben]

@mmdhrumil @ArcherExchange_ do you handle SOL -> BTC if there are SOL/USDC BTC/USDC markets ?

[dgski @thedavidgorski]

Solana Transaction Execution Lock Relaxation Proposal

A scheduler (both leader and replay) change that has a theoretical improvement of less than ~2x. No protocol changes needed.

Idea: Drop transaction read locks right away after loading the account state.

Why? This allows upcoming transactions that write-lock the same account to start executing immediately. Pipeline efficiency potential increases significantly (depending on shape).

How? Enforce linearizability requirements. While sub-sequent transactions write locking the same account can start execution, they cannot be recorded as before the reading transaction.

All account states are locked, read and frozen at the start of the transaction; this keeps things consistent throughout execution of the reading transaction.

The linearizability concept happens at the commit/record level; even though the reading and writing transactions might be happening at the same time; the read will always be recorded before the write.

In the case of failure; write transaction is unblocked from commit.

Now that transaction batches can be conflicting (recent change), the trade off here would be the savings of locking and loading the account in one thread and then execute sequentially versus finding an optimized boundary in the graph to split and put into another thread (paying the price for the cross-thread communication). For 'heavy' transactions this could exceed the cross-core optimization.

Generally the less restrictions for ordering, the more flexibility the execution pipeline has and the more efficiently it can schedule.

[ben @_datben]

@bunjil @redacted_noah We are so cooked

[ben @_datben]

@xpmaxxer Luna ponzi was running on unsustainable. If that model had grown bigger, the eventual collapse would’ve been even worse for crypto

[ben @_datben]

Unpopular opinion : Jane Street saved crypto

[ben @_datben]

@thedavidgorski wen perp on btc

[dgski @thedavidgorski]

Flow of Value > Store of Value

Technologies, systems and protocols that enable compute, dynamic state changes, and real transactions are far more interesting than static, HODL til you die, sinks for capital.

Holding has it's place; but it is inherently stagnating on it's own.

[dgski @thedavidgorski]

Why Perpetual Derivatives?

By volume, most people's recent interactions with investments is not truly tied to ownership; they usually don't care about having voting or creditors rights. They want to 'catch' what they consider is the right direction; this could be a hunch or a sophisticated, programmatic control of exposure.

[dgski @thedavidgorski]

Obfuscated behaviour.
Unilateral fee schedules.
Permissioned custody.
Lack of capital flexibility.
Un-aligned interests.

These costs are simply too high.

The necessity for truly decentralized financial venues is obvious: why would we let the most important elements of our modern financial and economic system (price discovery and capital movement) be centralized and obfuscated as opposed to decentralized, distributed and transparent?

While decentralization itself is not a selling point to most people; it's downstream effects result in tremendous value for them. They are no longer 'under the boot' due to a power imbalance.

Our goal now (as an industry) should be to mitigate the downsides (invest in UX and security), maximize the upsides (steer away from short-term max-extract, build market-collaborative mechanisms); and spread our message in a non-frenetic way (cryptos brand is quite tainted; we need to level out). Not easy in any way.

We have all the right ingredients to deliver good products; we just have to learn to cook properly.

As much as it may pain the pure-builder-class; technological sophistication itself cannot replace good products. And what makes a product 'good' involves zooming out and seeing how you, your message, your mechanisms, your system; fit into the greater world (markets, players, culture, humanity). Don't write these off as 'implementation details'. The same goes for hype-men/women, distributors and marketers; just in the opposite direction; don't over-promise or in many ways; lie.

There has to be a holism between the product, the message and where it fits in the world. The old, non-philosophical term is PMF (Product Market Fit).

DeFi Products (like truly decentralized exchanges) will achieve incredible total financial market capture/liftoff in the next few years if they are able to pull this off properly.

[ben @_datben]

@mmdhrumil 👀

[dgski @thedavidgorski]

Your CUs are my opportunity.

[jay @jay_drainjr]

if you think the prize for perp DEXs is outcompeting Binance and other CEXs, you're thinking too small...that's only phase 1

phase 2 is eating tradfi options volume -- a large chunk of which is just retail and institutions looking for delta-one, directional leverage

phase 3 is perps on anything with a data feed

[dgski @thedavidgorski]

Prices are magical because they effectively compress what a society values; and this itself is insanely useful. It captures the relationships between entities and concepts in the world; and relationships really are everything; anything is defined by its distance, connections, and direction from other things (both meta-physically and physically).