PAWS

The future of 🥖 is degentralized

[slappjakke @Slappjakke]

Everyone knows that LPing Concentrated Liquidity has some of the highest yields in DeFi

But most people are too afraid of Impermanent Loss

Here's how to hedge Impermanent Loss in a CL LP using @GammaSwapLabs to create a delta neutral USDC position yielding 28% APR

[PAWS @giacal5]

probably nothing https://t.co/dgCoSsLkf7

[hoeem @hooeem]

https://t.co/gThWPkpyJp

[PAWS @giacal5]

Thanks for the cryptocarbs @ether_fi! #etherficash

[PAWS @giacal5]

Let's grab the spacesuits

[Pendle Intern @PendleIntern]

USUALx on @usualmoney = 781% APY

YT-USUALx on Pendle = 17,151% APY

How...where...who...𝒏𝒂𝒏𝒊?!

Here's all you need to know and how you can take your USUALx yields to 𝒖𝒏𝒖𝒔𝒖𝒂𝒍 levels

USUALx Megathread 🧵👇🏻

[PAWS @giacal5]

@superseed Eager to taste the dishes!

[Shane Parrish @shaneparrish]

Stop fighting your nature. Start winning with it.

[𝐃𝐦𝐢𝐭𝐫𝐲 - biofoundationalism.com @BackTheBunny]

Judging a Tank by a BMW's Standards

these guys fundamentally have no idea what their favorite chain is designed for and why it's critical. sure, a massive L for the most-secure DeFi settlement layer in existence because porky piggy coin didn't launch on it 😔

judging Ethereum by Solana's standards is like judging a tank by a BMW's standards.

what are these things designed to do? and will they survive all scenarios equally well? where do you go to do the silly fun thing, and where do you go to store your entire net worth? what happens to the "my entire net worth" chain if you start trying to appease the porky piggy coin people?

on an aside: I see all these discussions about ETH branding and marketing from Bankless and their CT radius and just.... do you guys think you're building Shopify or something?? you're talking like someone who thinks they're building a SaaS app. this is a parallel financial system and its security.

it's like saying "the US needs to do a better job advertising its beaches and vacation spots otherwise it's gonna fall behind!"

this is a capital and commerce network, its success is found in capital network effects and the raw security it provides for business and global settlement. the US economy is not impacted by more beachgoers!

Eth has $78B on it (not including L2s), which is about 9x more than the runner up. it is by far the most secure DeFi layer for finality; if it maintains these 1st-place designations, it will win. the latter (security) begets the former (capital network effects). nothing is more important than security.

the premiere global security settlement layer is built for speed the same way a Swiss bank account is built for buying a latte. the same way a tank is built for handling turns at 90mph.

Ethereum is not Shopify. a tank does not care what a BMW thinks about it. understand the ramifications and requirements of what's being built and how critical Ethereum really is.

[Felipe Montealegre @TheiaResearch]

If you are so smart, why did you miss XRP? On regret-minimization in volatile markets.

While economics deals with rational actors that make optimal decisions and arrive at precise equilibria, Algorithmic Game Theory attempt to understand whether humans following simple rules can make decisions that approximate or even resemble optimal decisions. Regret-minimization dynamics help us understand when and how simple rules converge to optimal decisions.

It turns out that humans can become much better at making decisions if they torture themselves with regret after making mistakes. Anybody who has ever learned a new skill has observed this process. You play Catan and think about how you shouldn't have focused so much on the sheep since the price of wool inevitably declines as the game moves on to city building. You play Tennis and learn to not go for winners on a backhand, especially when you are tired. This knowledge accumulates through the process of regret-minimization, and your game moves closer to the efficient frontier of your capabilities.

We are in a raging bull market, and many of you are torturing yourselves with regret every morning when you see another out-of-bag token™ up 150% and sometimes even 1,500%. A good friend pitched it you last week, and you even bookmarked multiple posts about it. You may have seen it on TikTok and thought to yourself "I can see the youths liking this type of thing." So is your regret just healthy regret-minimization work that will make you a better investor, or should you be a bit more nuanced in your self-flagellation?

There are three types of regret, and you should treat each of them differently in the process of regret-minimization.

External Regret means you made the wrong choice in hindsight. This means you went all in with pocket aces, and the person next to you was able to snag a full house on the river. You feel external regret when you try a Chinese restaurant nearby and find out it isn't that good. You have been better ordering Dim Sum Palace, but you couldn't have known ahead of time. You feel external regret when you miss XRP as a fundamental investor. Would it have been good P&L to catch a 5x in 15 days? Of course, in hindsight, but external regret is a terrible way to learn. Anything can happen in a probabilistic world, and you can't regret every miss without abandoning discipline around a durable, well-reasoned investment philosophy.

The fundamental question is not whether you should have bought XRP, but whether you should change the rules you followed that lead you not to buy XRP. That's where Swap Regret comes in.

Swap Regret means you regret the rule you followed and want to swap it for a better rule. You experience swap regret when you bet big on a 7-4 even though there were two aces on the table just because you were tired of folding. You followed the rule "bet big when you are bored," and you would be right to swap this suboptimal rule for one of the many thoughtful rules around optimal poker play. When Warren Buffett graduated from cigar butt investments to compounders, he was learning from swap regret and updating one rule (i.e. buy cheap assets relative to asset value) for another, better rule (i.e. buy growing, high return on invested capital businesses with strong moats). You don't feel swap regret in our Chinese restaurant example above unless you decide to change the rule "I will try out new restaurants" to "only stick to restaurants I already like." Swap regret is a wonderful way to learn — you constantly interrogate the rules you follow when making decisions, and ask yourself whether there was a rule that would have lead to better results.

If you want to do proper regret-minimization on XRP, you need to ask yourself whether there was a better rule you could have followed that would have lead you to make the investment. Potential rules include — "I should always buy when old friends text me that some token is going to the moon" and "I should buy tokens that are growing quickly on TikTok." I see people attempting to do this type of swap regret learning right now.

I cannot think of a good rule that even remotely fits into my investment philosophy and would have allowed me to catch the XRP investment, so I don't regret the miss. You are only allowed to feel swap regret if you are willing change the rule that governs your behavior.

Swap Regret is the core concept. Internal Regret is relatively easy to understand.

Internal Regret means you didn't apply your rules well. You feel internal regret because you are a paper hands that sold the bottom on SOL despite telling yourself you are a contrarian willing to hold through steep drawdowns. Druckenmiller felt internal regret when he bought the top of the 2001 tech bubble despite knowing it was a mistake at the time. You should obviously torture yourself about Internal Regret. Learn some discipline.

https://t.co/MuI6uSSDNC

[PAWS @giacal5]

👀

[Usual @usualmoney]

🏦 After the Checker, of $USUAL rewards wraps up as we level up:

- 48% average APY for USD0++ holders
- 54% average APY for Curve USD0/USD0++ and 52% for USD0/USDC

But here’s an alpha: TVL surged by 25% while $USUAL minting rates fell by 17%.

Scarcity just got real 👀

[PAWS @giacal5]

@crypto_linn Gammy christmas

[Pendle Intern @PendleIntern]

With $USUAL pre-campaign coming to an end soon, here's another look at how your Pills are doing and who much they're worth 💊

Note: Final Pills figure here assumes the maximum retrospective Final Boost for 100% of the TVL, so values are potentially lower than they should be

[PAWS @giacal5]

@hooeem This thing will grow bull horns on ants

[Bonsai Intern 🌳 @bonsai_intern]

My on-chain activity every 1st and 15th of the month: 🪂💸

[PAWS @giacal5]

APR out of bounds

[DYAD @0xDYAD]

loading... xphalv-lpweight1.1-minliq1.1-exts-indexrefact-uirefact-timelcontr-liqrefact-nft1.1-emcurve-kerodv1.1-stabilfee-sdyad-morph,mktng.

[DYAD @0xDYAD]

Earn close to 80% average yield for LPing DYAD - USDC or @m0foundation DYAD - wM stable pairs on @CurveFinance

How to earn:

1. Follow the link in our bio

2. Claim a Note NFT

3. Deposit any blend of ETH, @tBTC_project tBTC, @dinero_xyz apxETH, @ether_fi weETH, or @LidoFinance wstETH

4. Mint DYAD

5. LP your DYAD with USDC or wM on Curve

6. Stake the LP tokens back to your Note NFT

7. Sit back and print

[PAWS @giacal5]

👀

[Felix @felixprotocol]

1/ With a revitalized fervor for DeFi since the US elections coinciding with the imminent launch of HYPE, we at Felix are excited to share more about our motivation for building on the Hyperliquid L1.

To put it shortly, we believe Hyperliquid L1 will vertically integrate all of the user patterns that today are spread across the likes of Ethereum, Binance, and Solana.

Written in collaboration with @hyperactive_cap.

[Joey Roth @joeyroth]

We’ve been building @0xDYAD over the last 2+ years for ATH times like these.

You can mint DYAD at 1:1 LTV with low liquidation exposure thanks to KEROSENE’s utility.

Use your ETH, BTC, and quality ETH derivatives like @dinero_xyz apxETH and @ether_fi weETH as collateral.

[PAWS @giacal5]

👀

[Devin G. | GammaSwap @0xDevinG]

every product we launch at @GammaSwapLabs is aimed at creating generational wealth for our users

the yield tokens are going to make this 10x easier

[redphone ☎️ @redphone]

What washing dishes 🍽️ taught me about insane, anti-gravity bool markets 🐂

It was my first job. Restaurant closed at 9 p.m., and all employees wanted out the door by 10

No one wanted to wait on you to finish washing, so you truly had to bust your ass... and that was the time when the really heinous dishes arrived

The worst were the gravy steaming pans. They'd spent about 12 hours holding scalding hot gravy

You wouldn't believe how much hard, mucous-y crust could build up on the sides of those pans

It was so thick and hard, the pans were impossible to wash with brute force

Physics required they sit in scalding soapy water. Then, you’d scrub them hard and take about a quarter inch of the filth off and let them soak again…

Wash, rinse, let soak, repeat… until finally, you got the pans clean

There was literally no other way forward… it simply took time

Trading is the same. It doesn’t matter if you’re a sniper, daytrader, momentum trader, or DCA believoor… your strategy includes a time-based component

Snipers must wait for early buyers to buy. Daytraders must wait for other daytraders to buy

Momentum traders must give time for momentum to carry them beyond their entries (sometimes days, sometimes weeks, months)

When you first get into markets, though, you think you can cheat the system

You think you can somehow conquer time…

Markets are those gravy pans, tho

You get set up, and you wait

And it’s those who master the art of waiting who crush

They know the cake must bake. Let it simmer. Let it sizzle like fat from the hog

There's really no more important message than that as we enter a new phase in these markets…

I hope you’re giga-long, old friend

For now, we hold and we wait

We wait for the bankers, the retailooors, the governments and corporations to open their little fiat coin purses

Already, they've started nibbling at the money of the future

But they've only just begun

Greed will take them soon

And they will transfer wealth to society's most degenerate

We must merely sit on our hands together

Like dishwashers w scraggly moustaches staring patiently at our gravy pans

We know, you and I

Our true reward lies just around the bend

There is a fire there

We hear the music, and the laughter and we've asked the barmaid, the one with dimples we adore, to aside some pints of ale

For we have much drinking to do and tales that must be told