Jayant Krishnamurthy

CTO @DouroLabs, contributor to @PythNetwork and @fogochain

[Jayant Krishnamurthy @jayantkrish]

Pyth is designed as a decentralized protocol to avoid single points of failure.

An obvious way to build an oracle is to run a server somewhere that collects data, aggregates it, and sends it to the blockchain. The problem with this approach is that the server is a centralized single point of failure. If that server goes down, the oracle does too. Also, the owner of the server could manipulate the results.

That tradeoff is unacceptable for oracle users who demand security and reliability.

[Pyth Network 🔮 @PythNetwork]

The Pyth Terminal is live.

The new interface to explore live price feeds, compare them against benchmarks, and sign up for Pyth Pro.

Free to access. Open to the public 🧵

[BSCN @BSCNews]

KALSHI SELECTS PYTH PRO TO POWER COMMODITIES MARKETS

@Kalshi, the world’s largest CFTC-regulated prediction market, has integrated @PythNetwork to power its new Commodities Hub.

The platform now utilizes Pyth Pro for the real-time resolution of event contracts tied to gold, silver, Brent crude oil, and agricultural assets like Corn and Wheat.

This integration allows Kalshi to bypass traditional 9-to-5 exchange windows, enabling continuous 24/7 market settlement for both retail and institutional participants.

PYTH data provides the institutional-grade precision required for high-stakes price discovery in physical markets.

[Mr. Lawyer @BrandonFerrick]

As someone who’s been in the crypto industry since 2013, one of the simplest yet most challenging questions I’ve faced is how to think about noncustodial trading interfaces. Do operators or developers of these NTIs have any regulatory obligations? Ideally not.

I’m thrilled to finally have an opportunity to voice my opinion on the question in an effort to make a real change and provide a long-awaited answer. Today, I’ve submitted written comments to @SECGov’s crypto task force in an effort to make clear that NTIs—and folks developing or operating them—have no obligations under the securities laws to register as a broker or an exchange. NTIs serve simply as informational tools and technology layers that make communicating with blockchain systems easier.

@HesterPeirce looking forward to hearing your thoughts!

https://t.co/8RH8S58jO9

[Noah Litvin @noahlitvin]

Today’s Pectra release is the final unlock necessary for widespread adoption of ERC-7412: https://t.co/EAtZ9MHu2G

Here’s a thread explaining why this is exciting for apps that run on Ethereum…

[Jayant Krishnamurthy @jayantkrish]

@nic_carter smart is a 2x2: good/bad at talking/doing. People in the good talking / bad doing quadrant are actively dangerous -- they can convince others to do stupid things.

[Jayant Krishnamurthy @jayantkrish]

@ErikVoorhees Permissionless innovation is permissionless

Most websites are junk, but you also get google and facebook. It's just the nature of the thing.

[cobra ⛰️ @barrett_io]

honestly pretty cool implementation from @KaminoFinance

even better than the mechanism, is the marketing on this product. its absolutely brilliant, rebranding limit orders as zero slippage is verifiably genius. big props to the kamino growth/marketing team

limit orders by design are zero slippage

in fact their product does have slippage, slippage can be both positive and negative, what kamino has done is eliminate negative slippage

if i understand "surplus" in their docs correctly, that is slippage, but its just beneficial to the user who place the limit order

what i do find strange when reading through their docs is that they turn market orders into limit orders that default +/-.1% off mark price. sure, this gets them to their "zero slippage" because its a its really just a limit order, but this means just means a market order may not fill immediately if solvers cannot find enough liquidity at that price

i think that delineation is important to understand as a trader leveraging this mechanism

your orders are never guaranteed to get filled when you place a limit order. you can have full, partial, or no fill at all. at the end of the day, intents systems are very similar to order books

overall very cool mech from the kamino team and excited to see how it evolves over time!

[Jayant Krishnamurthy @jayantkrish]

disclaimer: I wrote this in about 30 minutes with Cursor. Use at your own risk.

[Jayant Krishnamurthy @jayantkrish]

Have you ever wanted to shard a seed phrase?

There hasn't been a good tool to do it ... until now! Check out BIP39-shard:

https://t.co/FIwyv3Wv81

It splits a 24 word mnemonic into parts using k-of-n threshold signatures. Each part is a mnemonic for easy offline storage.

[Jayant Krishnamurthy @jayantkrish]

@kofinas This bond issue is equivalent to China selling down their UST FX reserves. Instead of Saudi buying a fresh UST from Treasury, they get one China already owns (at a slight discount). Doesn't seem like an earthshattering development.

[Jayant Krishnamurthy @jayantkrish]

@DavidSacks There's a deeper betrayal of trust in the ruling elites as well -- Harris is their figurehead, but not the cause

https://t.co/3Xmbuj4N9J

[Jayant Krishnamurthy @jayantkrish]

The election is a referendum on the American ruling class.

The ruling class consists of both Democrats and Republicans. Their interests are the policies that both parties support. Every administration supports foreign wars. Every administration supports key corporate interests, including the pharmaceutical industry and the banks. There’s very little difference between Bush and Obama: they both started a bunch of wars, they both expanded free trade, they both passed healthcare legislation without solving the drug cost problem, etc.

The policies of our ruling class have hurt the people of this country. The people don’t want to fight wars in the Middle East – these have nothing to do with our defense, and they’ve bankrupted the country. Free trade has eliminated industry and people’s livelihoods. The 2008 crisis response further drove wealth inequality. We have the world’s largest healthcare spending and yet worse life expectancy than countries that spend half as much. We’ve lost the chance at building a peaceful world post Soviet Union and instead are at the brink of nuclear war. We’ve gone from being a rich productive country to one whose key export is financial instruments – this is a pending disaster that will impoverish us (regardless of administration) over the next decade as the world dedollarizes.

The vast majority of the American people see that the ruling class doesn’t support their interests, and they’re angry. They’ve been angry since 2008, and we’ve seen this anger manifest in different ways: Occupy Wall Street, Bernie Sanders, and of course, Donald Trump. These movements are nominally left vs. right, but this is not the distinction that matters. They’re populist movements with the same underlying cause.

Instead of responding to popular anger by actually helping the people, the ruling class has ruthlessly suppressed these challenges to its power. They rigged the Democratic primary in 2016. They created fake Russian interference theories to impeach Donald Trump, then did it again to suppress the legitimate evidence of corruption against Trump’s opponent in 2020. There are no bounds to their corruption and falsehood: the ruling class will do whatever it takes to hold on to power.

In their quest for power, the ruling class has destroyed the legitimacy of our society’s institutions. Government agencies and the media are no longer trusted because they have consistently lied to the public. They have politicized law enforcement and used it as a weapon against their enemies, destroying rule of law. (Hillary is still claiming the 2016 election was stolen – where’s her court case?) They’ve created a vast censorship complex of government agencies and NGOs for combating “misinformation” on the internet, which is a direct attack on freedom of speech. This loss of legitimacy is extremely dangerous, and demonstrates the extent to which the ruling class will go to hold on to power.

Ironically, as these attacks have escalated, they have actually helped @realDonaldTrump . In their desperation to stop him, the ruling class has escalated to increasingly obvious lies and corruption. The flagrant lies are waking people up – the gap between the lie and reality is simply too large to be ignored. If you listen to the media describe Trump, then listen to Trump himself, you instantly realize that the media has lied to you. The lie is so flagrant that it completely destroys the media’s credibility – you realize they simply do not care about the truth, and never have. It’s like seeing the matrix – it snaps you to a new interpretation of reality, where you see everything in a new light. It’s Wittgenstein’s ruler (“When you use a ruler to measure the table, you are also using the table to measure the ruler”) and you realize the ruler has been wrong the whole time.

(Tangentially, the previous paragraph explains many of the so-called “mysteries” of the election. You periodically see the media wonder “how can all these people support a racist convicted felon who’s literally Hitler?” Well, there’s your answer – every time the media attacks Trump, they’re actually attacking themselves.)

By surviving, Trump has attracted a counter-elite. All the people he’s touring with – @TulsiGabbard , @RobertKennedyJr , @JDVance , @VivekGRamaswamy , @elonmusk – are the counter-elite. It’s an assorted cast of characters, but the common theme amongst them is that they stand against one or more interests of the ruling class. Tulsi is anti-war, Elon is pro-free-speech, etc. This counter-elite is the seed of a new ruling class.

Thus, the election is ultimately a choice between ruling classes. Do you want to stick with Hillary and Cheney? Or do you want to try something new? This is a freak event – few people have Trump’s survival skills – and you’ll never get another opportunity in your lifetime. Choose carefully.

[Jayant Krishnamurthy @jayantkrish]

@poxdotcom @politicalmath 100% agree

[Jayant Krishnamurthy @jayantkrish]

@paulg Here's my attempt at a (thoughtful) response

https://t.co/3Xmbuj4N9J

[Jayant Krishnamurthy @jayantkrish]

The election is a referendum on the American ruling class.

The ruling class consists of both Democrats and Republicans. Their interests are the policies that both parties support. Every administration supports foreign wars. Every administration supports key corporate interests, including the pharmaceutical industry and the banks. There’s very little difference between Bush and Obama: they both started a bunch of wars, they both expanded free trade, they both passed healthcare legislation without solving the drug cost problem, etc.

The policies of our ruling class have hurt the people of this country. The people don’t want to fight wars in the Middle East – these have nothing to do with our defense, and they’ve bankrupted the country. Free trade has eliminated industry and people’s livelihoods. The 2008 crisis response further drove wealth inequality. We have the world’s largest healthcare spending and yet worse life expectancy than countries that spend half as much. We’ve lost the chance at building a peaceful world post Soviet Union and instead are at the brink of nuclear war. We’ve gone from being a rich productive country to one whose key export is financial instruments – this is a pending disaster that will impoverish us (regardless of administration) over the next decade as the world dedollarizes.

The vast majority of the American people see that the ruling class doesn’t support their interests, and they’re angry. They’ve been angry since 2008, and we’ve seen this anger manifest in different ways: Occupy Wall Street, Bernie Sanders, and of course, Donald Trump. These movements are nominally left vs. right, but this is not the distinction that matters. They’re populist movements with the same underlying cause.

Instead of responding to popular anger by actually helping the people, the ruling class has ruthlessly suppressed these challenges to its power. They rigged the Democratic primary in 2016. They created fake Russian interference theories to impeach Donald Trump, then did it again to suppress the legitimate evidence of corruption against Trump’s opponent in 2020. There are no bounds to their corruption and falsehood: the ruling class will do whatever it takes to hold on to power.

In their quest for power, the ruling class has destroyed the legitimacy of our society’s institutions. Government agencies and the media are no longer trusted because they have consistently lied to the public. They have politicized law enforcement and used it as a weapon against their enemies, destroying rule of law. (Hillary is still claiming the 2016 election was stolen – where’s her court case?) They’ve created a vast censorship complex of government agencies and NGOs for combating “misinformation” on the internet, which is a direct attack on freedom of speech. This loss of legitimacy is extremely dangerous, and demonstrates the extent to which the ruling class will go to hold on to power.

Ironically, as these attacks have escalated, they have actually helped @realDonaldTrump . In their desperation to stop him, the ruling class has escalated to increasingly obvious lies and corruption. The flagrant lies are waking people up – the gap between the lie and reality is simply too large to be ignored. If you listen to the media describe Trump, then listen to Trump himself, you instantly realize that the media has lied to you. The lie is so flagrant that it completely destroys the media’s credibility – you realize they simply do not care about the truth, and never have. It’s like seeing the matrix – it snaps you to a new interpretation of reality, where you see everything in a new light. It’s Wittgenstein’s ruler (“When you use a ruler to measure the table, you are also using the table to measure the ruler”) and you realize the ruler has been wrong the whole time.

(Tangentially, the previous paragraph explains many of the so-called “mysteries” of the election. You periodically see the media wonder “how can all these people support a racist convicted felon who’s literally Hitler?” Well, there’s your answer – every time the media attacks Trump, they’re actually attacking themselves.)

By surviving, Trump has attracted a counter-elite. All the people he’s touring with – @TulsiGabbard , @RobertKennedyJr , @JDVance , @VivekGRamaswamy , @elonmusk – are the counter-elite. It’s an assorted cast of characters, but the common theme amongst them is that they stand against one or more interests of the ruling class. Tulsi is anti-war, Elon is pro-free-speech, etc. This counter-elite is the seed of a new ruling class.

Thus, the election is ultimately a choice between ruling classes. Do you want to stick with Hillary and Cheney? Or do you want to try something new? This is a freak event – few people have Trump’s survival skills – and you’ll never get another opportunity in your lifetime. Choose carefully.

[Jayant Krishnamurthy @jayantkrish]

The election is a referendum on the American ruling class.

The ruling class consists of both Democrats and Republicans. Their interests are the policies that both parties support. Every administration supports foreign wars. Every administration supports key corporate interests, including the pharmaceutical industry and the banks. There’s very little difference between Bush and Obama: they both started a bunch of wars, they both expanded free trade, they both passed healthcare legislation without solving the drug cost problem, etc.

The policies of our ruling class have hurt the people of this country. The people don’t want to fight wars in the Middle East – these have nothing to do with our defense, and they’ve bankrupted the country. Free trade has eliminated industry and people’s livelihoods. The 2008 crisis response further drove wealth inequality. We have the world’s largest healthcare spending and yet worse life expectancy than countries that spend half as much. We’ve lost the chance at building a peaceful world post Soviet Union and instead are at the brink of nuclear war. We’ve gone from being a rich productive country to one whose key export is financial instruments – this is a pending disaster that will impoverish us (regardless of administration) over the next decade as the world dedollarizes.

The vast majority of the American people see that the ruling class doesn’t support their interests, and they’re angry. They’ve been angry since 2008, and we’ve seen this anger manifest in different ways: Occupy Wall Street, Bernie Sanders, and of course, Donald Trump. These movements are nominally left vs. right, but this is not the distinction that matters. They’re populist movements with the same underlying cause.

Instead of responding to popular anger by actually helping the people, the ruling class has ruthlessly suppressed these challenges to its power. They rigged the Democratic primary in 2016. They created fake Russian interference theories to impeach Donald Trump, then did it again to suppress the legitimate evidence of corruption against Trump’s opponent in 2020. There are no bounds to their corruption and falsehood: the ruling class will do whatever it takes to hold on to power.

In their quest for power, the ruling class has destroyed the legitimacy of our society’s institutions. Government agencies and the media are no longer trusted because they have consistently lied to the public. They have politicized law enforcement and used it as a weapon against their enemies, destroying rule of law. (Hillary is still claiming the 2016 election was stolen – where’s her court case?) They’ve created a vast censorship complex of government agencies and NGOs for combating “misinformation” on the internet, which is a direct attack on freedom of speech. This loss of legitimacy is extremely dangerous, and demonstrates the extent to which the ruling class will go to hold on to power.

Ironically, as these attacks have escalated, they have actually helped @realDonaldTrump . In their desperation to stop him, the ruling class has escalated to increasingly obvious lies and corruption. The flagrant lies are waking people up – the gap between the lie and reality is simply too large to be ignored. If you listen to the media describe Trump, then listen to Trump himself, you instantly realize that the media has lied to you. The lie is so flagrant that it completely destroys the media’s credibility – you realize they simply do not care about the truth, and never have. It’s like seeing the matrix – it snaps you to a new interpretation of reality, where you see everything in a new light. It’s Wittgenstein’s ruler (“When you use a ruler to measure the table, you are also using the table to measure the ruler”) and you realize the ruler has been wrong the whole time.

(Tangentially, the previous paragraph explains many of the so-called “mysteries” of the election. You periodically see the media wonder “how can all these people support a racist convicted felon who’s literally Hitler?” Well, there’s your answer – every time the media attacks Trump, they’re actually attacking themselves.)

By surviving, Trump has attracted a counter-elite. All the people he’s touring with – @TulsiGabbard , @RobertKennedyJr , @JDVance , @VivekGRamaswamy , @elonmusk – are the counter-elite. It’s an assorted cast of characters, but the common theme amongst them is that they stand against one or more interests of the ruling class. Tulsi is anti-war, Elon is pro-free-speech, etc. This counter-elite is the seed of a new ruling class.

Thus, the election is ultimately a choice between ruling classes. Do you want to stick with Hillary and Cheney? Or do you want to try something new? This is a freak event – few people have Trump’s survival skills – and you’ll never get another opportunity in your lifetime. Choose carefully.

[Jayant Krishnamurthy @jayantkrish]

@hosseeb when you started * (execution velocity + structural market tailwind) = where you are today

[Jayant Krishnamurthy @jayantkrish]

@hosseeb There's certainly an early mover advantage, but it's not determinative. It's a factor along with other things.

It's time in market + execution that matters. If you're bad at building, being first won't save you.

[Mike Cahill | Pyth @mdomcahill]

Finding out that @Polymarket is using @PythNetwork via @matt_levine is the epitome of permissionless integrations

[Jayant Krishnamurthy @jayantkrish]

in my experience working on @PythNetwork there isn't a 0-to-1 benefit. Rather, there are incremental benefits:
- linear types can statically enforce properties like correct accounting
- statically typed language that's easy to work in (better designed than Solidity etc)

The first one is the primary benefit of Move specifically. Everything else you would get from using Rust (like Solana). Drawback of Move relative to Rust is library support.

[Jayant Krishnamurthy @jayantkrish]

@llamaonthebrink The irony being that there are very real AI safety questions -- autonomous weapons anyone? -- that are being ignored because we're scared that LLMs will be politically incorrect.

[Jayant Krishnamurthy @jayantkrish]

IMO there are two different camps within AI safety: (1) woke grifters, who are simply in it to exercise power, and (2) hyper "rationalists", who have convinced themselves that LLMs are going to become superintelligence that are actually dangerous. The second group is well-meaning but too narrow-minded to see the fragilities in their long chain of reasoning.

(It's pretty clear who is who if you use those categories)