sam

onchain at an orderbook near you

[sam @zft_send]

https://t.co/tVy4pb41qP
continued

[sam @zft_send]

Wife learns about programming

[sam @zft_send]

Wife learns about programming

[sam @zft_send]

Gmonad?

[sam @zft_send]

@mmdhrumil @annanay Latency races usually don’t contain a ton of information, if everybody is racing to cancel / pick off the price was already discovered to some degree.

[sam @zft_send]

@totlsota @sreevanth @Orb_Markets @wintermute_t @humidifi Just 1 is down to 36 iirc

[sam @zft_send]

https://t.co/hgPvqICufl

36 CUs for the aquifer oracle courtesy of https://t.co/1NnhzzZ6zH!

[sam @zft_send]

https://t.co/DXBw8z1rhi

I thought Metis wasn't Jupiter

[Slorg @SlorgoftheSlugs]

BREAKING:

@Coinbase has integrated Jupiter's Metis API to power its Solana token swaps.

It joins Uniswap, Robinhood, and dozens of others who trust Jupiter to deliver a world-class swap execution for their users.

Another company who knows to Just Use Jupiter.

[sam @zft_send]

@kdotcrypto @SolanaLegend @humidifi @temporal_xyz @kevinxpang Maybe I’m missing a shitpost but most hft teams have at least as many engineers as trading folks (and the line can be very blurry), often more

[sam @zft_send]

The instant one aggregator segregates well, all others will quickly be forced to or start losing flow - market makers will provide MUCH tighter to known soft flow and widen on or drop aggregators that don’t do the filtering.

[sam @zft_send]

Somebody semi replicated prop AMMs on openbook, and despite having the lowest CU oracle update by far had to turn off as takers got better.

Next step in the game is going to be segmentation by the aggregator

[Space Monkey @RealSpaceMonkey]

Solving toxic flow using order flow filtering and segregation: (Idea #3)

This is the real benefit of Prop AMMs and the number one reason they are successful.

The biggest issue, by far, for any market-making operation is toxic flow or as some like to call it "adverse selection". That is, getting trades from other bots/professional trades that have an "advantage". I don't want to give an exact definition to "advantage" because it could be anything that lets them know the future price before you. Future price could be literally future price or they were able to trade against you before you were able to update your price, which is effectively the same except it's not about predicting the future relative to real world time but relative to the time from your price perspective.

I talked about this in detail in the last talk, but I want to mention just one point again from that day: There is a good reason 22% of the revenue of Robin Hood comes not from Citadel paying them for their retail non-toxic order flow (Payment For Order Flow PFOF).

With a fully custom execution, you can do a lot to try to filter out toxic flow and find the "good" order flow. In case that wasn't clear, I'm saying they give out different prices based on the incoming order flow type.

[Space Monkey @RealSpaceMonkey]

This is a long post about the rise of "prop AMMs", the history behind them and their advantages/disadvantages. This post will be different than my usual style of trying to be concise and is more of a story since it was meant to be for a DeFi Day talk like I did in the past 2 years. Unfortunately, this year I was asked to provide my ID/KYC (not the fault of the organisers) to be able to speak which I'd rather not do.

[sam @zft_send]

If you like gas golfing check it out! Happy to answer any questions

[π* | ¤ @totlsota]

As a gift to the Solana community for Breakpoint 2025, we've decided to open-source `peephole` https://t.co/NVGSJ9ve62

peephole: Zero-copy account parsing for Solana programs

solana_program::entrypoint::deserialize allocates `AccountInfo` structs and copies account data. peephole skips that with a zero-alloc and zero-copy view over the account and instruction data.

Real-world: 51 CU oracle update, 67 CUs for 3 oracle updates, 12 CU trading contract, and many others.

h/t @zft_send

[sam @zft_send]

@liquiditygoblin Nobody could have seen this coming with a strategy list like that

[Norbert Bodziony 🇵🇱 @norbertbodziony]

looks like @mangomarkets is run by scam team
do NOT now connect/send etc
🚨🚨🚨

[sam @zft_send]

@crispheaney I remember a bunch of VCs telling me maker protection was not meaningful ~mid 2022 now they’re all experts in it

[sam @zft_send]

The worse the translations the better the food

[sam @zft_send]

@0x70626a @_gvan This is actual work

[sam @zft_send]

@liquiditygoblin Below a certain team size that is i dont see how you could scale to a very large org without some sort of communication structuring

[sam @zft_send]

@liquiditygoblin Something something “the bureaucracy grows to feed bureaucracy” but these roles also have an important function as an accountability shield. “Please don’t ask the dev team about why Q is still broken. Message me so I can put it in the jira list for planning poker next week”

[sam @zft_send]

@dj_d_sol 2 posts below this on my timeline is some new product claiming they’re making 5-7% a day in SOL/USDC passive LP