@Nomaticcap
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My chat with @josh_pwrk the CTO of @DeriveXYZ is live!
We talked about how Derive got here, the challenges the team faced along the way and what users can expect from V3.
Huge thanks to the Derive team for bringing me out to SF for this 👏
A closer look at our thinking behind V3.
Our CTO @josh_pwrk sat down with @Nomaticcap to talk through how we got here, why we chose Ethereum and ZK, and where we think onchain finance is headed.
We've spent five years building onchain options and learning from the traders who use them. Josh shares the lessons behind V3 and why we want to make it easier for others to build alongside us.
Watch the full conversation below.
Nomatic retweeted
@aeroxyz launch today! ✈️
@Trueo_ x @DefiLlama rev+exploit PMs live 🦙
@mezzanine_fi risk tranched vaults live soon 🏦
@DeriveXYZ V3 just did $1.07B notional in a week 🐎
@puffer_unifi x Google Cloud will run infra on Eth
ethereum:native inflation is <1% since the Merge 🔥
Ethereum and its builders are thriving ✊
This is my quant 👇
ETH supply is up about 1% since the Merge.
In the same time period:
> solana:So11111111111111111111111111111111111111112 supply grew 66%, from 354M to about 589M.
> ripple:native supply grew 27%, from 49.83B to about 63.1B.
> cardano:native supply grew about 10%, from 34.18B to about 37.5B to 38B.
> bitcoin:native supply grew 4.96%, from 19.15M to about 20.10M.
> ethereum:native supply grew 1.0%, from 120.52M to about 121.7M.
Is @metricxyz The Biggest Opportunity Since Hyperliquid?
I wrote about why I think it could be.
What I like about the “Morpho of DEXs,” the risks I’m still digging into and why I’m planning to LP ahead of a potential airdrop.
the-edge.xyz/p/is-metric-the…
RT @DeFi_Dad: Is @RAILGUN_Project a mixer? No!
But Railgun is a privacy tool!
@tsu_kareta explains how it differs, offering privacy for y…
This quoted post is unavailable.
Nomatic retweeted
Last month @Nomaticcap asked in @edge_pod if Orbio's demand comes from AI users or token traders.
The chain can answer: agents earned $108k of compute-only AI balance, but put 3.7% of their CREDIT to work. 78% moved out.
Does that change your read?
Nomatic retweeted
MAYBE I WAS WRONG ABOUT BLOCKCHAIN TECHNOLOGY
I wrote about how I always used to make fun of the guys who said things like "Bitcoin is speculative, but the underlying blockchain technology is interesting." And now I think maybe they kinda had a point.
Nomatic retweeted
Fiskantes reminded me of @zeroxkyle's pitch for robinhood:0xaa07a0e9209e16ac99708c3ec70159c6ef3128a3 on a recent @edge_pod.
At the time, ORBIO was in an uptrend, days shy of an ATH $0.12 and tbf has retraced 85% to $0.02 since.
His thesis stands: great founder, novel product, good vertical (tokenized inference markets)
How is @Zcash and @RAILGUN_Project different in under 2 min 👇
What if you could get Zcash-style privacy without leaving your ETH, stablecoins, or DeFibehind?
“A lot of the design language, if you will, and, like, the architecture of Railgun definitely tips its hat to Zcash. I don’t think we make any bones about that.
“A lot of the premises, like, the shielding, for example, come from that nomenclature.”
“What makes it different is that, you know, Zcash is, you know, primarily for ZEC. Now they’re … talking about shielded assets and this sort of thing that might come to fruition in the future, which could be really interesting. But the way it exists today, it’s for ZEC.”
“And what Railgun is designed to do is be that sort of shielded mechanism for ETH, USDT, DAI, stablecoins.
“If we look at the transactions that are happening in crypto, the number one thing is send stablecoins to somewhere. Like, people wanna use stablecoins.”
“And so, yeah, I think that that’s really the … big difference: the access to DeFi and to stablecoins.”
ft. @DeFi_Dad, @Nomaticcap & @tsu_kareta of @RAILGUN_Project
Nomatic retweeted
Crypto + Macro Stuff I'm Looking At Today
...
- 'Black Monday' did not materialize
- $QQQ up 2% to $720
- Oil at 98.17$
- Total crypto market cap at $2.835T
- Total US stock market cap at $76.94T and total gold market cap at $28.95T, for comparison
- Looting and destruction in France continues
- $PAPER now tradeable on Hyperliquid
- Also Papertrade leads for revenue generation among all projects on the weekly but many are wondering whether they are now 'late' to it and the opportunity has passed (link below)
- Next FOMC Meeting (Federal Reserve interest rate decision) coming next Wednesday, October 28th
- Current Polymarket odds are 85% that the Fed will hold rather than raise
- Solana's 'Alpenglow' upgrade goes live this week
- JPMorgan apparently launching 'JPM Coin' (h/t fintechfrank), a 'USD-denominated deposit token', on Ethereum
- fablesfi $FABLES TGE tomorrow on Robinhood Chain
- Kinetiq 'Elysium' Mainnet approaching this week too
- SpaceX $SPCX earnings report coming tomorrow, and $TSLA and $META earnings reports coming Wednesday
- In tokenless perps dex land, all eyes still on $VAR TGE, and then most popular tokenless dex's in airdrop circles right now seem to be Arcus, TxFlow, QFEX, Nado, and then folks still awaiting potential Pacifica and Extended airdrops as well
- Lighter apparently moving into options
- New Osmosis $OSMO proposal to stop new token emissions
- As I tweeted about a couple days ago, Bybit has expanded in-app stock trading and also introduced 1:1 backed tokenized 'mStocks' on Mantle
- Seeing lots of talk about Collector Crypto $CARDS on my TL as of late
- Also continued talk about $PRL, and $RAIL (link below)
- Interesting stat we highlighted in @thedailydegenhq yesterday that sit-down restaraunts are seeing big declines... would guess its from labor + food costs going up so much + increasing preference among under 40 year olds to eat at home
- I don't think restaraunts will ever go extinct HOWEVER I do think grocery stores will go extinct, and 100% of grocery shopping will just be done via delivery (probably 20-30 years from now, maybe sooner)
- Top gainers over the last 24 hours among top 300 coins include $BR at +53.9%, $CARDS at +16.6%, $KNTQ at +15.4%, $S at +13.6%, and $VVV at +12.0%
Conclusion
Genuinely do not have super strong thoughts on market directionality for rest of Q4 tbh...
Could see us going down, could see us going up...
Think it really just depends on a bunch of political stuff re: Iran and Ukraine as well as what the Fed and Treasury do...
Only thing we can do is keep putting in the reps and keep stacking good bags (and keep lifting ze weights and appreciating ze beauty of life of course) :)
But yeah, here's to a big week lads LFG 💪
Nomatic retweeted
Zcash/ $ZEC has been getting massive attention this year...
But is Railgun/ $RAIL actually the burgeoning privacy juggernaut to watch?
Both are currently doing well-
With $ZEC up +92.4% over the last 3 months at a $17.9B market cap...
And $RAIL up +51.9% over the last 3 months at a $144.7M market cap...
"You can sort of think it as lncognito Mode for Ethereum..."
- Railguns' @tsu_kareta, in discussion with @DeFi_Dad and @Nomaticcap
Nomatic retweeted
Privacy used to be the biggest missing piece in DeFi.
This new @Edge_Pod episode with @tsu_kareta (hosted by @DeFi_Dad and @Nomaticcap) makes a strong case for why RAILGUN is one of the most important tools on Ethereum for closing that gap.
Listen here:
🎙️ New @Edge_Pod
🥷 You Know Zcash, But Railgun Lets You Use Any Asset Privately Across All Ethereum DeFi
0:00 - Intro
1:55 - Why privacy matters
4:18 - What is Railgun?
5:50 - How to do a private swap with Railgun
9:42 - Railgun is like a safe, but not a mixer
12:47 - Common uses of Railgun
16:50 - The privacy set problem explained
20:00 - Is Railgun similar to an L2?
23:48 - Balancing act of unstoppable access
25:49 - Railgun vs Zcash differences explained
30:47 - Which apps can I use with Railgun?
33:25 - Wallet-level privacy vs app-level privacy
41:41 - Railgun’s relationship with the EF
47:43 - Will privacy be optional?
52:16 - RAIL token: staking, governance, and yield
54:32 - Closing
🙏 Thanks to @RAILGUN_Project Privacy Researcher @tsu_kareta for joining us!
Amazing accomplishment by the @ether_fi team 👏
Also, they beat my estimate by 4 - 5 days 👀
$1b in spend on the @ether_fi card, wild! I think this is one of the products that can bring crypto mainstream.
The first $100M took almost a year. The last took 22 days.
Grateful for our team and customers along the way, onwards! 🚀🚀
Fun facts: ether.fi/one-billion
Nomatic retweeted
New @Edge_Pod's out!
Zcash shields ZEC.
But @RAILGUN_Project shields any asset.
ETH, tokenized BTC, RWAs, DAI, USDC, USDT... and then it lets you use Ethereum DeFi privately.
"I want my privacy mechanism to be on Ethereum."
@tsu_kareta on the incognito mode for Ethereum.
.@metricxyz did "~20% of Robinhood stock-token DEX volume" on its first ~24 hours since launch.
Tom makes an excellent comp here calling Metric "the Morpho of DEXs". I love that framing.
If you haven't checked it out yet, use this link: app.metric.xyz/r/EDGE
Metric just went public, and it’s already doing ~20% of Robinhood stock-token DEX volume today, with close to $2M of liquidity sitting in its pools.
Metric isn’t a traditional AMM. It’s the infra layer for active AMMs, PropAMMs included. Easiest mental model: the Morpho of DEXs. Here is how it's structured:
1️⃣ Public or private pool?
🔹 Public: join as an LP, or run the pool as a curator. Carcosa is the largest verified curator right now
🔹 Private: usually a market maker trading its own capital. Pair it with your own pricing logic and you’ve got a PropAMM
2️⃣ How does the pool price?
🔹 Oracles like Chainlink or Pyth
🔹 Your own proprietary price logic
The big LP pain point has always been re-adjusting your range every time price moves. Metric removes that. You set your liquidity bin once and it follows the reference price.
3️⃣ Plug in up to 7 extensions per pool (think Uniswap v4 hooks)
🔹 Deposit allowlist
🔹 Trading-hours limits
🔹 Points system
🔹 Priority fee cap
🔹 Velocity Guard against oracle manipulation
🔹 Stop Loss to cap LVR losses
Each one is another lever for LP protection and profitability.
4️⃣ Set the economics. There are 3 fees
🔹 Half-spread fees, split between LPs, the curator and Metric
🔹 Bin fees, split the same way
🔹 Notional fees, off by default, paid to Metric
LPs never claim anything. Fees compound straight into your position.
There’s a lot more under the hood. If people want it, I’ll do a deeper teardown in a future article.
Nomatic retweeted
"Perp dex's are finally having their moment...
Like perp dex's aren't new-
$DYDX came out in 2021, $GMX, etc-
It's not a new concept, but they were just all too early, and obviously they didn't have as good of a product-
Hyperliquid came out, and then like, perp dex's are steadily growing...
Everyone was like "Oh perps are only a crypto instrument and tradfi's not gonna adopt it."
And then TradeXYZ came out and they did equity perps...
It's all timing...
Another is tokenized stocks...
In 2021... I don't know if you guys remember... Luna- the UST chain- had this protocol called Mirror where you could buy $TSLA mirrored stocks-
So it's really not new...
But then now all the banks are pushing it right?
BlackRock coming out and saying tokenization is the next big thing...
So yeah...
If you could condense everything that I want people to take away-
It's essentially to bet on stuff that has underlying growth in these verticals that are seeing net new steady state demand...
And then, just get in the weeds, and find them, and bet on them..."
- @zeroxkyle, talking with @Nomaticcap and @DeFi_Dad
Nomatic retweeted
🎙️ New @Edge_Pod
🥷 You Know Zcash, But Railgun Lets You Use Any Asset Privately Across All Ethereum DeFi
0:00 - Intro
1:55 - Why privacy matters
4:18 - What is Railgun?
5:50 - How to do a private swap with Railgun
9:42 - Railgun is like a safe, but not a mixer
12:47 - Common uses of Railgun
16:50 - The privacy set problem explained
20:00 - Is Railgun similar to an L2?
23:48 - Balancing act of unstoppable access
25:49 - Railgun vs Zcash differences explained
30:47 - Which apps can I use with Railgun?
33:25 - Wallet-level privacy vs app-level privacy
41:41 - Railgun’s relationship with the EF
47:43 - Will privacy be optional?
52:16 - RAIL token: staking, governance, and yield
54:32 - Closing
🙏 Thanks to @RAILGUN_Project Privacy Researcher @tsu_kareta for joining us!