Interning @ellipsis_labs President @BlockchainUCSB Ex @bcap @notionaldao
Joined October 2022
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Check out my talk on Orderbooks and Automated Market Makers (AMMs) that wrapped the quarter for CS 190N Foundations for Blockchains and Cryptocurrencies at @UCSB.
youtube.com/watch?v=1Ewh5QCE…
TL;DR below 👇
pysel☕️ retweeted
The SOL deposit limit on Phoenix has been doubled to 1,000 SOL per account to meet demand.
Deposit SOL and use it as collateral across crypto, stock and commodity perps. No USDC required.
phoenix.trade/try/sol-collat…
Many correctly noticed that this is very similar to Uniswap V2, where LP positions are tracked as fungible ERC-20 tokens.
It is true that this is not a new concept, but it is nevertheless an important example of flexibility in DeFi.
A similar idea can be applied to create fusions of more than 2 tokens. For example, you may have three tokens in a pool, like NVDA, ETH, and BTC, and the LP tokens would represent a “fused” NVDAETHBTC asset.
If you remember @Balancer ‘s weighted pools, you can apply this method to create an asset that would represent a tokenized basket of underlying tokens. For example, if you have a pool with top 10 crypto tokens weighted by their market caps, each LP token would be like a tokenized top 10 crypto fund.
This weekend I invented something new, a new type of token using Uniswap v4 hooks that I call a Pair Token.
A Pair Token is a new type of ERC-20. It is a fused, auto-compounding asset, a fusion of two tokens.
For example, the stock tokens NVDA and SPCX fused into a single tokenized version of the two, with the ticker NVDASPCX, or ETH with NVDA, creating ETHNVDA.
Each Pair Token represents a full-range Uniswap v4 liquidity pool.
So why mint these tokens?
These tokens are self-multiplying in terms of value, as at any moment anyone can call the compound function to compound the LP fees generated by the pair’s trading activity back into the asset.
The token represents a new financial primitive, as it represents a proportional value and moves as an LP position NFT would, except that it is auto-compounding and, thanks to its v4 hook, allows for compounding and self-growth.
Since it is an ERC-20, this token can be freely traded onchain, LPed, or even paired with a launchpad.
A new type of token for a new type of exposure and strategy.
Starting tonight, you’ll be able to mint or redeem Pair Tokens for any pair on Robinhood Chain via the StonkBrokers website.
Minting and redeeming are free, and the compounding process on the tokens incurs a 10% fee on the LP fees generated, which is used for $STONKBROKER buybacks.
I look forward to a new line of products and protocols on Robinhood Chain using this new financial primitive.
Only on Robinhood Chain, powered by Uniswap. @Hookrfun
In the last couple of months, I have tried market making on both AMMs and traditional orderbooks. With both mechanisms, I expectedly lost some money (I had no edge, like superior pricing or faster execution).
This led me to wonder: can there exist a trading mechanism, where passive liquidity providers don’t lose money?
A weaker form of this question is whether there is a trading mechanism that minimizes losses from passive liquidity provision?
I'm hearing rumors that an unreleased model at one of the top labs has decompiled the code behind ECDSA algorithm.
The implications are massive. Anybody who has access to it would be able to derive your public key in a matter of microseconds on an average laptop.
Stay safe...
I am amazed to the extent of how inactive the liquidity is on Uniswap. We saw a pretty big drop in ETH's price this morning, but the liquidity distribution on ETH/USDC pool still looks like it is concentrated around old price.
Maybe AMMs are not so bad for LPs, but LPs are bad at AMMs?
People thought that SaaS is dead because the cost of building software from scratch will go to zero.
In reality, the cost of decompiling the software will go to zero.
We are entering the world of SaaS distillation.
Today I’m wrapping my summer internship at @ellipsis_labs — the incredible team behind @PhoenixTrade.
This has been an amazing learning opportunity, and I’m grateful to have had the chance to work alongside such brilliant people.
Excited to continue the work in March.
Solana.
This is really cool, curious to see other interesting engineering cases where performance can be improved with small models.
Distributed systems and operating systems come to mind right away as potential candidates where this can help.
Composability has always been one of the most promising features of on-chain finance.
Excited about what might come next!
SOL is live as collateral on Phoenix.
Deposit SOL and use it to back perpetual positions directly across crypto, equities, and commodities. No USDC required.
Hold SOL. Trade anything.
phoenix.trade/try/sol-collat…
If rogue swarms escape their sandbox and begin replicating themselves uncontrollably into open internet, can't labs just... revoke their API keys?
Kabir is correct here—we really do earnestly believe that trading will become seamless and global! I personally think it is >100% within the next decade. I believe Phoenix is trying its best, and we do not have a plan to slow down and are clearly not on track to.
