Robin Fritsch

E-CLPs give better liquidity profiles for trading pairs. Here's how the liquidity profiles compare for this rETH/wstETH pair.

The question here is "Why don’t they then do better that we might otherwise expect", not "Why don’t they then do better than average."

Some people are really good at board games. Not just one or a few but they can do well at most any. Why don’t they then do better at life? How do board games differ so systematically?

many AMMs attempt to create socialism for LPs unclear that this is actually desirable

Super stoked to research the MEV-L2 landscape. Looking forward to work with this excellent team!

Very cool new data work, "Who Wins Ethereum Block Building Auctions and Why?", shows that - builders block market share a positive correlation w/ order flow diversity - positive correlation b/w market share & profit- features like exclusive signal, non-atomic arb, tg bot flow

@LiamKovatch @Polymarket And this one market/two market choice is separate from the AMM/LOB question. (You could potentially also have two AMMs for YES/USD and NO/USD.)

@LiamKovatch @Polymarket The difference: With one YES vs. NO market (be it AMM or LOB), passive LPs (that don't react) will lose everything, when the result becomes clear. With two market vs. USD, this will only happen in one of the two markets.

someday I will do a deep dive on our thinking re market structure @Polymarket, but there are nice properties of the orderbook that we get vs the cpmm. Perhaps most importantly is that makers can use the same usdc to collateralize orders across all books driving capital efficiency for the supply side. Additionally there are factors like the ability to support market-based idiosyncrasies like in-game taker delay. Empirically we've also seen the orderbook facilitate faster market formation from 1->n (slower 0->1). There are tradeoffs ofc and not always having a price is a big one for pms given informational angle. Let's connect - doing research on the next evolution rn cc @_loset