toly 🇺🇸

Wow🏴󠁧󠁢󠁥󠁮󠁧󠁿🏴󠁧󠁢󠁥󠁮󠁧󠁿🏴󠁧󠁢󠁥󠁮󠁧󠁿

Finally 🇳🇴🇳🇴🇳🇴

the shots they aren’t taking are magnificent

The next major feature upgrade to @PhoenixTrade will finally leverage @solana DeFi's greatest asset: spot liquidity. Traders will soon be able to post SOL and other tokens as collateral for their positions. A few caveats before I dive in: - I hate announcing things before they ship. Talk is cheap, and execution is hard. And nobody cares that the execution is hard. - Phoenix is not the fully on-chain perps venue to have spot collateral. This was one of the best features offered by Drift and Mango. As with everything we build, Phoenix's approach will never be a blind copy-paste of our predecessors. I'm excited about this feature for many reasons. 1. Solana users with SOL and other tokens but no USDC no longer need to sell their assets to deposit and trade on Phoenix. 2. Users and vaults who want to run long spot, short perp basis strategies no longer need to think about manually rebalancing. 3. Sophisticated users who trade both spot and perps can keep their capital on Phoenix and simultaneously trade spot while margining their perps positions. I'll write more about this in a future post. I think it's one of the coolest things that no other perps platform can do. And it is only possible because Phoenix is fully on-chain. There are 2 questions I get asked often that I often find challenging to answer: 1. Why does it matter that Phoenix is fully on-chain? 2. Why should I trade on Phoenix over [X]? Here is my definitive answer. Being on-chain gives Phoenix access to Solana's capital, users, and liquidity in a way no off-chain venue can. Most people think that Phoenix is the exchange and Solana is the infrastructure platform, but they have that backwards. Solana is a programmable exchange, and Phoenix is infrastructure that taps into everything Solana offers. You shouldn't trade on Phoenix; you should trade on Solana, because Solana will be the decentralized protocol that houses the world's financial assets. Phoenix is simply the best window into that on-chain future. This is how the composability thesis will finally play out, a couple of years late.

@Austin_Federa @ycinnewyork It would slow down as people leave, no?

@ycinnewyork Doesn't this data kind of say the opposite? Apart from COVID the rate of decrease is actually slowing and the lowest it's been in 10 years

CONFIRMED: Upper middle class and affluent married households are leaving New York. “Net outmigration was highest for married households with incomes between $100,000 and $500,000 – on a net basis, almost 8,200 such filers moved out of New York in 2024, 0.7% of resident taxpayers in that category. The highest out-migration rates are for households making $500,000 or more – 1% of these taxpayers left the state in 2024.” NYS Comptroller now has a tool to see taxpayers who moved in and out of NY. osc.ny.gov/reports/taxpay… Married/$100-499K

@TrustlessState Give them more data so the ads can be personalized

@toly I am not interested in providing fire insurance however

Bro… this is not the future of finance

The market cap weighted index of buy and burn tokens has out performed everything else in crypto on a 12 month horizon

@lbkolev @eightbitsim Each one is offering a competing service. Skip the validator you don’t like. The protocol just needs to maximize validators per second

@toly @eightbitsim isn’t this what the priority fees are designed for? they’re just loosely enforced at the moment so the validators can willy nilly do whatever they want

Solana's game is mostly rigged (imho). Validators sell orderflow, landing providers sell orderflow, launchpads sell orderflow .. and everyone else with any distribution moat. You should start by convincing someone to smuggle some orderflow for you (for a decent commission ofc) or just don't bother at all. The effort to payoff ratio is too undesirable.

@alessandrod @malik672_ After 1000 epochs that is 220 seconds of savings.

@toly @malik672_ we just got rid of another one of those and epoch boundary went from 250ms to 30ms

Golden Eggs (pt. 1) This interview with @nickducoff and @TFGolden is the most important interview you'll hear this year. Your weekend homework is to listen and truly understand the impact of Internet Capital Markets (ICM) on @solana. @BaillieGifford's tokenized fund is a bigger deal than you think because it's not a tokenized wrapper around an off-chain fund. The entire fund is on-chain. The ledger is the source of truth for ownership, and each token is an actual security. The UK regulators recognize the tokens as regulated securities and expect them to be handled in accordance with UK securities laws. @Backpack, @sunrise, and others are also doing great work to bring tokenized stocks onto Solana. Our collective vision for ICM is coming to fruition. In the interview, Theo says, "whenever we do anything in crypto, we have to treat crypto folks with the respect that they deserve, and that respect is the same respect we give to our largest traditional finance clients..." For ICM and defi in general, to truly succeed, we must demonstrate that Solana is fully decentralized, credibly neutral, and superior to traditional markets. We must be better, faster, cheaper, and safer! It's our job as builders to make that happen. I'll share more thoughts about "Golden Eggs" soon. For now, please listen to the interview and think about how we advance the @SolanaFndn's ICM thesis.

@alessandrod @malik672_ Arc<rwlock<>>

@malik672_ this is all you need to know marabos.nl/atomics

I kinda wish during my undergraduate research I wrote of parallelism and multiprocessing instead of what I wrote then

@eightbitsim @lbkolev They can pay for this though. Everything of value needs to have a market.

delaying orderflow does harm the user without that, it's impossible to land arbs like this (n, n+1) index arbs and the spread change within the user's slippage tolerance is bore by the user itself. it's as simple as that but never in my life I would have imagined @toly and @mert wouldn't understand this fact and push the false narrative that I'm against backrunning (which obviously will make me sound like I'm on some drug)

Duh. The work with the highest leverage from new productivity improvements will have the highest demand.

@defido Colonel Senders! Set the ship to ludicrous speed

Lmao. I knew it

@paulg Plot twist

Someone sent me an email that used "it's" for the possessive and I thought "At least it's not AI."

Founder friendly VCs in the 90's

Banger listing incoming from @sunrise 👀 It's not what you think...

👑👑👑

👑👑👑