ben

Many firms have pricing models. ~Five have the Solana engineering. Right now, it's not easy or cheap to provide active liquidity on this chain. I want a big, beautiful, ergonomic on-ramp for new blood and that's what I'm focused on. Soon.

@toly @moonshiesty @atarashi @defido something sweet is being cooked atm

@moonshiesty @atarashi @defido Maybe all you need is a general purpose risk engine that lets you plug in what ever propamm your want?

So how do Solana propAMMs fare against Binance? Spent some time over the weekend finding out Turns out: really, really good Took 24hr of onchain trades and compared vs. Binance VIP 1 and VIP 9 (a) does not naively rely on block timestamp. Uses shred-level timing data and is geo-aware based on leader location (b) comparison is size-aware and contemporaneous. Walks the L2 book for the same size at the same moment (c) does not naively compare onchain SOL/USDC against Binance SOL/USDT since USDC is not 1:1 with USDT (results would be clearly bimodal). Adjusts for this (d) compares executed onchain trades (>1M) not simulations. Accounts for priority and base fees paid Measured execution quality: did the propAMMs give the trader a good fill relative to executable Binance liquidity at that time? vs. Binance VIP 1: 10 bps advantage on propAMMs vs. Binance VIP 9: 2-3 bps advantage on propAMMs

@thedavidgorski Big if true

@_datben The opposite, bro: I will give you the tools to rug yourself. Or, to enrich yourself. Up to you.

Perps: you will own nothing and you will be happy. Because they are far more flexible and capital efficient. And by nothing I really mean you don't own the underlying asset but a contract with ties of its value to the movement of the asset; I guess the contract is 'something'.

worth mentioning re this Solana PERP DEX: Superis Labs project: - this is already well advanced - there are some very smart people working on this - this will be good

@mmdhrumil @ArcherExchange_ do you handle SOL -> BTC if there are SOL/USDC BTC/USDC markets ?

This is exactly what happens when your route is generated off chain and executed on chain @ArcherExchange_ inverts this by performing truly full on-chain routing and giving users the tightest spreads And yes, our short and longer duration markouts are positive

Solana Transaction Execution Lock Relaxation Proposal A scheduler (both leader and replay) change that has a theoretical improvement of less than ~2x. No protocol changes needed. Idea: Drop transaction read locks right away after loading the account state. Why? This allows upcoming transactions that write-lock the same account to start executing immediately. Pipeline efficiency potential increases significantly (depending on shape). How? Enforce linearizability requirements. While sub-sequent transactions write locking the same account can start execution, they cannot be recorded as before the reading transaction. All account states are locked, read and frozen at the start of the transaction; this keeps things consistent throughout execution of the reading transaction. The linearizability concept happens at the commit/record level; even though the reading and writing transactions might be happening at the same time; the read will always be recorded before the write. In the case of failure; write transaction is unblocked from commit. Now that transaction batches can be conflicting (recent change), the trade off here would be the savings of locking and loading the account in one thread and then execute sequentially versus finding an optimized boundary in the graph to split and put into another thread (paying the price for the cross-thread communication). For 'heavy' transactions this could exceed the cross-core optimization. Generally the less restrictions for ordering, the more flexibility the execution pipeline has and the more efficiently it can schedule.

@bunjil @redacted_noah We are so cooked

jane street is just the tip of the iceberg i’m hearing sesame street is involved

@xpmaxxer Luna ponzi was running on unsustainable. If that model had grown bigger, the eventual collapse would’ve been even worse for crypto

@_datben 1) what

Unpopular opinion : Jane Street saved crypto

@thedavidgorski wen perp on btc

Flow of Value > Store of Value Technologies, systems and protocols that enable compute, dynamic state changes, and real transactions are far more interesting than static, HODL til you die, sinks for capital. Holding has it's place; but it is inherently stagnating on it's own.

Why Perpetual Derivatives? By volume, most people's recent interactions with investments is not truly tied to ownership; they usually don't care about having voting or creditors rights. They want to 'catch' what they consider is the right direction; this could be a hunch or a sophisticated, programmatic control of exposure.

Obfuscated behaviour. Unilateral fee schedules. Permissioned custody. Lack of capital flexibility. Un-aligned interests. These costs are simply too high. The necessity for truly decentralized financial venues is obvious: why would we let the most important elements of our modern financial and economic system (price discovery and capital movement) be centralized and obfuscated as opposed to decentralized, distributed and transparent? While decentralization itself is not a selling point to most people; it's downstream effects result in tremendous value for them. They are no longer 'under the boot' due to a power imbalance. Our goal now (as an industry) should be to mitigate the downsides (invest in UX and security), maximize the upsides (steer away from short-term max-extract, build market-collaborative mechanisms); and spread our message in a non-frenetic way (cryptos brand is quite tainted; we need to level out). Not easy in any way. We have all the right ingredients to deliver good products; we just have to learn to cook properly. As much as it may pain the pure-builder-class; technological sophistication itself cannot replace good products. And what makes a product 'good' involves zooming out and seeing how you, your message, your mechanisms, your system; fit into the greater world (markets, players, culture, humanity). Don't write these off as 'implementation details'. The same goes for hype-men/women, distributors and marketers; just in the opposite direction; don't over-promise or in many ways; lie. There has to be a holism between the product, the message and where it fits in the world. The old, non-philosophical term is PMF (Product Market Fit). DeFi Products (like truly decentralized exchanges) will achieve incredible total financial market capture/liftoff in the next few years if they are able to pull this off properly.

@mmdhrumil 👀

Your CUs are my opportunity.

if you think the prize for perp DEXs is outcompeting Binance and other CEXs, you're thinking too small...that's only phase 1 phase 2 is eating tradfi options volume -- a large chunk of which is just retail and institutions looking for delta-one, directional leverage phase 3 is perps on anything with a data feed

Prices are magical because they effectively compress what a society values; and this itself is insanely useful. It captures the relationships between entities and concepts in the world; and relationships really are everything; anything is defined by its distance, connections, and direction from other things (both meta-physically and physically).

As a gift to the Solana community for Breakpoint 2025, we've decided to open-source `peephole` github.com/ergonia/peepho… 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