Jonny Mack

announcing spanDEX: the first Free & Open Source Meta-Aggregator for developers, traders, and AI agents: - expand tokens/pools/chains beyond a single provider - get multiple quotes to find the best price - redundancy when an aggregator fails - no vendor lock-in spandex dot sh

@philipliao_ @newmichwill @nospam_pls @DefiLlama there are some other aggregators that are not on there that do pretty decently too :)

@newmichwill @nospam_pls @DefiLlama There are some other aggregators that are not on here that do pretty decently too. At 0x we built a better Llamaswap called Matcha Meta to keep the field competitive. Check it out! meta.matcha.xyz/?chainId=1&sel…

I am noticing that ever since DEX aggregators switched to intent-based, they become REALLY lazy. They miss a lot of good paths, sometimes missing out on as much as 10 bps.

@0xLaurens @newmichwill benchmark.withfabric.xyz

@newmichwill how are you able to find the difference in aggregator quality

@marcarjoon @ethereum @Uniswap would love to hear more from you re: "market structure follows liquidity" and why it's not the other way around

You’d expect tokenized commodities to favor RFQs or PropAMMs. So why is ~93% of spot DEX volume on CLMMs? Because the category is highly concentrated. Gold dominates the category (98%), @ethereum dominates the flow (90%), and @Uniswap dominates the venue (85%). Market structure follows liquidity.

@Willob @Memetic_Theory spoken like a true founder

@Memetic_Theory Idc about sharpe Show me returns brother

+1 The demise of SALP has been greatly exaggerated.

@gregskril many such cases

cheap hot chocolate is usually better than fancy hot chocolate

@charliekerr @hiiinternet my apologies charlie i was unfamiliar with your game

@hiiinternet What I bring to the function

who wants to shoot some guns

@klimonchain :)

@_nonlinear for high freq trading this would be a cheat code locked pricing could change the whole algo game

been thinking about the idea of “guaranteed execution” wherein 1) users receive *exactly* what was quoted, 2) within a specific timeframe, and 3) with settlement SLAs constrained to pairs/sizes/timeframes q for integrators: do you want this, would you pay for it? for some use cases, reversions (which are surprisingly common among most swap providers) are a dealbreaker. this fixes that

I believe Crypto is going through the biggest consolidation phase in its history, far more profound than in previous bear markets. The market structure has changed. Capital is much more selective, and teams and exchanges without real PMF are shutting down. Revenue concentration is now at all-time highs across almost every layer apps, middleware, L1s etc: @HyperliquidX and @Pumpfun account for 67% of total app revenue. Add @ethena , and the top three generate almost 80%. I expect this to intensify over the coming months: much more M&A, Chapter 11 filings, shutdowns, and acqui-hires. This is extremely bullish for the space.

How normal well-adjusted people become libertarians

great analysis on RWAs by @web3_pastel for @ArrakisFinance this stood out to me: “Secondary markets are the next frontier for real-world assets. Primary subscription already works, pulling in capital by the billion. What these tokens lack is the secondary depth to be priced continuously, posted as collateral and composed with the rest of onchain finance. That depth is the largest opening left in the RWA market.” thought experiment: if the regulatory barriers to entry and lack of liquidity depth (big ifs) get resolved, what happens next? put another way, does defi composability provide a strong enough value proposition to generate new economic growth onchain? permissionless lending, borrowing, staking, and liquidity provision (anything else?) are technically interesting, but i’m skeptical they’re enough to usher in a new wave of onchain market participants. hope i’m wrong

@rwitoff @coinbase congrats!

Some news: I've started my next tour of duty as CTO @coinbase. In 2009 I got hooked on Bitcoin empowering builders with programmable money. In 2014 I joined Coinbase as an engineer because there was no better place to build it. Back then we ran on Heroku and supported one asset from one codebase. It was early, but we were a small team of cracked engineers who relentlessly shipped. Twelve years later a LOT has changed, but the most important things haven't: still a cracked team, still relentlessly shipping towards a massive mission. Now that we're in an era of exponential productivity, the only limiting factor is ambition. Which is why I'm so bullish on the culture @brian_armstrong, @emiliemc and team have built for this next chapter. My job is clear: make Coinbase the best place in the world to build. I celebrated by this weekend by building 👨🏻‍💻🤖 [Photos of Coinbase 2014 → Now]

@BenTerry helllll yeah. gods country

ranchmaxxing in wyoming 🤠

@hosseeb well said

No it won't. This kind of thinking is toxic for entrepreneurship. We have learned a lot in the last 10 years about what crypto is good at, what it's bad at, the emergent properties of these systems, and what people actually want from these products. There were a lot of ideas that were genuinely wrong, and the founders learned why. Don't ignore those lessons or close your ears to them. Learn about those who preceded you in the idea maze. If not, you will wander your way into certain--and preventable--death. You only have so much time and energy in your life. As a founder, spend it wisely.

@JoseRMejia -plato

a man's capacity to dream is never higher than when he finds a good domain name

2018 coinbase yitong tells me he's all in on figma. i fade ("idk man sketch is pretty good"). only later do i realize how ahead-of-the-curve he was note to self: do not sleep on @cognition

The way @0xSplits is built enables some really unique approaches to how we ship product. This changelog highlights two of them. 1. Splits multisigs are deterministic, so every Splits address is universal. Customers set their Splits accounts as receivers on Robinhood before we officially "supported" Robinhood, and were able to manage funds on day 1(ish). We're rolling out an expanded UX for supported networks in the coming weeks, but the TLDR is Splits lets you manage assets on every EVM chain. 2. The @raincards integration is permissionless Rain cards use onchain funds as collateral to spend w/ credit cards. They're super useful, @basepaint_xyz couldn't run without them. Issuing cards at @0xsplits is on the roadmap, but, monitoring & depositing your rain card spend is 100% permissionless integration. I hacked this together over an afternoon, Julio made it production ready, now I can watch BasePaint's spend and top-it up without leaving the app. Also in this update: More accounting improvements (we are going to fix crypto accounting at the wallet layer), better swaps on mainnet with @withfabricxyz, and new AI-friendly docs. x.com/0xSplits/statu…

@seyitaylor @BobbyThakkar 😂 real

@_nonlinear @BobbyThakkar replace "standards" with "routers"

Should there be a router to aggregate all routers?

@wbnns welcome to The Arena

I spent so much time at Coinbase w/ Base, working w/ so many builders, helping them find users and traction And at other companies I've had the luxury of working on products that often already had both Or a team working together to find them Now I have none :) I'm starting at zero with my own stuff, lots of competition, no safety net and it's so hard All I can do is build fast, ship every week, cut what's not working, and pivot quick And I think marketing will be the most important part... figuring out where the market already is, then connecting to it Everything else is entropy