Ben | Circular.fi

I'm always really surprised by how companies lose money on @solana. As CEO of @Circular_fi, I'm led to speak with many companies across the ecosystem. Most of them create value with their transactions. They are either unaware of it or they are afraid of the monetization solutions currently offered by the market (they are right to be). After all these years analyzing arbitrage and speaking with them, two profiles stand out: - The first is the company that are unaware that there are ways to monetize a transaction. They create DeFi transactions but they do not have visibility into the impact a transaction can have. It's never just a simple transaction when you send it on a decentralized network. Your transaction has a real impact on the entire ecosystem and therefore can generate value through arbitrage. Here, my role is simple: educate them and help them understand why they can better monetize their transactions. - The second profile is the more complex one: companies that are fully aware of arbitrage, but do not want to arbitrage their users transactions. That is a noble position and I respect it. But what they do not realize is that with this position, they are not helping their users. They are penalizing them and literally making them lose money. The value created by their transactions will be captured by an external arbitrager anyway, that is a fact. Not wanting to arbitrage their own transactions means voluntarily letting their users money leak into the ecosystem, for free. If we push this thinking further: wouldn't it be more reasonable to capture this value and redistribute it to their own users as cashback? This money generated through arbitrage is not created out of thin air. It is a direct loss for the user caused by AMM inefficiencies. With our years of experience, our public image and our data, we decided a few months ago to create a Monetization Layer. Simple, healthy and transparent for companies. (0.0ms) We receive transactions. (0.1ms) Analyze them in real time. (0.5ms) If a transaction will destabilize the price of a token; we will send an arbitrage transaction who lands after the analyzed transaction. (1ms) We redistribute the majority of the profit directly to the company wallet during the execution of the arbitrage transaction. Then, it's up to the company to decide whether it wants to redistribute a part of this profit. Clear traceability is what makes Circular the first fully transparent Monetization Layer for companies. That is why they choose us. Accelerate.

@lbkolev 40% of global revenues and it continues to evolve.

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.

@eightbitsim @mert @alessandrod I spend my life on Circular and we even tag most of the orderflow transactions with “Dark Tips”, users already know about this; they just don’t post about it on X 👀

@bencirc @mert @alessandrod also as the ceo of @bencirc I expect you to visit your dashboard more often but ig conformity doesn't likes people with open eyes.. circular.fi/address/MRiYA4…

so much midcurving around the helius backrunning thing it's crazy > 100% of the block producers do MEV, not all MEV is the same > a lot of stake doesn't even accept TPU transactions anymore > it would have been so much easier for them to switch to a MEV block builder ages ago, delay, rev strat, maxxextract, etc > instead heroically they DID NOT, and remained pretty much the only big validator to stick to the default agave scheduler, no delayers, no bs, this has been GREAT for the network and has objectively lost them money > they've been of HUGE help in improving agave perf. I've profiled and looked at their validator countless times, and all along I've been telling liam I'd personally FUD him to death if I caught him doing sketchy stuff > now they find a way to increase rewards _without_ doing all the dodgy shit everyone else is doing, with a KYCd service which arguably does the least worst MEV > people on twitter are mad ????

@raikucom @solana Trillion.

@bencirc @solana Only a trillion more to go

It's already been 1,000 epochs since @solana took its first breath... and this is just the beginning. Accelerate.

@eightbitsim @mert @alessandrod yeah 10-20ms, at least 👀

This ends now. Even if I must drag the gods down with it. lets go over simple set of assumptions i am making @mert let me know which one doesn't make sense. I bill 10SOL per slot for consults. 1. the validator has to periodically release shreds [thus txns reaching the TPU have to pass through without delaying] - Network requirement/Social consensus 2. ⁠Backrunning any txn - Involves route searching across the chain state - takes 10-20 ms atleast [including latency even if co located] 3. ⁠A backrun can be done in two ways -> either the source is passed through and the searcher only gets a signal and backrun goes separately [CASE 1] or you bundle the source and backrun [CASE 2] 4. ⁠in CASE 1 [10-20 ms delay = txn will be several positions apart] CASE 2 [src,backrun will be n and n+1] 5. ⁠As multiple txns in this thread have shown, there are CASE 2s with this searcher on bald slots. 6. ⁠Thus to do Case 2; you have to hold the source for 10-20 ms 7. ⁠Which means, the price of execution [within users slippage tolerance] - would differ than what he could have gotten in case 1 8. ⁠CASE 1 is fine, CASE 2 is not 9. ⁠@toly and you both are trying to make a fool of your audience, letting them think you are doing CASE 1, but doing CASE 2. Because 2 makes much more money per backrun vs CASE 1 [coz your guy mriya, gets a priority lane behind the user] coming up with straight answers is rough, requires acceptance, balls, agency & courage. hope you'll use it this time. @trentdotsol @sonic_from_ny @toly @uriklarman @bencirc @0xrafal @alessandrod @niteshnath @bigtimetapin @helius

I just discovered @solana

@Cloudflare @solana forms.gle/a7cqNdYFYxdUKr…

@Cloudflare just dropped a Monetization Layer for the agentic web. We built the one for @solana transaction flow. Validators, RPCs, Wallets, dApps, bots, ... if you already generate valuable tx flow, you can now stream it and earn a share of the arbitrage profits every time an opportunity executes. New revenue streams and transparency are the key words. Turn what you already produce into real recurring revenue. Apply here 👇

@eightbitsim @solana @Helius I didn't quite understand the point about hurting retail, how is it not a good thing for them to have a more efficient and faster market?

Two @solana validator operators are caught red handed running private inclusion lanes for one of the biggest MEV bots on chain. The backrunner MRiYA4oN3158fCV8evhuCofrDzbHyYvYnGZUDJvoCsa for the backruns analyzed: - Pays zero priority fee → 84% success on @Helius leaders, 80% on Kiln - Same bot, same txs, every other validator: 25% Not SWQoS. Not luck.

@_Cerba @solana Just sent you a DM 🫡

@bencirc @solana Interesting, would love to talk

Validators should be earning more yield on @solana. Over a year ago, $SOL was at $300; its price is now $80. Validators revenues have dropped drastically, causing some to go from profitable to unprofitable. While other companies focus on trying to improve a validator's ordering or scheduler, we focus on how to effectively monetize the transaction flow passing through their network. A transaction is never just a simple transaction; it creates value. That's why we created our Monetization Layer. Safe, Transparent and Valuable. Through arbitrage and our years of expertise in the ecosystem, we generate additional yield for validators. If you're a validator interested in monetizing your transaction flow, visit our dedicated page 👇

@PauluneMoon @solana @solana_devs @superteam Don't listen.

Doubting yourself? I went from studying to be a translator, to esport manager, to self-taught frontend dev and UX/UI designer to building on @solana 🤍 Every step, someone told me I couldn't. When they tell you you can't, don't listen.

Based on an analysis of internal data, side deals are more profitable for validators than competition among searchers (and also better for the network). - Arbitrage occurs more quickly, making the market more efficient. - Validators can earn a dynamic percentage-based commission instead of a static tip/fee, which protects them from market fluctuations.

I am not saying its perfect but it earns and performs a lot better than some others do. I somewhat agree with what you are saying but the main problem are side deals and private flows. What you are doing with this is not solving the problem but rather contributing to it. The more backrunning we see from private deals, the more validators and the ecosystem will suffer as this does not create competition for searchers, rather an easier way to extract with minimal costs.

Or just run Harmonic and see your block rewards go up!

@Crypt0Panda @solana Interesting point of view but what happens when prices are very low; should we let them die off through natural selection and recentralise the network around only the largest players who will survive?

@bencirc @solana validators should earn 0 in yield and instead depend on price apprecation of the staked asset in proof of stake

@solana circular.fi/monetize

@triton_one Damn, need to try your new endpoint 👀

"Is SWQoS included in my plan?" Yes, it's enabled on every endpoint by default, so your sends already go through staked connections at no extra cost. It works with standard sendTransaction, and with our new /sendtx endpoint, which skips the JSON-RPC envelope for the lowest latency.

@solana It's happening?

This is the biggest announcement we've ever made on @solana. We're now offering a solution to help businesses monetize their transactions through arbitrage. Transparent, Healthy and Secure. When I first started talking about our Monetization Layer a few months ago, I was surprised by the enthusiasm from businesses and by the interest in this type of solution. Many companies don't use solutions to monetize their transactions because they're wary of the current players offering these kinds of tools and I understand that. That's why we launched our Monetization Layer. Capturing additional value as a business is essential, especially in a bear market like the one we're currently seeing; it can turn some businesses from unprofitable to profitable. It also helps certain businesses redistribute the value they've lost back to users, a safeguard against MEV and value leakage. You can now do this. Monetize.

@magicdhz Reality.

study apps that dont address MEV bc theyre going to zero