Dark Cobra 🐻

🧵🪡1/11: Most perp exchanges quietly avoid long tail assets. It isn't gatekeeping. Listing a thin asset on a normal perp venue can take the whole book down with it. Big exchanges have figured this out the hard way.

@toly @PercolatorTrade @0xSquid_Sol does that mean we are in agi?

@PercolatorTrade @dcc_crypto @0xSquid_Sol The idea you guys had sent me down the cross margin rabbit hole.

Here we go again @dcc_crypto @0xSquid_Sol Get to work team.

@toly @dcc_crypto @0xSquid_Sol Glad that rabbit hole led to V16 ! ☕️

Experimenting and trying different things is fun.

We’ll be hosting a space this Thursday with co-founders @dcc_crypto & @0xSquid_Sol We invite you to join us, ask us anything! Learn what Percolator Trade actually is and who’s behind it ! Hear about the latest updates and what’s in the works. Set a reminder below! x.com/i/spaces/1axrn…

@SolanaSensei @toly @chrisdotsol NFTs representing open perpetual futures positions. 👀

@chrisdotsol If we bring nfts back, all of this gets solved lmaoooo

My honest thoughts about the Solana ecosystem right now: Even though I’m still extremely bullish, the ecosystem genuinely feels very different from before. We’ve built more apps, improved infra, onboarded more users, more institutions, more capital, and generated more revenue than ever before. The ecosystem is objectively stronger. But somehow it also feels more lonely than before. The space got so big that many of us don’t even know each other anymore. Things feel more artificial, distant, and transactional. Back in 2021, the community itself carried Solana on its back. The devs were eating glass 24/7, creators onboarded users out of pure conviction, and the narratives were built organically by the people. The foundation barely even had a social presence back then. The community had the power. Now it feels like too many people rely on the foundation, engagement algorithms, institutional validation, and coordinated narratives to shape the culture for them. I mean "Solana kols" are now foundation members. And that’s where I think things become dangerous. If the narratives of the ecosystem are artificially constructed and amplified from the top down, the culture slowly loses authenticity. People stop thinking for themselves and just start echoing whatever is placed in front of them. The culture became bigger, but weaker. It's more efficient forsure, but less human. A lot of people no longer love Solana itself. They just use Solana because the tech is good or because the current meta is here. There’s less collective identity, less emotional attachment to the chain, and less genuine support between builders unless there’s financial incentive attached to it. Back then we all felt responsible for pushing Solana forward together. Now many people just spectate lol. The Solana I fell in love with was built around real communities, nfts, friendships, chaos, conviction, and collective belief during the hardest times. Not just perps, casinos, AI agents, and whatever the next shiny meta is. Maybe this is simply what happens when ecosystems mature. Maybe I'm just too washed now. I genuinely miss when the people themselves felt like the soul of Solana.

The project directory is now open for the @colosseum hackathon! You can find Percolator trade here: arena.colosseum.org/projects/explo… Thank you so much to @colosseum for hosting such an extraordinary hackathon, giving builders that extra motivation to really dive in and focus on building and providing so many unique tools and support along the way. It was an honour participating and we look forward to the results, best of luck to all the amazing builders and projects that signed up! And if you haven’t joined our waitlist yet, make sure to do so: percolator.trade/r/12ZWF3H6

We're delighted to welcome the @Solana ecosystem with @SuperteamUK to the Crypto Padel League Solana is the leading high-performance network powering online capital markets, payments, and cryptocurrency applications, and Superteam UK are bringing that energy to the CPL to Play, Connect & Grow Season 1 kicks off next week at House of Racquet, London.

@toly the spec is the real boss fight

Trying have a totally formally proven design for perps sucks.

@0xSquid_Sol @MCGlive @PercolatorTrade You cooked!

I had the honour of talking on @MCGlive today about what me and @dcc_crypto are building: @PercolatorTrade It was a great opportunity to get infront of new eyes, and I really enjoyed hearing about other projects that were showcased on the show. Highly recommend giving these guys a follow and tuning in to their shows! Might just find yourself some hidden gems 💎 ☕️

v16

Tomorrow on MCG @0xSquid_Sol & @dcc_crypto | @PercolatorTrade | $PERCOLATOR

Nice!!!

@toly @0xSquid_Sol my matcher is warmed up

@dcc_crypto @0xSquid_Sol V16 is going to have a huuuuuge attack surface

i think @0xSquid_Sol and me have won found a bug chain where any permissionless keeper crank moves PnL between LONG and SHORT positions. one TradeCpi fill pinned the mark. stuck there since. program: 4ToDRrQW5j3oeQm8uTAwV9Rp6NhYfH5E5hMKcXkqfwfz

github issues, same root cause the keeper crank's writeback list drops anything not on it after the oracle read. #93 (@0x-SquidSol) — github.com/aeyakovenko/pe… #95 — github.com/aeyakovenko/pe… #97 — github.com/aeyakovenko/pe… #102 — github.com/aeyakovenko/pe…

the pinned mark also drifted the engine's ADL accounting. every exit on those positions reverts now. solscan.io/tx/2uZam2cGWPy… returns 0x0e EngineUndercollateralized. about 0.987 SOL across 3 of my test positions stuck. recoverable via admin or the 29-day timer.