M❄

@thegoosedao HONK

Goose DAO 🤝 gud fee tek

@thegoosedao @met_lparmy @MeteoraAG Honk!

We are coming to Met Dhabi! There's still time to sign up if you want to attend and meet the goose flock live: lu.ma/metdhabi

Real stocks. On Solana. Backpack will be the first CEX to list SEC-registered equities on chain. Coming soon 🎒

Waking up to see this post, I'm a exhausted, disappointed, and heart broken to see it go viral and to see the responses. No one cares about our users more than our team, and if you take the time to actually read our Discord and my tweets over the past day, I hope you'll see that. The team has spent the past 24 hours all hands on deck to make sure every single user story has been accounted for. I don't have a crisis management team for this post. I honestly am shocked by it, given how much of a disconnect there is between how we actually feel, our actions, and the sentiment of the tweet. All I can do here is to give as much information as I can and to let the reader infer the truth. As most of our long time users know, we often make mistakes, but we always do the right thing. This post appears to have taken a reply to a question out of context, where I'm explaining why something happened at a technical level. It doesn't mention our policy, our response, or what we're actually doing after yesterday's massive liquidation cascade. The truth is that - We paid out each and every trader *yesterday* immediately and automatically without issue. This has never been an issue. - If you read our Discord announcements, you'll see that there has been zero clawbacks and zero socialized losses. - We published our daily proof of reserves yesterday and the exchange has been operating uninterrupted since yesterday (although certainly with plenty of hiccups along the way) - However, liquidity dropped off significantly when the market collapsed, causing a cascade of liquidations and ADLs on Backpack and every other exchange. - As you can imagine, due to the massive liquidations, there are a lot of questions about what happened, e.g., what's auto deleveraging? - This quoted screenshot and the associated tweet is completely taken out of context and doesn't communicate what is actually happening. The screenshot, in truth, is a somewhat technical reply illustrating *how* futures profits and losses work. It is *not* a policy choice in response to any incident. It's explaining *why* something happened. For those that don't have the context, here are the details: - Firstly, Backpack is a completely neutral party. The exchange doesn't take on positions for users. We don't provide liquidity ourselves. The whole system works without reliance on any priviledged trader, vault, or any other party. In essence, it's infrastructure acting as a peer to peer match making service/exchange between longs and shorts, winners and loser. - Every long has a short. This is a fundamental invariant of any perpetual futures system. - When positions are closed, there is a settlement process, where profits and losses are exchanged between longs and shorts, winners and losers. Profits for perps are not printed out of thin air. It is not taken directly from our wallets either. Settlement is an intermediate step to realize the PnL. - Winners on perps earn profits from losers. It's zero sum. That PnL is always conserved between the two parties on any given trade. Your counter party is the person on the other side of the exchange. When you profit on a perp, the losses are paid out directly from losers. If the losers run out of money, e.g., due to going bankrupt, then there's no money for the winners to realize their profits. What happened yesterday, and what this quoted post is referring to, is that some of the losers went bankrupt and as a result their accounts were stuck in this "settlement" step. As a result, when those losing positions deposited into the exchange, the settlement process was able to automatically complete and the winners were automatically paid. The issue: a small amount of these bankrupt users deposited into the exchange *before* we settled all accounts on the exchange on behalf of user. What the quoted post fails to mention is that we did this already, yesterday, before we published our daily proof of reserves, and we did this without question because it's simply the right thing to do. Make no mistake: all positions have been settled without question across the board. We did not touch a single penny of unrealized PnL from our users and will never do so. Going back to the topic of settlement mechanics. Settlement is not some horrible decision we made where we decided that we would take money from users after yesterday's event. It's a fundamental part of how the peer to peer system works: Loser pay winners directly. The exchange itself is not the counter party for a trade. The counter party is the person on the other side of the trade when you open a long or a short. As a result, there's never a run on the bank risk. That's one of the many reasons why we are so comfortable publishing proof of reserves every single day, even on a historic liquidation day like yesterday. Even if the whole system were to blow up, the losses, contagion, and risk is isolated between all the longs/shorts, winners/losers. Anyone holding spot with no leverage is unaffected. This is a relatively technical point but it's an important one. We put an enormous amount of work into designing a system robust to these types of situations. Risk isn't an after thought, it's a core part of how the whole system is built. To any user that deposited while their account was being settled--or to anyone that was unexpectedly affected for any reason--they should please email support@bacpack.exchange and give us any and all information so that we can help. We are also present in Discord to answer questions. We do our absolute best to be available there all day every day, although in this case email is a lot easier for us to stay organized to move as quickly as possible. In any case, I hope this clarifies the below quoted tweet, and what is actually happening. Honestly, we try to be some of the most approachable people we can. There's no question we don't answer. There's no PR crisis management team, here. We just do the right thing and hope that is good enough for the world. We've put our heart and souls into our product, users, and community, and we will continue to do so. Thank you for reading.

@doodles need

500K subs on Youtube over the weekend! to celebrate, we're giving away 5x embroidered coaches jackets. RT & comment 'need' to enter.

@MoneyTaura Your discord has been a godsend. Learnt so much, and being able to discuss with likeminded traders has upped my game significantly

As much as I like to give out about social media and especially about larps and bad actors here I have to give credit where credit is due. Thanks to Twitter/X you can gain such incredible insights into everything your workload gets cut in half IF you follow and surround yourself with the right accounts. All the insights and gems of informations are here. Use it and navigate the market thanks to MoneyTaur’s tools and wisdom like no other. It really is all here. And when you add great communities (like my free discord) you are really winning. There’s no way you won’t be able to make it! Shout out to so many great account here that share their content, their work and keep brainstorming.

@MeteoraAG Lfg Meteora

For Meteora’s next phase, we’re going to be focusing on helping launchpads win. But to do this, we need your help. We’ve built a lot of cool technology for launches and launchpads, but it can get complicated to understand how they all work. Today, we’re launching an effort to bridge this knowledge gap by bringing everything together in one place. Introducing the Meteora Launch Guide. This will be the focal point for the Meteora launch suite, covering details like: - The different tools available (DLMM, Dynamic AMM, Stake2earn, etc.) and how they can be used - Constantly ramping up education such as case studies (e.g. $JUP / $CLOUD) and more - Clean, developer-first documentation for easy integration Our goal with this page: Empowering the LP Army with the ins and outs of Meteora’s tech, and becoming the rallying point for more community-driven efforts to make Meteora the centerplace of token launches for Solana. With this effort, we’ll be able to accelerate the momentum for launches on Meteora, in turn unlocking more LP opportunities for the LP Army. That’s how we all win. Let’s get started. launch.meteora.ag

Welcome to Season 1

I was responding exclusively to your comment about the unstaking period being an obstacle for leaving the project if you disagree with what is going down. Don't really care about the drama around JUP. If you feel that the ability to short a coin while you are unstaking, thus securing a delta neutral position and locking in the price you want to sell the coin at, is somehow "too risky for the average investor", then the problem at hand goes way beyond the industry.

@marcusmarcus_ @armaniferrante “let’s get someone involved in leverage instead of allowing them to speak truths that aren’t ‘fud’ because our team has been so fcking bad at communication and pretend a potentially fraudulent event from just weeks ago is ‘business as usual’” yes, im sure that’s the solution.

DAOs should never be involved with comp decisions. Building at scale is nothing more than capital allocation. You either believe in the team and their ability to allocate capital or you don’t. If you don’t, you should exit the project, not cry about it.

@LandoBerando @armaniferrante 30 day unstaking is no longer a valid excuse in this day and age You have every option at your disposal to short the token while you are unstaking

@armaniferrante 30-day unstaking makes that difficult for many. that unstake still hasn’t hit from when trust loss occurred, hence why comms should be taken a bit more seriously (from all 30 of their socials). i still believe in the tech, im not a yes man, and can assist where others can’t.

0/ With each new cycle comes a leading exchange, and @Backpack is building a next generation financial institution. Crypto and open finance allow anyone to trade any asset, borrow, earn yield, transact, and securely hold their assets without restrictions.

Hey Shai! Big Fan! Been looking up on Quantum Computing now with all the recent unveilings made by big tech, and came across your post Does your opinion of QC not being an immediate concern yet, especially for the likes of KAS, still stand? Or have recent advancements in the field changed that? Thanks

Besides being a $kas contributor, I am also in the process of completing a Ph.D in quantum cryptography. These circumstances naturally lead many people to ask me about the quantum security of Kaspa. The short and boring answer is that I do not perceive quantum security as an immediate pressing concern, and I do not think preparing for the quantum era should currently be a priority, both because quantum computation is far from scalable enough to pose practical threats, and because imho post-quantum technologies still need to mature before they will be ready for adoption. That being said, here are a few thoughts about quantum threats on blockchains that might be interesting: The most immediate quantum threat on blockchains is the Boneh-Lipton attack [1] on EC based signatures, which would allow quantum adversaries to spend coins from wallets without knowing the public-key (unlike common belief this is still true for P2PKH addresses, though in a somewhat more limited way). The most readily available solution is to implement post-quantum (PQ) signature schemes. There are three problems with PQ schemes currently: a. PQ signatures/keys are much larger than EC signatures (like, more than 100 times larger), which has a severe adverse effect on the throughput, simply because implementing them implies making transactions require much much more blockspace. b. PQ schemes are much less efficient, increasing the hardware requirements of creating keys and signatures, severely increasing the hardware cost of hardware wallets. c. PQ schemes are significantly less battle-tested than their EC contemporaries, and while the sharpest minds in the world make tremendous efforts to establish their security, there is hardly a competition to the 20+ years of wide deployment of EC-schemes. Kaspa can definitely help with point a., since it is currently the only scalable PoW, it is the only chain that can introduce much bulkier signatures without rendering the throughput completely minuscule. In fact, having less signatures per block *might* allow increasing the block rates/sizes "for cheap" just because there are much less signatures to verify. However, points b. and c. remain an issue, which is why my personal conviction is that we should not rush to implement PQ signatures just yet. Even if quantum machines do start to emerge, we can buy a few more years of peace and quiet by simply using larger elliptic curves. This is not a permanent solution by any means, but as a temporary measure it is highly effective. As a cautionary tale, consider the FALCON scheme recently adopted by Algorand. In 2021 Karabulut and Asyu found that this scheme is vulnerable to something called a "side-channel attack" [2]. This essentially means that an adversary can piece together the secret-key just by "listening" to a device while it is creating signatures. This is by no means a "deal breaker", but it does mean some precautions are in order: using Falcon on hardware with no constant-time floating point arithmetic is insecure, given that this hardware reuses the same public-key many times. Since this attack is known, it can be avoided, but what if it was only discovered after hardware wallets disobeying the directive above were already in the market? What if other vulnerabilities are discovered, and this time it is too late? To finish my musings on PQ signatures, I'll point out that there are other approaches to operating in a quantum secure manner. In fact, in one of my Ph.D projects [3] we came up with a way to operate quantum securely without needing public-signatures at all, but at considerable trade-offs (in particular, the confirmation times will increase extremely, to orders of hours or even days). 2. A more "exotic" problem with quantum entities is quantum mining. A lot of people like to say things to the effect of "quantum computers can only provide quadratic speedup over classical computers in finding a hash, so there isn't really a problem", but that's only partially right. While it is definitely true that access to a small quantum computers (even large enough to crack EC-signatures) does not actually provide any meaningful advantage, there is a more subtle phenomenon: the mere nature of how quantum search works introduces a dynamic that is detrimental to the security of blockchains. To understand this dynamic one first needs to understand how quantum mining will work. In classical mining, the miner keeps trying more and more nonces until they find one that works, or until someone else has discovered a block. The process is completely memory-less, the amount of attempts made so far does not increase the probability of the next attempt to succeed (just like having lost ten coin tosses doesn't increase your chance to win the next one). So if someone else has managed to mine a block, the miner gains nothing by persisting on trying to find a competing block. The most rational and profitable thing for the miner to do is to concede their loss and start mining over the newly discovered block. Quantum mining works quite differently. You let this weird machine do its thing and after the correct amount of time you *measure* the result to obtain the answer. The thing is, you *don't have to wait for it to finish*, if you only measure it halfway through, you still *might* get the correct result. The probability you get the correct result increases the longer you wait, and in fact it increases *quadratically*: if after one second you have 1% chance to succeed, then after two seconds you'd have 4% chance, after three you'd have 9% chance etc. As noted by @or_sattath in 2018 [4], the implication is that -- unlike a classical miner -- a quantum miner hearing of a newly discovered block can *measure* their state, and will still have *some* chance to post a competing block (this strategy is called "aggressive mining"). This means that in the particular regime where there are many small quantum miners, we would see many orphans whenever a new block is found, and the increased orphan rate would cause many forks and splits that ultimately degrade the security of the network. Follow-up works analyzed other regimes and strategies, and while currently there are more questions than answers regarding the effects of quantum miners, what *is* known shows that the main (known) concern is increased orphan rates. Since GHOSTDAG is an inclusive protocol, it *might* be the case that Kaspa would be more robust for quantum mining. One immediate concern is that the effect of distribution of mining on orphan rate becomes unwieldy (whereas today we can bound it based on propagation times alone). That is, even if network condition remain fixed, a change in the allocation of miners might render the chosen k insecure. This *might* actually be mitigated by DAGKnight's parameterlessness. Of course, this is all highly speculative and requires *much* more research. The good news are that the era of quantum mining is *very* far (if even possible), and requires machines of scales *much* larger than required to compromise EC-signatures, so we have plenty of time to come up with solutions. [1] crypto.stanford.edu/~dabo/pubs/pap… [2] eprint.iacr.org/2021/772 [3] eprint.iacr.org/2023/362 [4] arxiv.org/abs/1804.08118

@beefheartgoro @phantom Using @Backpack yup

@phantom @marcusmarcus_ you managed to link?

Monad Testnet is here! Starting today, you can access the @monad_xyz testnet with Phantom to: 🟣 Claim testnet MON 🟣 Swap Monad testnet tokens 🟣 Discover Monad apps

I may not be the largest fan of OS, but this is honestly a step in the right direction. While rewarding users for holding benefits projects more than the marketplace, it's step 1 in creating a healthier NFT environment. Commendable move, hope others follow @_ilmoi @0xrwu

@guccishark_ @ExoticRaccoon This is amazing dude

Finally got my Azuki imagined in full body. Thanks to @ExoticRaccoon for sorting me out!! 🔥🔥

@daosdotworld @HypurrDao Couldn't have chosen a better blockchain to expand to @thegoosedao is ready for you 🪿

Big News DWOs 👀 daos.world is expanding to Solana - starting with @HypurrDao! Base will always be our mother chain, but we have a global cross-chain vision. We want to build best possible DAO launchpad across all ecosystems. To power our Solana expansion, we will be using @MeteoraAG's powerful dynamic pools. These allow for deep liquidity and a strong, aligned fee structure that incentivizes DAOs to build for the long term. We are very excited to bring on @HypurrDao, a strong technical team lead by @0xkeshav_, @DevRUdata, and @cryptosingh_eth. HypurrDAO is an AI-driven Hyperliquid collective dedicated to growing the HL ecosystem, with a focus on their impending HyperEVM launch! They will attack with a multi-pronged approach: • early stage seed rounds • arbitrage rate funding • investments in spot HL ecosystem • farming airdrop opportunities like @pvp_dot_trade Their initiative will be predominantly AI driven. They've built a custom agent that can be compared to the AIXBT of HyperLiquid, which will drive the brunt of their investment decision making. Keep an eye on this young and upcoming team, I've heard they are having an interesting twist on their whitelist.