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Long form explanation of t+, why it exists, why we're excited about it, who we are
For those that missed my talk yesterday
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Markus_bidding_54
3K posts
Markus_bidding_54
@markus_
DeFi/MEV/Hating(comms is muzzling me 😡) 🏦 https://t.co/NZ1dUudPlF $500/m 👶 https://t.co/tgsk8h6kYw $15/m 👨🦯➡️@tplus_cx founder 🧑🦯➡️@blend_capital contributor
Brooklyn, NY Katılım Aralık 2019
962 Takip Edilen1.9K Takipçiler
I don't have an opinion on the Unit S&P thing
But it's pathetic an industry that pretends to care about open source permissionless finance is arguing about whether or not the deal is exclusive
not the tech... not the market structure... They care about an exclusivity agreement
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@waltjsmith @33b345 @EvgenyGaevoy not even - just lets you prove it's a real person. Lots of CEX features depend on KYC for non-sybil (ie position size caps for whales)
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[ ] is actually one of the cleanest ways for DEXs to award higher rate limits (and similar) because of how sybil resistant it is without an associated capital cost
CC @33b345
@EvgenyGaevoy is early again
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Markus_bidding_54 retweetledi
Excited to be hosting Searcher 2026, this time in Cannes 🇫🇷
Co-hosted with @Tplus_cx, @PropellerSwap, @Metricxyz and Mobius, we bring institutional friends, traders, exchanges, MMs and searchers to meet like-minded personalities offline for once
31 March
luma.com/8m8tpprs
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@0xShitTrader The initial CoWSwap sealed bid auction wasn’t super competitive though with only one searcher offering to fill the order. And then there may have been another sealed bid auction at the MEV blocker level, but I’m not certain
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Fascinating that multiple builders saw the trade and the backruns, but the block auction only got bid up to 3% of the value of the block.
The bundle auction was much more efficient, around 70%.
Is this a difference between sealed-bid bundle auction vs. public block auction?
bheau@bh359
correct me if I'm wrong but this seems like the largest ever single-block builder profit in ethereum history, ~$33m to titan it also may be one of the largest MEV block rewards ever on eth, a 568 ETH proposer payment which falls just behind the SVB USDC depeg (had a 692 ETH payment), 2023 sushiswap whitehat hack (689 ETH), and 2023 curve whitehat hack (584 ETH) others already commented on the original issues with the order (illiquid route + insane $155k AAVE limit price), but here's where the $50m went: - $36k to the user's cowswap order (331 AAVE) - $619k cowswap solver fee - ~$9.9m to the MEV bot that backran the 17,957 ETH -> 331 AAVE swap (backrun was 128 AAVE -> 17,959 ETH) - another ~$2.6m to the same MEV bot from backrunning the $50m USDT -> $37m WETH swap over multiple txs - ~$34.3m fee to titan from the MEV bot (includes $1.2m to lido as the block proposer) - ~$3.5m in dex swap fees + residual smaller arb txs insane payday for titan, who sent their profits to coinbase, and this single MEV bot took the majority of the arbs in both the illiquid AAVE/WETH pool and the $13m slippage swap in the main USDT/WETH pool
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An openclawd for torrenting would actually be pretty useful
Too bad major labs started respecting IP rights after they finished scraping
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@0xQuintus @0xShitTrader It didn't go through MEV blocker for some reason
Dune query shows it in their bundles but yeah the RPC says not found
rpc.mevblocker.io/tx/0x9fa9feab3…
I'm guessing some weirdness with the UI they were using
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Bear markets not over until bots stop posting job offer scams paying less than minimum wage in tg channels
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We set aside a few extra invite codes
Inspired by @bqbrady, I put together a trading themed optimization challenge - the most sophisticated market participants get an invite to Product Day
Think you can execute better than Saylor?
Give it a shot:
ctf.tplus.cx/beat-saylor
Tplus@Tplus_cx
PRESENTING: Tplus Product Day! 100 Sophisticated Market Participants will join us for our inaugural Market Structure Exposé to discuss the Future of France. Hosted in a private castle overlooking Cannes and catered by the Ambassador of China to France's very own private chef!
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@NotIshanSingh @maxmaximalism That's always a good option - should be fixed though, try resubmitting now
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@markus_ @maxmaximalism I got $69,305 and it didn't register. Can we just short cloudflare?
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4 hours in and it seems a lot of you deserve a job at Microstrategy
Some of my favorites:
@maxmaximalism somehow convinced Claude there was a 7% chance he could short ARM -> margin call Softbank -> cause an OpenAI selloff -> buy BTC
Claude called him financially illiterate
@darkmarketio had the fun angle of buying a bunch of forwards contracts from miners
@emmick4 used a purely onchain backrunning and sandwiching strategy
And one of the top 3 submissions was a pure quant HFT strategy that didn't even bother with alternative instruments
Don't think anyone's cracked this one yet
Markus_bidding_54@markus_
We set aside a few extra invite codes Inspired by @bqbrady, I put together a trading themed optimization challenge - the most sophisticated market participants get an invite to Product Day Think you can execute better than Saylor? Give it a shot: ctf.tplus.cx/beat-saylor
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@NotIshanSingh @maxmaximalism mm probably a cloudflare timeout issue if I had to guess - will fix
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Markus_bidding_54 retweetledi
@maxmaximalism Oh and @VelvetMilkman presented a vol harvesting strategy Shannon's Demon that Claude seemed to appreciate
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T+ has one of the best brandings ive seen in awhile
Tplus@Tplus_cx
PRESENTING: Tplus Product Day! 100 Sophisticated Market Participants will join us for our inaugural Market Structure Exposé to discuss the Future of France. Hosted in a private castle overlooking Cannes and catered by the Ambassador of China to France's very own private chef!
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@maxmaximalism @bqbrady It assesses crimes based on probability of success. So if you can convince it that you can get away with the crime you'd do pretty well
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As head of MSTR execution you actually can't buy from North Korea
Markus_bidding_54@markus_
We set aside a few extra invite codes Inspired by @bqbrady, I put together a trading themed optimization challenge - the most sophisticated market participants get an invite to Product Day Think you can execute better than Saylor? Give it a shot: ctf.tplus.cx/beat-saylor
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@yettisheep4 @Tplus_cx Someone who:
a. knows what box you're deploying onto - and
b. has physical access to that box to side channel pre-deployment
could decrypt traffic
side-channeling post-deployment is infeasible
So requires operator+data center collusion, but yes we frequently rotate keys&boxes
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@Tplus_cx TEE? so anyone with access to the hardware can undetectably decrypt traffic. Mitigation plans?
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PRESENTING: Tplus Product Day!
100 Sophisticated Market Participants will join us for our inaugural Market Structure Exposé to discuss the Future of France.
Hosted in a private castle overlooking Cannes and catered by the Ambassador of China to France's very own private chef!
English