@mmdhrumil @annanay Latency races usually don’t contain a ton of information, if everybody is racing to cancel / pick off the price was already discovered to some degree.
English
sam
158 posts
A (small) speedbump usually makes for better market structure - it asymmetrically affects latency arbitrageurs, who add very little in terms of economic value to the market. The only upside I guess is that even if there is some hidden b-book going on, it won't be as effective now 😅
This was probably just a dev error.
JesterTheGoose@Jesterthegoose
Polymarket has removed the 500ms taker delay (time before your order executes) on the crypto markets without warning. This has (understandably imo) angered some users who relied on this delay to market make.
English
English
@sreevanth @Orb_Markets @wintermute_t @humidifi github.com/ergonia/peepho…
67 CUs for 3 oracle updates cited, but just 1 is 51 (we usually batch so low)
English
Reduced prop AMM oracle updates to 69 CUs!
According to @Orb_Markets, that's more efficient than @wintermute_t / Tessera V (106 CUs).
@humidifi 's 47 CU updates is the target, although current benchmarks offer memetic value.
sree@sreevanth
Reconstructed a prop AMM from @moonshiesty’s breakdown of current leaders. Got oracle updates down to ~115 CUs. Performance tuning on this stack is deeper than people realize.
English
solscan.io/tx/2DzePcevBo6…
36 CUs for the aquifer oracle courtesy of github.com/ergonia/peepho…!
English
x.com/SlorgoftheSlug…
I thought Metis wasn't Jupiter
Slorg@SlorgoftheSlugs
BREAKING: @Coinbase has integrated Jupiter's Metis API to power its Solana token swaps. It joins Uniswap, Robinhood, and dozens of others who trust Jupiter to deliver a world-class swap execution for their users. Another company who knows to Just Use Jupiter.
English
@kdotcrypto @SolanaLegend @humidifi @temporal_xyz @kevinxpang Maybe I’m missing a shitpost but most hft teams have at least as many engineers as trading folks (and the line can be very blurry), often more
English
@SolanaLegend @humidifi @temporal_xyz @kevinxpang You shouldn’t have to be really good at landing transactions just to make markets
Most top MMs don’t even have engineering teams
TradFi? Even less… let’s make it easy to make markets? 👀
English
To have a top propAMM you need to be really good at landing transactions and trading
@humidifi has the @temporal_xyz boys who have sent 1 BILLION oracle update transactions and landed 70% of them
And @kevinxpang from SCP who is one of the best all time MMs
All-star $WET coded
English
Somebody semi replicated prop AMMs on openbook, and despite having the lowest CU oracle update by far had to turn off as takers got better.
Next step in the game is going to be segmentation by the aggregator
Space Monkey@RealSpaceMonkey
Solving toxic flow using order flow filtering and segregation: (Idea #3) This is the real benefit of Prop AMMs and the number one reason they are successful. The biggest issue, by far, for any market-making operation is toxic flow or as some like to call it "adverse selection". That is, getting trades from other bots/professional trades that have an "advantage". I don't want to give an exact definition to "advantage" because it could be anything that lets them know the future price before you. Future price could be literally future price or they were able to trade against you before you were able to update your price, which is effectively the same except it's not about predicting the future relative to real world time but relative to the time from your price perspective. I talked about this in detail in the last talk, but I want to mention just one point again from that day: There is a good reason 22% of the revenue of Robin Hood comes not from Citadel paying them for their retail non-toxic order flow (Payment For Order Flow PFOF). With a fully custom execution, you can do a lot to try to filter out toxic flow and find the "good" order flow. In case that wasn't clear, I'm saying they give out different prices based on the incoming order flow type.
English
sam retweetledi
This is a long post about the rise of "prop AMMs", the history behind them and their advantages/disadvantages. This post will be different than my usual style of trying to be concise and is more of a story since it was meant to be for a DeFi Day talk like I did in the past 2 years. Unfortunately, this year I was asked to provide my ID/KYC (not the fault of the organisers) to be able to speak which I'd rather not do.
English
If you like gas golfing check it out! Happy to answer any questions
π* | ¤@totlsota
As a gift to the Solana community for Breakpoint 2025, we've decided to open-source `peephole` github.com/ergonia/peepho… peephole: Zero-copy account parsing for Solana programs solana_program::entrypoint::deserialize allocates `AccountInfo` structs and copies account data. peephole skips that with a zero-alloc and zero-copy view over the account and instruction data. Real-world: 51 CU oracle update, 67 CUs for 3 oracle updates, 12 CU trading contract, and many others. h/t @zft_send
English
@liquiditygoblin Nobody could have seen this coming with a strategy list like that
English
so the under the veil of a stable coin with "yield" they were just running a degen pod shop?
Stream Finance@StreamDefi
Yesterday, an external fund manager overseeing Stream funds disclosed the loss of approximately $93 million in Stream fund assets. In response, Stream is in the process of engaging Keith Miller and Joseph Cutler of the law firm Perkins Coie LLP, to lead a comprehensive investigation into the incident. We are actively withdrawing all liquid assets and expect this process to be completed in the near term To keep our stakeholders informed, we will provide periodic updates as additional information becomes available. Until we are able to fully assess the scope and causes of the loss, all withdrawals and deposits will be temporarily suspended. Any pending deposits will not be processed at this time. Our decision to retain Perkins Coie LLP reflects Stream’s unwavering commitment to transparency and robust corporate governance.
English
sam retweetledi
@crispheaney I remember a bunch of VCs telling me maker protection was not meaningful ~mid 2022 now they’re all experts in it
English
@liquiditygoblin Below a certain team size that is i dont see how you could scale to a very large org without some sort of communication structuring
English
@liquiditygoblin Something something “the bureaucracy grows to feed bureaucracy” but these roles also have an important function as an accountability shield. “Please don’t ask the dev team about why Q is still broken. Message me so I can put it in the jira list for planning poker next week”
English
the creation of the product manager role has spawned a whole cohort of developers who can’t think for themselves
are you really that out of touch with your business objectives that you have to ask “what should I work on next?”
you shouldn’t need to be spoon fed tickets
English
The fragmentation also means the mm is guaranteed the fill once routed to. This encourages a bunch of malicious quoting logic that isn’t strictly spoofing (you still give “honest” fills based on state at time of trade) but has the same effect in practice
sam@zft_send
@bqbrady The fragmentation sucks too, on a central venue if top of queue mm backs off you still fill against any others in the book, but with a aggregator you just get whatever was included in the tx with probably limited onchain routing logic
English
