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danrobinson
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danrobinson
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danrobinson
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Trying to get o3 to write a paper for me and it got stuck on a pretty basic misunderstanding of AMMs and path dependency So we're now 10 messages deep into an argument about it Incredibly addictive, this will replace Twitter
Trying to get o3 to write a paper for me and it got stuck on a pretty basic misunderstanding of AMMs and path dependency
So we're now 10 messages deep into an argument about it
Incredibly addictive, this will replace Twitter
danrobinson
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The deeper you get into DEX design, the sillier it feels to be dogmatic about any of it Everything depends on fiddly microstructure details
The deeper you get into DEX design, the sillier it feels to be dogmatic about any of it
Everything depends on fiddly microstructure details
danrobinson
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Is there any way to do an onchain prediction market for p(doom)? Given the impossibility of settlement in the apocalypse and the difficulty of credit in the non-apocalypse case
Is there any way to do an onchain prediction market for p(doom)?
Given the impossibility of settlement in the apocalypse and the difficulty of credit in the non-apocalypse case
danrobinson
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“Don’t use chains with centralized sequencers, since someday they might subtly extract value from you Instead use decentralized sequencers that are guaranteed to extract maximum value from you, today”
“Don’t use chains with centralized sequencers, since someday they might subtly extract value from you
Instead use decentralized sequencers that are guaranteed to extract maximum value from you, today”
danrobinson
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I don’t think whether a sequencer is decentralized matters too much What matters most is what rules they follow, and particularly whether they use their power to hurt users or extract value You can have extractive decentralized sequencers, or nonextractive centralized ones
I don’t think whether a sequencer is decentralized matters too much
What matters most is what rules they follow, and particularly whether they use their power to hurt users or extract value
You can have extractive decentralized sequencers, or nonextractive centralized ones
danrobinson
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Any researchers at Solana Accelerate who want to meet up? DMs are open
Any researchers at Solana Accelerate who want to meet up? DMs are open
SOL
danrobinson
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Here's a mystery: AMMs seem to be much more profitable when buying ETH than selling it Look at how these cumulative markouts (grouped by direction) diverge over time The pool made >$20m from its ETH buys, but lost >$24m from its ETH sells! Any theories?
Here's a mystery:
AMMs seem to be much more profitable when buying ETH than selling it
Look at how these cumulative markouts (grouped by direction) diverge over time
The pool made >$20m from its ETH buys, but lost >$24m from its ETH sells!
Any theories?
ETH
USDC
danrobinson
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These are the cumulative 15m markouts for the Fluid ETH/USDC pool. It has bled out $8.5m in EV, and its trades were unprofitable all the time, not just during rebalances. There are no profits to make up for the costs from rebalancing. The pool never makes money in expectation.
These are the cumulative 15m markouts for the Fluid ETH/USDC pool.
It has bled out $8.5m in EV, and its trades were unprofitable all the time, not just during rebalances.
There are no profits to make up for the costs from rebalancing. The pool never makes money in expectation.
ETH
USDC
danrobinson
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Respect for @0xfluid posting this post-mortem But their proposed solution—to make liquidity more concentrated—seems like the wrong choice The pool is not just losing money during rebalances. It is losing money constantly—AFAICT, fees do not make up for arb losses So concentrating liquidity more would be a double whammy—faster loss to arbs between rebalances, and more frequent rebalances
Respect for @0xfluid posting this post-mortem
But their proposed solution—to make liquidity more concentrated—seems like the wrong choice
The pool is not just losing money during rebalances. It is losing money constantly—AFAICT, fees do not make up for arb losses
So concentrating liquidity more would be a double whammy—faster loss to arbs between rebalances, and more frequent rebalances
ETH
USDC
danrobinson
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Fast trustless bridges usually require payments to be locked up in escrow But what if users could just send to the relayer—trustlessly, and at a fraction of the capital and gas cost of the escrowed model? Introducing Across Prime, a new design from me @hal2001 @mrice32 🧵
Fast trustless bridges usually require payments to be locked up in escrow
But what if users could just send to the relayer—trustlessly, and at a fraction of the capital and gas cost of the escrowed model?
Introducing Across Prime, a new design from me @hal2001 @mrice32
🧵
danrobinson
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Every Ethereum researcher is focused on MEV when their biggest problem is scaling Every Solana researcher is focused on scaling when their biggest problem is MEV
Every Ethereum researcher is focused on MEV when their biggest problem is scaling
Every Solana researcher is focused on scaling when their biggest problem is MEV
SOL
ETH
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USRetailSalesMissForecast
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🚨 ALERT .. ALERT 🚨🚨🚨🚨🚨🚨 US Retail Sales Miss Forecast: A Warning Signal for Markets🙄🙄 A miss in US retail sales is more than just a weak data print—it’s a clear signal that the engine of the US economy may be losing momentum. When consumer spending comes in below expectations, it raises red flags because household consumption fuels nearly 70% of total economic activity. This slowdown often reflects growing pressure on consumers from stubborn inflation, tighter credit conditions, and rising debt burdens. Markets react fast because retail sales data directly shapes expectations for Federal Reserve policy A downside surprise strengthens the narrative of a cooling economy, increasing speculation that the Fed may be forced to cut interest rates sooner than anticipated. This shift typically pressures the US dollar and sparks volatility in equities, particularly in consumer-driven sectors where revenue growth depends heavily on spending trends. At the same time, weaker retail sales can ignite demand for safe-haven and alternative assets. Bonds, gold, and cryptocurrencies often benefit as investors position for easier monetary policy and a weaker dollar environment. For macro traders and crypto investors, a retail sales miss acts as a powerful catalyst—reshaping risk sentiment, redirecting capital flows, and triggering moves across stocks, forex, and digital assets . Consumer spending drives ~70% of the US economy. A miss here signals cooling demand and rising pressure on growth. This strengthens the case for earlier Fed rate cuts, putting pressure on the dollar while boosting bonds, gold, and crypto. Macro data like this doesn’t whisper — it moves markets. #MacroNews #USRetailSalesMissForecast #CryptoMarket
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