DMH
The approach is not to limit the choice, but to provide a broader choice. https://twitter.com/DeFi_Made_Here
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What did @dYdX do wrong? dydx gave a bigger airdrop than Hyperliquid back then ($2b vs $1.6B initial value)
dydx had 5 years to build the most competitive product, and generated more than $530m in revenue
dydx also built its own chain, so it had all the tools to make the best-performing matching engine
What did they miss, and what can they do to become competitive again?
dydx had 5 years to build the most competitive product, and generated more than $530m in revenue
dydx also built its own chain, so it had all the tools to make the best-performing matching engine
What did they miss, and what can they do to become competitive again?
One thing that surprises me the most is that there is no single common opinion about AMMs, LP profitability, LVR, arbitrage, and other things.
IMO, there's a misconception that LPs are competing against traders, or that AMMs lose because traders win. This isn't how LPing works. LPs aren’t betting against traders - they’re selling volatility. The key risk they take is not trader skill but asset movement, and they're compensated with fees for providing that exposure.
LPing is conceptually similar to options selling: in options, you receive a premium upfront based on implied volatility, whereas LPs earn fees continuously based on realized volatility. LPs earn yield (fees) in exchange for taking on the risk that prices will move away from their position.
Arbitrage does not imply LP loss. It’s a necessary part of the mechanism. LPs do not care if they are selling to informed or uninformed flow, they care about their liquidity staying in range and earning fees. And while LPs could theoretically capture some arbitrage profit via MEV recapture, it's not the core design intent. The fact that billions of dollars remain deployed in Uniswap, even when some analyses show LP losses, suggests that the LPs understand they’re being paid for volatility exposure, not for making directional bets, and they are successfully hedging this exposure.
As the DEX infrastructure matures, LPs will have better tools to manage/hedge their exposure. Also, considering that options are one of the most traded financial instruments in the real world, the future of decentralized LPing remains strong, despite the timeline is doomposting on LPing.
IMO, there's a misconception that LPs are competing against traders, or that AMMs lose because traders win. This isn't how LPing works. LPs aren’t betting against traders - they’re selling volatility. The key risk they take is not trader skill but asset movement, and they're compensated with fees for providing that exposure.
LPing is conceptually similar to options selling: in options, you receive a premium upfront based on implied volatility, whereas LPs earn fees continuously based on realized volatility. LPs earn yield (fees) in exchange for taking on the risk that prices will move away from their position.
Arbitrage does not imply LP loss. It’s a necessary part of the mechanism. LPs do not care if they are selling to informed or uninformed flow, they care about their liquidity staying in range and earning fees. And while LPs could theoretically capture some arbitrage profit via MEV recapture, it's not the core design intent. The fact that billions of dollars remain deployed in Uniswap, even when some analyses show LP losses, suggests that the LPs understand they’re being paid for volatility exposure, not for making directional bets, and they are successfully hedging this exposure.
As the DEX infrastructure matures, LPs will have better tools to manage/hedge their exposure. Also, considering that options are one of the most traded financial instruments in the real world, the future of decentralized LPing remains strong, despite the timeline is doomposting on LPing.
I wish more automated yield aggregators supported $GHO pool on Fluid
the rates are often very high here, currently 36% APR on $GHO
the rates are often very high here, currently 36% APR on $GHO
What is the one event you can not miss in Dubai at token2049?
With this precompiles thing, would it be possible to perform actions on hyperevm that are initiated on hypercore?
@HyperliquidX
@HyperliquidX
Thank you @tradingview my trading skills have been improved 100x since I bought tarot cards for traders
lol, this is so false
Autorebalancing on Fluid is ofc automated and done by arbitrageurs
btw we are announcing DEX v2 soon and ig YB can be replicated there (v2 will be permissionless) with no additional coding, but not sure if yb idea is actually working
Autorebalancing on Fluid is ofc automated and done by arbitrageurs
btw we are announcing DEX v2 soon and ig YB can be replicated there (v2 will be permissionless) with no additional coding, but not sure if yb idea is actually working
anyone ever watched killerwhales? or ever heard of a project that won on the show?
surprisingly (not), they also have a token which is 97% down from the top
surprisingly (not), they also have a token which is 97% down from the top
How is @OstiumLabs different from let's say @GainsNetwork_io, which has had forex since forever?
What part of the cycle is it when og founders slow rug?
btw, there's a super easy way for me to tell if I'm talking to someone legit or just another sales guy:
If they’ve never heard of @0xfluid DEX, it's clear they’re not checking @DefiLlama
And honestly, if you're into DeFi and not checking DL daily, you're just not serious
If they’ve never heard of @0xfluid DEX, it's clear they’re not checking @DefiLlama
And honestly, if you're into DeFi and not checking DL daily, you're just not serious
A great example of how Fluid supports liquidations on other lending markets and earns from it.
A $900K swap was executed on Fluid to facilitate a liquidation on Euler, and we captured our 25% share of the DEX fee. (It’s just pennies, of course - but it scales with volume).
A $900K swap was executed on Fluid to facilitate a liquidation on Euler, and we captured our 25% share of the DEX fee. (It’s just pennies, of course - but it scales with volume).
So AlphaGrowth (Compound service provider) was trying to fight against Gauntlet in the past, and now, as a result, has to find another DAO that will be paying them $5m/year
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