LoganJastremski
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The Blockchain industry is going to be competing with High-Frequency trading if we are able aiming to achieve anything meaningful
You'll need 10GB/s of throughput+ to remotely be competitive at scale
You'll need 10GB/s of throughput+ to remotely be competitive at scale
My observation from Hyperliquid is that they care less about playing crypto-native games
As an example:
- Transactions land FCFS
- Validator set is co-located
- Priority fees don't exist for trading
- All flow is treated as toxic with prioritized cancels
On the surface, these seem strange to the crypto community, but by focusing purely on their own merits, they're very sensible from a product point of view
I'm increasingly bearish on crypto-native games of KOLs, "community marketing," and in favor of building shit we want to use
As an example:
- Transactions land FCFS
- Validator set is co-located
- Priority fees don't exist for trading
- All flow is treated as toxic with prioritized cancels
On the surface, these seem strange to the crypto community, but by focusing purely on their own merits, they're very sensible from a product point of view
I'm increasingly bearish on crypto-native games of KOLs, "community marketing," and in favor of building shit we want to use
Reducing toxic flow is important, but eliminating priority fees for trading is a higher priority
Toxic flow is a trackable issue, whereas priority fees require a system redesign
Toxic flow is a trackable issue, whereas priority fees require a system redesign
An honest conversation we’ve been thinking about is whether REV is the correct metric for valuing L1s. In the past, I would have unequivocally said yes, but now I’m not so sure
Block auctions, and by extension priority fees and tips, increase randomness in access to valuable state, reducing market makers’ ability to quote tighter spreads
If block auctions widen spreads by design and push us further from replacing NASDAQ, what is the point of optimizing for this metric if the result is a worse product?
I dont have the answers here but food for thought
Block auctions, and by extension priority fees and tips, increase randomness in access to valuable state, reducing market makers’ ability to quote tighter spreads
If block auctions widen spreads by design and push us further from replacing NASDAQ, what is the point of optimizing for this metric if the result is a worse product?
I dont have the answers here but food for thought
Sometimes we spend so much time in the crypto universe that we forget crypto is just technology that enables us to create better products
It doesn’t matter if you have 1,000 KOLs and 100,000 Discord community members if your product sucks
It doesn’t matter if you have 1,000 KOLs and 100,000 Discord community members if your product sucks
Increasing determinism in trading is good, and we should explore the trade offs to enhance onchain execution
First come first serve onchain would be Flash boys 2.0
If the prevailing view is that Hyperliquid is "decentralized," we should also revisit blockspace auctions with first come first served
Which is more fair in trading?
Latency games
- Radio Towers
- Custom Fiber Lines
- Colocation
- Custom Chips
MEV (Reordering)
- Leaders play god
- Low determinism
- Sandwich attacks
- Priority fees
Latency games
- Radio Towers
- Custom Fiber Lines
- Colocation
- Custom Chips
MEV (Reordering)
- Leaders play god
- Low determinism
- Sandwich attacks
- Priority fees
Can you do first come first serve onchain with a high degree of determinism?
It’s increasingly clear that onchain finance is reconstructing the infrastructure of Wall Street
While Layer 1s are racing to develop the most advanced global high-frequency trading systems
While Layer 1s are racing to develop the most advanced global high-frequency trading systems
The increasing participation of high-frequency trading teams in crypto markets is a very bullish
It's honestly amazing how many hoops crypto users will jump through with the most atrocious UX possible
The crypto game is not for the faint of heart
Every morning, millions of people log into this app and try to find the next big thing: the next 10x, the next 100x. They want to change their lives and the lives of their families, and unfortunately, it’s a 100% rational thing
The current financial system is broken and has been for some time. Traditional companies are going public later and later, boxing out the majority of wealth creation for the masses, all while governments around the world are printing money and eroding everyday purchasing power
The crypto markets are naturally and inherently speculative, and by now, we know that these blockchains are great for coordination and trading. The high priests of this app will tell you that’s bad, but I see opportunity for a new way emerging, the possibility for global internet markets to emerge, the possibility to build wealth not for the few, but for the many
Internet Capital Markets is not a meme it’s the ability for every person around the world to participate in the global economy. It allows businesses globally to be paired with risk capital willing to underwrite them. In the beginning, things will be messy, but over time, standard reporting practices will emerge, allowing internet sleuths to actually do homework on underwriting global businesses and truly find that $50M company that could become the next Amazon or Tesla
We are in the early stages of this vision taking shape. The path to 1M TPS is not as far away as once envisioned. Don’t get disillusioned, stay the course, and stay away from leverage🫡
Every morning, millions of people log into this app and try to find the next big thing: the next 10x, the next 100x. They want to change their lives and the lives of their families, and unfortunately, it’s a 100% rational thing
The current financial system is broken and has been for some time. Traditional companies are going public later and later, boxing out the majority of wealth creation for the masses, all while governments around the world are printing money and eroding everyday purchasing power
The crypto markets are naturally and inherently speculative, and by now, we know that these blockchains are great for coordination and trading. The high priests of this app will tell you that’s bad, but I see opportunity for a new way emerging, the possibility for global internet markets to emerge, the possibility to build wealth not for the few, but for the many
Internet Capital Markets is not a meme it’s the ability for every person around the world to participate in the global economy. It allows businesses globally to be paired with risk capital willing to underwrite them. In the beginning, things will be messy, but over time, standard reporting practices will emerge, allowing internet sleuths to actually do homework on underwriting global businesses and truly find that $50M company that could become the next Amazon or Tesla
We are in the early stages of this vision taking shape. The path to 1M TPS is not as far away as once envisioned. Don’t get disillusioned, stay the course, and stay away from leverage🫡
Spent a little time overseas after Token 2049. The upper middle class salary was $30,000 USD a year
You can criticize the United States all you want, but you won’t appreciate it until you leave and to be honest, that’s what internet capital markets should enable
The possibility to build wealth online globally, not just for the few who luckily got born in the right place
You can criticize the United States all you want, but you won’t appreciate it until you leave and to be honest, that’s what internet capital markets should enable
The possibility to build wealth online globally, not just for the few who luckily got born in the right place
I look forward to the day the majority of crypto pitches include Daily Active Users, Retention Rates, User Acquisition, Customer Acquisition Costs, and Revenue Metrics instead of KOLs and Followers/Discord numbers
The entire Frictionless Team will be in NYC next week for Accelerate!
Please ping @SolanaLegend, @MichaelPinto_, or myself. We are actively deploying and would love to chat
Please ping @SolanaLegend, @MichaelPinto_, or myself. We are actively deploying and would love to chat
Now is the time for builders to fire up the content machine
Bull markets breed hype and false promises, but today as the dust settles we have real applications with revenue and infra that has a credible shot for 1M TPS
Now’s the perfect time to build in crypto when the industry is unloved, the real work shines
Bull markets breed hype and false promises, but today as the dust settles we have real applications with revenue and infra that has a credible shot for 1M TPS
Now’s the perfect time to build in crypto when the industry is unloved, the real work shines
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