armaniferrante
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What every new generation in crypto learns is that the rules change when you hit scale. Everything is fun and games when you're small, but when you're important enough for nation states to pay attention, you better be ready.
Going through the speaker list for a conference and seeing a bunch of @MadLads PFPs is just the coolest.
Where are my @rootlets_nft at?
Your counterparty risk isn’t the custodian it’s the risk management team. You can segregate custody all you want, but, no matter how you’re built, you’re still at the mercy of the liquidator.
There's something resilience inducing about FUD that helps, rather than hurts, crypto companies. Like a weight building a muscle, FUD identifies your weaknesses and forces you to strengthen them. The process hurts, but you come out stronger every time.
Dear funding rate arbitrageurs, I expect the @Backpack SOL-PERP funding rate to perpetually trade lower to other exchanges because everyone is shorting to stay delta neutral and accrue the SOL staking yield.
Do your thing, please.
Do your thing, please.
PSA.
On Monday, @Backpack will be adding a base rate of +11% APR to its funding rate formula. The methodology will remain the same, but rates will now bias positive (like every other major exchange).
The upshot. Basis trades are going to become much more profitable.
On Monday, @Backpack will be adding a base rate of +11% APR to its funding rate formula. The methodology will remain the same, but rates will now bias positive (like every other major exchange).
The upshot. Basis trades are going to become much more profitable.
We accidentally created free, instant SOL unstaking on @Backpack.
Simply
- Deposit
- Lend
- Redeem your lend at any point (subject to utilization of course)
While in the lending pool, your SOL automatically earns stake rewards!
🧱🧱🧱
Simply
- Deposit
- Lend
- Redeem your lend at any point (subject to utilization of course)
While in the lending pool, your SOL automatically earns stake rewards!
🧱🧱🧱
Two places I see permissioned block producers making the most sense:
- KYC'd compliant hubs. If you're doing KYC on chain, you might as well make it a separate chain. The universe is totally segregated from any on chain program so there's a much less strong reason for atomic composability. Might as well have a KYC chain that is tailor made for the use case. For example, completely eliminate KYC checks from smart contracts. It's KYC'd by virtue of its existence.
- Test grounds to move fast and break things--but in production. For example, as much as I love many chains, there's a lot I hate about them all. Few people have time to go through the process of getting things into production in decentralized network (thankful for the people that do this). It's almost always better to just ship it into prod with your product and upstream to mainnet later if it actually works.
- KYC'd compliant hubs. If you're doing KYC on chain, you might as well make it a separate chain. The universe is totally segregated from any on chain program so there's a much less strong reason for atomic composability. Might as well have a KYC chain that is tailor made for the use case. For example, completely eliminate KYC checks from smart contracts. It's KYC'd by virtue of its existence.
- Test grounds to move fast and break things--but in production. For example, as much as I love many chains, there's a lot I hate about them all. Few people have time to go through the process of getting things into production in decentralized network (thankful for the people that do this). It's almost always better to just ship it into prod with your product and upstream to mainnet later if it actually works.
We're beginning the process of staking @Backpack
Exchange SOL reserves.
To start, we aim to provide the full staking yield to all lenders--with the goal of eventually providing the yield to all depositors.
For now, I expect most platforms monitoring our wallets to inaccurately report our TVL numbers, as they're not tracking the staked quantity. Our wallets remain the same (although I expect to add more soon to account for inflows).
Over the next week, we're going to be updating the web and mobile apps to prepare for the first set of distributions. We'll announce more once we're ready.
🧱🧱🧱
Exchange SOL reserves.
To start, we aim to provide the full staking yield to all lenders--with the goal of eventually providing the yield to all depositors.
For now, I expect most platforms monitoring our wallets to inaccurately report our TVL numbers, as they're not tracking the staked quantity. Our wallets remain the same (although I expect to add more soon to account for inflows).
Over the next week, we're going to be updating the web and mobile apps to prepare for the first set of distributions. We'll announce more once we're ready.
🧱🧱🧱
We're beginning the process of staking @Backpack Exchange SOL reserves.
To start, we aim to provide the full staking yield to all lenders--with the goal of eventually providing the yield to all depositors.
For now, I expect most platforms monitoring our wallets to inaccurately report our TVL numbers, as they're not tracking the staked quantity. Our wallets remain the same, although I expect to add many more soon to account for inflows.
To start, we aim to provide the full staking yield to all lenders--with the goal of eventually providing the yield to all depositors.
For now, I expect most platforms monitoring our wallets to inaccurately report our TVL numbers, as they're not tracking the staked quantity. Our wallets remain the same, although I expect to add many more soon to account for inflows.
Apparently, today, many large crypto exchanges do something called trading "net settlement".
In plain english: the sum total of assets in user portfolio's and assets on order books is greater than the assets in exchange wallets.
In other words, a fractional reserve.
In plain english: the sum total of assets in user portfolio's and assets on order books is greater than the assets in exchange wallets.
In other words, a fractional reserve.
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