Afif @0xAfif Twitter profile

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@hengbet88_

@Fredosauce8

@rashtradev

@huwesdi

Afif

@0xAfif

2 years

I have a theory

Optimism

@Optimism

2 years

Hey folks--in the interest of transparency, we'd like to share some details about an ongoing situation: Summary below 🧵👇

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Afif

@0xAfif

2 months

djma

@0xdjma

2 months

Did @RenzoProtocol ezETH yield loopers on @MorphoLabs just get rinsed?

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Afif

@0xAfif

23 days

Amazing level of larp in this post, 1) there is no ny open today its a holiday, and 2) this is binance

CRG

@MacroCRG

23 days

Giga spot bid coming from Coinbase 1000BTC+ gobbled up since NY open

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Afif

@0xAfif

6 months

@ethena_labs 🤝 @synthetix_io

DeFi Dad ⟠ defidad.eth

@DeFi_Dad

6 months

Upon launch, @ethena_labs chose to partner with @synthetix_io V3 as part of the ETH basis trade that underpins the double-digit yield behind USDe. Below, Ethena Founder @leptokurtic_ explains why they chose Synthetix...

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Afif

@0xAfif

1 year

1/11) This week, the rollout for @synthetix_io perps v2 will begin on @optimismFND mainnet. To mark the occasion, I’ll do a few 🧵’s diving into some of the core elements that enable the most scalable + capital efficient passive liquidity for on-chain perps.

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Afif

@0xAfif

2 years

1/n) synth swaps on @CurveFinance have picked up lately, lots of folks wondering what the implications are for SNX stakers 🧵

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Afif

@0xAfif

1 year

1/7) It appears that Synthetix Perps will be transitioned out of beta by governance in the coming days, so it's a good time to recap some developments from the past couple months. h/t in advance to @troybeee who provided a lot of this data

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Afif

@0xAfif

2 months

Can we stop the gaslighting/soapboxing where we pretend risking real money in untested smart contracts is ‘just a few button clicks’ that’d be great

eric.eth

@econoar

2 months

Crypto is the only industry on earth where people will complain about getting free money after completing three button clicks worth of effort.

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Afif

@0xAfif

2 years

@stackhodler That's a reverse rug

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Afif

@0xAfif

1 year

1/9) Yesterday, @synthetix_io perps v2 contracts were deployed to @optimismFND mainnet, so time for 🧵 part II: five days of snaxmas🎄. Yesterday was pricing/liquidity, today will be funding rates.

Afif

@0xAfif

1 year

1/11) This week, the rollout for @synthetix_io perps v2 will begin on @optimismFND mainnet. To mark the occasion, I’ll do a few 🧵’s diving into some of the core elements that enable the most scalable + capital efficient passive liquidity for on-chain perps.

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Afif

@0xAfif

2 months

the hat stays on

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Afif

@0xAfif

6 months

BREAKING: @kaiynne IS TAKING SYNTHETIX PRIVATE AT $4.20 FUNDING SECURED, REPORTEDLY

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Afif

@0xAfif

3 years

Once again, valuations for competing L1's are approaching parity with ETH... but have they *earned* it? Definitely more so than the prior two peaks. Will be interesting, though, to see which direction this goes with Ethereum L2 adoption, PoS merge, etc. in the next year or so.

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Afif

@0xAfif

7 months

tano

@tanoeth

7 months

$SOL having 70% base APR is slightly nutty.

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Afif

@0xAfif

7 months

Interesting txn here on @Kwenta_io - within seconds of an 842k ARB long liquidation, an arb trader stepped in and fully balanced out the market (paying ~0.88 ETH to the @optimismFND sequencer)

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Afif

@0xAfif

6 months

Okay who did this

ΔLΞXΔNDΞR

@0x_____________

6 months

$SNX

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Afif

@0xAfif

23 days

@SRxTrades The overnight buy and hold underperforms SPY buy and hold

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Afif

@0xAfif

5 months

The Block

@TheBlock__

5 months

ICYMI: BlackRock, VanEck hand in amended S-1 forms for spot bitcoin ETFs to address final comments

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Afif

@0xAfif

1 year

7/7) Some folks have also asked how this compares to peers. The only one of comparable size that I could find with a friendly enough stats page was GMX, so I've compared them below using the amount of SNX debt as working capital in the Synthetix system

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Afif

@0xAfif

5 months

db

@tier10k

5 months

US FILES NOTICE TO SELL $130M OF BITCOIN SEIZED FROM SILK ROAD AGENT Source: DB | Coins: BTC

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Afif

@0xAfif

6 months

People probably ignore this because all onchain metrics are rising right now with numba go up but the difference is that this is entirely uncorrelated and thus likely to be more organic/sticky.

Danijel

@veryHighLander

6 months

Every week is a new ATH volume for @OvertimeMarkets and its completely faded.

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Afif

@0xAfif

2 years

Super fun chat with @wilburforce_ and @fozzydiablo about all things @synthetix_io , thanks for having me on!

parsec

@parsec_finance

2 years

Synthetix volume has broken out in recent months. To discuss this we brought @0xAfif onto the podcast We go deep into the weeds of the revamped atomic swaps (and theories on who is trading them), oracles, debt pool mechanics, SNX's role, and more

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Afif

@0xAfif

9 months

If you are building a perp dex on EVM, PM me. We have something to discuss 😎

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Afif

@0xAfif

19 days

Vitalik bottomticked SOL/ETH and can just as easily toptick it if he wants

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Afif

@0xAfif

1 month

wait so the sybils sybilled the sybil detection they can't keep getting away with this

The Block

@TheBlock__

1 month

LayerZero Labs CEO announces pause of Sybil 'bounty-hunter' process after influx of reports

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Afif

@0xAfif

6 months

Many such cases, this time a $2.5M AVAX short. Arb'd within seconds and again paying 0.93 ETH to the @optimismFND sequencer

Afif

@0xAfif

7 months

Interesting txn here on @Kwenta_io - within seconds of an 842k ARB long liquidation, an arb trader stepped in and fully balanced out the market (paying ~0.88 ETH to the @optimismFND sequencer)

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Afif

@0xAfif

6 months

Inside you there are two wolves

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Afif

@0xAfif

1 year

4/7) A good mental model for Synthetix Perps is to think of them as an asynchronous order matching system. Exchanges can be filled instantly since there is always a willing counterparty (SNX stakers), who then auctions the position off as quickly as possible (skew = 0).

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Afif

@0xAfif

9 months

@CatfishFishy The Bitcoin whitepaper is 9 pages

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Afif

@0xAfif

6 months

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Afif

@0xAfif

3 years

ICYMI My latest piece looks into the current state of DeFi options protocols. A quick TL;DR thread

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Afif

@0xAfif

8 months

Synthetix OI is $130M…?

tano

@tanoeth

8 months

$GMX v2 next open interest targets are $HMX and Kwenta. ALL without incentives. imagine if we have more OI than them before the GMX v2 $ARB incentives start rolling in. oh boy. Thanks for playing. h/t @DeFiMann for the chart.

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Afif

@0xAfif

8 months

@CampbellEaston @tanoeth Irrelevant seems harsh. How many DeFi protocol will earn $30M profit this year?

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Afif

@0xAfif

7 months

ΔLΞXΔNDΞR

@0x_____________

7 months

When $SNX hits $4

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Afif

@0xAfif

8 months

For people who have been conditioned to think that this means LPs lost money

Arkham

@ArkhamIntel

8 months

This week, @0xSifu has made almost $1 million longing and shorting ETH on @synthetix_io perpetuals. And it’s all visible on-chain.

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Afif

@0xAfif

1 year

Congrats on this seriously

Kwenta

@Kwenta_io

1 year

Nearly half a billion in volume on March 17th. 👀 Kwenta did the most margin volume of any perps AMM from midnight to midnight, UTC. Let that sink in. 🥂 👇👇👇

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Afif

@0xAfif

6 months

Come listen to me, two pretty cool guys, and Matt next week

Synthetix ⚔️

@synthetix_io

6 months

Next week, we're hosting a Spartan Space to explore the upcoming Andromeda Release in detail. Join us for an in-depth look at Andromeda, including - Core V3, Perps V3, the introduction of USDC as collateral/margin, and our deployment on @BuildOnBase .

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Afif

@0xAfif

1 year

@0xtuba @synthetix_io Are you fucking kidding me

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Afif

@0xAfif

5 months

Bro plz why do these synthetix guys replyguy all my tweets please bro

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Afif

@0xAfif

7 months

Narrator: The rent was actually -114% APR

tano

@tanoeth

7 months

Rent free. $GMX

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Afif

@0xAfif

3 years

Was looking through Polygon txns, looks like there is an unusual number of failed/reverted txns. Pulled a random sample from the last few hundred Polygon blocks, on average 68% of txns are reverted contract calls.

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Afif

@0xAfif

4 years

How tf do these people ship so fast

Optimism

@Optimism

4 years

Welcome to the final phase of the Optimistic Ethereum testnet! Follow our step-by-step guide to secure L2 and win a prize! 👩🏻‍💻🔒👨🏾‍💻

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Afif

@0xAfif

5 months

Alleged analyst with no bag bias makes a whole post subtweeting synthetix without a single mention 🤡

DeFi Made Here

@DeFi_Made_Here

5 months

Funding rates in the oracle-based LP perp DEXes: To be, or not to be, that is the question. On CEXes, funding rates are a mechanism to align the mark price of perps with the spot price and are paid by one side of the contract to the other side, as they serve as counterparties

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Afif

@0xAfif

9 months

Oh?

tumilet

@tumilett

9 months

@0xAfif @0x_____________ Well then, compare it to GMX then (no incentives), SNX lost market share after turning off incentives. Does that work for you? Lel

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Afif

@0xAfif

6 months

Relax its still a bear market

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Afif

@0xAfif

4 months

NAPGENER 2024 🇺🇸

nepger AKA napstradamus 🧸🎯

@napgener

4 months

Oh fuck off all of you

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Afif

@0xAfif

1 month

ETH is dead, we should have a party to celebrate the death of ETH. Is anyone working on this?

Ansem 🧸💵

@blknoiz06

1 month

i genuinely think eth dominance has topped, i drew this months ago every L2 comes out multi-billion FDV, some 10B+, ETH transition into modular architecture means value is distributed across the stack of rollups + DA layers need 10x+ rollup activity to compensate

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Afif

@0xAfif

11 months

@RyanSAdams Hey yeah

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Afif

@0xAfif

11 months

Evidently I'm going to be on a space Wednesday should be a really good one to catch

Synthetix ⚔️

@synthetix_io

11 months

Set a reminder for our upcoming Spartan Spaces hosted by @WestieCapital with @kaiynne , @0xAfif and @leptokurtic_ Hear more about @ethena_labs integration with Synthetix and the broader decentralized stablecoin space.

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Afif

@0xAfif

4 months

Love seeing takes this stupid, that’s how you know there’s plenty of music left to play

Jeff Kirdeikis

@JeffKirdeikis

4 months

Lots of people expect for BTC profits to cycle into alts. But this time is different. The $500M of daily ETF inflows can't cycle into alts. This is Bitcoin's time.

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Afif

@0xAfif

8 months

Synthetix received 9M OP ($12.33M) and ~40-50% was allocated to Curve/Velo liquidity incentives starting in 2022. So very curious how we managed to spend $14.1M on OP trading incentives 🧐

tumilet

@tumilett

8 months

@0x_____________ But Synthetix actually spent 14.1M in OP incentives (15.4M if you include $KWENTA). Hum

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Afif

@0xAfif

6 months

Wild how many people apparently never read rollup centric thesis what have y’all been doing during the bear market

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Afif

@0xAfif

2 months

discuss

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Afif

@0xAfif

10 months

tano

@tanoeth

10 months

A day with real volatility, and suddenly these incentivized platforms do way fewer volumes than on a day when BTC moves a dollar, and they do half a billion in volume. It's called wash trading fellas

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Afif

@0xAfif

7 months

Call me crazy, but I think @cz_binance is telling the truth.

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Afif

@0xAfif

6 months

We're so back

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Afif

@0xAfif

3 months

Actually the fees will probably only be cheaper for the layer 2 blockchains

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Afif

@0xAfif

1 month

Just send the asteroid I’m ready

RYAN SΞAN ADAMS - rsa.eth 🦄

@RyanSAdams

1 month

Will this cycle skip Ethereum? I'm going to take the perspective of long-term Ethereum bulls, not the obviously wrong dyed in the wool Ethereum is dead haters. There's broadly two perspectives. 1) This cycle will skip Ethereum. Why? Puberty is why. Ethereum is going through

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Afif

@0xAfif

1 month

ai needs to be stopped

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Afif

@0xAfif

1 year

11/11) Stay tuned for more 🧵’s on fancy funding rate math, off-chain oracles, and how it all fits together.

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Afif

@0xAfif

1 year

The author reflects on the evolution of Synthetix since its launch in 2018, especially its decisions around oracle design and their implications. Initially, Synthetix used push-based oracles which provided live prices and seemed efficient but faced oracle scalping issues.

kain 🍊

@kaiynne

1 year

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Afif

@0xAfif

2 years

We were part of a team that executed a highly profitable trading strategy

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Afif

@0xAfif

3 months

Too easy. If you scored 100, congrats on being a passable human cc @lawmaster

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Afif

@0xAfif

1 year

2/7) First and foremost is probably all-in income to SNX stakers from perps markets. The low volatility of returns is noteworthy, and is largely because markets are strongly delta neutral in aggregate and the bulk of income comes from exchange fees and the liquidation facility

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Afif

@0xAfif

2 months

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Afif

@0xAfif

2 months

how did he know

db

@tier10k

2 months

CORRECT: CZ GETS 4 MONTHS Source: DB | Coins: BNB

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Afif

@0xAfif

6 months

Source: @napgener tweets Reality: 3.6x price increase = 3.6x cap increase 🤦

omer

@omeragoldberg

6 months

4/ Across six hours, the $TRB market pumped 360%, or 3.6x. The cap ballooned ~50x, from USD 250K (when set initially) to 12.5m USD at the pump's peak.

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Afif

@0xAfif

2 months

neon is like eth on solana but eclipse is like solana on eth but you can also use neon to put your eth on solana and then back on eth its all very simple okay

Eclipse 🌑

@EclipseFND

2 months

Bringing EVM compatibility to Eclipse with @Neon_EVM If you're feeling left out as an EVM developer (cause the SVM is so cool), fret not. With Neon Stack, deploy your EVM dApp with minimal reconfiguration, and retain the EVM DevEx you know and love. Ethereum 🤝 Solana Learn

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Afif

@0xAfif

24 days

lmfao remember when people thought this guy was some kind of trading god

朱溯 🐂

@zhusu

24 days

Bc of the way math works, while 4k -> 5k feels like a huge move on ETH, its actually only 25%

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Afif

@0xAfif

1 year

10/11) Since LPs are delta neutral on average, markets can support gross open interest several multiples larger than the collateral backing them, helping to bring deep liquidity and capital efficient LP to on-chain perps.

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Afif

@0xAfif

1 year

6/11) On one hand, markets are resilient to price manipulation exploits that have plagued oracle reliant protocols in the past. On another, it creates incentives for traders to balance open interest since larger skew = larger premium/discount.

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Afif

@0xAfif

6 months

Threadoor courtesy means at least understand synthetix before threadooring about synthetix

omer

@omeragoldberg

6 months

11/ DeFi Protocol Risk Management - 24/7/365 Setting risk parameters across multiple markets involves managing hundreds, if not thousands, of variables. Imagine a DEX with 30 markets, each with 20 parameters (like funding rates, caps, and borrowing rates).

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Afif

@0xAfif

9 months

If you zoom in far enough the run rate is well into 10 figures

Spencer Noon 🕛

@spencernoon

9 months

Zooming in on the onchain data and it's becoming clear to me that @friendtech has an absolutely fucking absurd, mind bending, change the game forever as we know it biz model... ✔️ $313 million revenue run rate ✔️ $156 million profit run rate ✔️ $50 million user assets on

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Afif

@0xAfif

6 months

Vibecession averted soft landing achieved 🤝

kain 🍊

@kaiynne

6 months

I just voted "sYES" on "SIP-2043: End SNX inflation " Synthetix SCCP/SIP #Snapshot

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Afif

@0xAfif

7 months

Yield from selling dollar bills for $0.90 is 70% APR but when you factor in the cost of the dollar bills its actually -70% APR

SniperMonke

@SniperMonke01

7 months

@0xAfif

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Afif

@0xAfif

5 months

I literally can't with this right now

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Afif

@0xAfif

4 months

New narrative just dropped

db

@tier10k

4 months

REDDIT SAYS THEY INVESTED EXCESS CASH INTO BTC AND ETH, MAY CONTINUE TO DO SO IN FUTURE Source: DB | Coins: BTC, ETH

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Afif

@0xAfif

1 year

2/11) First up - pricing and liquidity. Fading large orders is standard LP behavior, but relatively new for Synthetix. If you’re using an oracle to concentrate liquidity, there’s a couple ways to do this.

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Afif

@0xAfif

1 year

5/11) Specifically, perps v2 markets quote a skew-adjusted oracle price i.e. when there are more longs than shorts, the market trades at a premium to the spot oracle price (and vice versa). A simple linear skew vs. premium function is used; the benefits are two-fold.

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Afif

@0xAfif

11 months

@kamikaz_ETH It's neither, but it's closer to an orderbook than it is to GLP. Longs and shorts are typically hyper-balanced, so SNX stakers are generally not taking the other side of anything (closer to insurance fund than counterparty)

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Afif

@0xAfif

21 days

Plzbro solano etf is just a few months behind bro please

db

@tier10k

21 days

CME HAS NO PLANS TO OFFER SOLANA FUTURES: PERSON FAMILIAR Source: DB | Coins: SOL

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Afif

@0xAfif

1 month

easy 25x here

Polymarket

@Polymarket

1 month

It's time to come clean @TheRoaringKitty .

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Afif

@0xAfif

7 months

Ghosted, I fear

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Afif

@0xAfif

1 year

7/11) Stepping back a bit - what we have is traders who create risk for LPs (increase skew) paying a premium to the pool, which stores and subsequently redistributes it to traders who neutralize risk (without gain or loss).

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Afif

@0xAfif

6 months

So the implication here being that this round of TRB manipulation cost <$2M.....?

omer

@omeragoldberg

6 months

9/ At @chaos_labs , we derive OI cap values while considering manipulation costs, ensuring: payoff fn << manipulation cost We build models to estimate and monitor the manipulation cost, which is a crucial consideration for the parameter optimization engine. Here’s an example:

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Afif

@0xAfif

2 months

@crypto_noodles @Uniswap @HyperliquidX Nothing but respect but this is the type of tweet that always manages to age poorly

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Afif

@0xAfif

2 months

@TrustlessState this is just basic arithmetic not calculus

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Afif

@0xAfif

5 months

Pleased to announce that we are in fact so back

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Afif

@0xAfif

3 months

I wonder why they didn't do it on solana

Robert Leshner

@rleshner

3 months

Congratulations @BlackRock and @Securitize on the launch of the BlackRock USD Institutional Digital Liquidity Fund! This is another great milestone for the tokenization of assets!

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Afif

@0xAfif

1 year

8/11) Some AMMs retain price impact for LPs; with this model it’s exchanged exclusively between market participants. There’s a case to be made for both designs, but the latter arguably limits LP directional risk more effectively and is much capital efficient.

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Afif

@0xAfif

8 months

Bucko has been achieved internally

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Afif

@0xAfif

1 year

6/7) There's a lot of reasons for this, but most boil down to the pricing and funding functions, which I'll do some subsequent in-depth explainers on.

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Afif

@0xAfif

1 year

9/11) Capital efficiency is seemingly overlooked sometimes in the perps AMM space. Many protocols limit positions to roughly 1:1 with the collateral in the pool. With Synthetix, premiums/discounts put a soft cap on directional risk LPs are exposed to before arbs happen.

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Afif

@0xAfif

3 years

1/ Thread on how @Uniswap can increase liquidity / capital efficiency by an order of magnitude. Will they do this specifically in v3? Probably not. I am a simpleton and they probably have a much grander vision. But fun to speculate nonetheless.

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Afif

@0xAfif

1 year

3/11) I think a common design mistake here is thinking more like a market maker instead of a (pseudo-) p2p facilitator. Rather than complex logic optimizing for profit as a primary counterparty, Synthetix's perps design revolves around efficient matching of buyers and sellers.

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Afif

@0xAfif

2 months

In the biz we call this intersubjective inflation

*Walter Bloomberg

@DeItaone

2 months

YELLEN: HIGH INFLATION DUE LARGELY TO FADING SUPPLY SHOCKS

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Afif

@0xAfif

8 months

Inner City Press

@innercitypress

8 months

AUSA: Did you have discussions about a $13 billion hole? SBF: I don't recall such conversations. AUSA: You think it should be preserved? SBF: It depends. AUSA: Adam Yedidia quoted you that preserving Signals would be all downside SBF: I don't recall that

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Afif

@0xAfif

1 year

4/11) Funding rates are a useful tool to create incentives for low frequency balancing of positions (details in another 🧵), while price adjustments do so at higher frequencies.

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Afif

@0xAfif

1 year

A lot of you have never went to prison and it shows smh

Spreek

@spreekaway

1 year

@teo_leibowitz Personal recognizance bond = he doesn't have to actually post anything. But his parents signed the bond and agreed to put up their home equity to guarantee it.

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Afif

@0xAfif

7 months

$TIA trading like they just announced a partnership with Microsoft azure

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