I’ve just completed the initial mobile UI/UX for @Balcore_AI and put together this quick demo. I want someone who has never used blockchain to open Balcore, understand what their assets are doing and participate in market making without having to manage all the complexity behind it. The way you earn is straightforward. You provide assets as liquidity on an automated market maker (AMM) decentralized exchange (DEX). Other people use that liquidity to swap assets, and you collect a share of the fees they pay. You are providing the assets that help execute and settle those swaps. You keep custody and control while putting your assets to work as a market maker. The big problem we’re tackling is impermanent loss. As the pool changes the mix of assets you hold, your position can fall behind simply holding those assets, even while fees keep coming in. That shortfall can exceed the fees earned. Balcore is built to tackle this problem alongside inventory imbalances and the constant decisions about liquidity placement, adjustments and position defense. The objective is to keep fees ahead of impermanent loss so asset holders can continue participating. For the person using the app, the experience should feel simple: add funds, choose a market, follow your position and fees, choose whether to autocompound, and withdraw. Balcore handles the ongoing market-making work in the background. That combination of self-custody and a hands-off experience is what I want this demo to show. We’ve spent years working through the complexity, and I’m putting the same care into making the product intuitive to use. Be the Market Maker. There is no escape 🔺

Balcore’s closest competitors are automated liquidity managers (ALMs), which move liquidity around a pool as prices change and try to collect enough fees to cover what the position loses along the way. I want to show you what an ALM strategy and Balcore each had left after seven days on the same market. The setup is simple. The same $50,000 goes into each strategy, using the same modeled AVAX/USDC pool and seven days of real Coinbase price data, minute by minute, from 9 to 16 October. The week had a proper swing in it, up past $11 and down below $9.50, exactly the kind of market where these tools are supposed to earn their keep. I gave the ALM favorable execution assumptions on purpose. It keeps all its capital in the active bin, capturing about 80% of the modeled pool income, while Balcore’s share of any individual bin stays below 0.5%. Its swaps cost 0.05%, with no gas charges, and its earnings compound straight back into the position. Same emissions, same pool depth, same prices for both. At the end of the seven days, the ALM had $41,391 left from its original $50,000. It finished $7,982 behind simply holding the deposited assets. Balcore finished with the original quantities of AVAX and USDC restored, plus a reported $769 in net income above those holdings. After accounting for the cost of restoring the assets, it still had earnings left. That is the outcome I want to highlight. What did the asset holder actually have left after the week was over? Over an extended period, an ALM can keep collecting fees while impermanent loss and repeated repositioning leave little or no net income. Limited competition can also help a provider capture more of the available fees. For example, if one whale supplies 95% of the liquidity earning fees at the active price, it can collect most of those fees. I want to see whether a strategy can keep producing net income as more participants arrive and compete for that same fee flow. As shown in the video, Balcore’s four layers work continuously around the liquidity. They consider where price sits in the week’s structure, how the position has changed, how fast price is moving and what reserves are available. Together, they guide liquidity placement, capital rotation, protection during sharp price changes and reserve support, with the objective of keeping fees ahead of impermanent loss. I believe impermanent loss is one of the biggest reasons funds, institutions and everyday asset holders are still reluctant to participate at scale in automated market maker (AMM) decentralized exchanges (DEXs). Collecting fees while losing the assets you deposited is a difficult proposition. We believe @Balcore_AI ’s architecture represents a first-of-its-kind practical solution to that challenge, designed for sustainable participation in competitive markets, with asset holders retaining custody of their funds. Be the Market Maker. There is no escape 🔺

Wrapped up the founder video today. I wanted to explain @Balcore_AI in my own words, from my own experience as a liquidity provider. Why I built it, the problem I kept running into, and why solving it matters for the entire industry. On AMM DEXs, you can collect trading fees and still fall behind because impermanent loss eats away at those earnings. I’ve experienced that frustration myself. It’s what pushed me to build Balcore, and today I tried to make this complex problem and our approach understandable to anyone watching. Looking forward to getting the final video and sharing it with you. There’s a lot of personal experience and years of work behind this story. Be the Market Maker. There is no escape. 🔺

At TOKEN2049, I met a core team member from @pangolindex, one of the leading and the oldest decentralized exchanges in the Avalanche ecosystem, and showed him a glimpse of @Balcore_AI’s early working product. This is what he shared on his timeline afterward. Feedback like this carries weight when it comes from someone who understands the mechanics of DeFi firsthand. People who build in this industry understand the depth of the problem we’re tackling. Liquidity providers put their assets into AMM DEXs to earn trading fees, yet impermanent loss can erode the value of those assets faster than the fees come in. That undermines the very reason they participate. Until we make those economics sustainable, AMM DEXs will struggle to compete with centralized exchanges on liquidity depth. Tokenizing equities brings bigger markets onchain, but institutions, funds, and everyday asset holders need a practical way to manage that risk before they commit capital at scale. That is what we’re building at Balcore: self-custodied, autonomous market-making infrastructure engineered to keep fees ahead of impermanent loss. Seeing people who know the problem recognize the potential of our working product makes every year of research and iteration count. Be the Market Maker. There is no escape. 🔺

Day 2 at TOKEN2049. Spending the day talking with institutions and family offices and fund managers showing @Balcore_AI live and explaining the industry problem we’ve built it to tackle. People provide liquidity in AMM DEXs to earn trading fees. But because of impermanent loss, their underlying assets can shrink faster than those fees come in. That makes participation difficult to justify, whether you’re an everyday asset holder or an institution deploying serious capital. As stocks, gold and other assets become tokenized, the same problem extends into much bigger markets. Bringing assets onchain is only part of the work. We also need market-making infrastructure that makes providing liquidity economically sustainable. We’ve built a working solution to tackle this, and we’re here to demonstrate it, answer the hard questions and bring future participants onboard. Come by SS10 at Startup Village, Level 4, and see Balcore in action. Be the Market Maker. There is no escape. 🔺

When your money is involved, you deserve more than someone telling you, “Everything is working.” Public blockchains keep a shared record of transactions that anyone can inspect. But those records can be difficult to understand, especially if you’re unfamiliar with crypto. Seeing a transaction is one thing; understanding what happened to your assets is another. That is why we built the Balcore Explorer. It turns our recorded onchain activity into a clearer picture: where liquidity is deployed, what fees it earns, what sits in reserves, and how funds move through the system. Users can trace those figures back to the underlying public records and check them independently, without relying only on our words or a third party’s report. In this video, I also walk through the explorer’s layout and share a little more about Balcore’s architecture: how the user’s wallet, liquidity management system, reserves, and market-making pools connect. I want people to understand both what they see on the screen and how the system behind it works. For @Balcore_AI, making the evidence accessible and understandable is part of building the product. The explorer is our interface. The public blockchain holds the recorded evidence. You can check it for yourself. Be the Market Maker. There is no escape. 🔺

Good morning. ☀️ Heading to Singapore for TOKEN2049 and waiting for my flight at the airport. While I have a little time, I thought I’d share my first experience using Balcore’s working product live on Avalanche mainnet. I just got my hands on the first internal version and started market making with Bitcoin using @Balcore_AI. After recording this video, I did the same with AVAX. Two years of building, and now I’m using what we built. AMM decentralized exchanges are powerful tools. They opened access to market making, a role once largely reserved for big institutions, specialist firms, and banks. Now, everyday asset holders can provide liquidity that makes trades possible and earn fees when those trades happen. This is just the beginning for Balcore. Our vision is to bring this experience to a much wider range of tokenized assets, including stocks and gold. But there is a serious problem in the underlying economics. Providing liquidity requires a pair of assets, and as prices move, the pool changes the mix of assets you own. You can earn fees from every trade and still end up with less money than if you had simply held your assets. The loss compared with holding can be bigger than all the fees you earned. That is impermanent loss, and it remains one of DeFi’s biggest barriers to making market making sustainable for individuals and institutions. That is the hard part we believe we’ve cracked at Balcore. Our engine is designed to manage impermanent loss, inventory imbalance, and the operational complexity behind the scenes, with the goal of keeping fees ahead of impermanent loss. We’re operating internally on mainnet with our own capital, with continued live validation and independent security review ahead of public release. Finally using the product onchain is a milestone I’ve been waiting a long time for. Now I’m heading to Singapore to show what we’ve built. Be the Market Maker. There is no escape. 🔺

We’re aiming to open Alpha tester registration on the Balcore website tomorrow, with testing targeted to begin in mid-October. This will be an invitation-only group, giving you an early chance to explore the product and help shape the experience before a wider release. We’re building what we believe is a first of its kind market-making product focused on mitigating impermanent loss while providing liquidity on AMM DEXes. The goal is not just to collect fees. It is to help asset holders keep those fees ahead of IL and costs, while making the experience simpler, more intuitive and genuinely enjoyable. A fee counter going up means very little if your underlying position is losing more than you earn. That is the problem @Balcore_AI is built around. Keep an eye out for the announcement. No wallet connection or deposit is required to register your interest. Invitations will be sent by email. Be the Market Maker. There is no escape. 🔺

Good morning ☕️ Woke up and went straight into a meeting with our lead developer. For the first time, I got to see @Balcore_AI's live UI running with the actual working product behind it. We walked through it together to make sure everything was implemented the way we designed it. A few minor fixes are still needed, but overall, the UI is nearly ready. After spending so much time on the mechanics behind the product, seeing it come together like this was a big moment. The team has also completed our custom Balcore Explorer, where users will be able to check onchain balances, inspect activity and see the transparency data behind the system. A dashboard should not be the only place you can see what is happening with your assets. You should be able to check the blockchain and verify it for yourself. A good way to start the morning. Now back to getting the remaining details right before we put Balcore in the hands of our first alpha testers. Be the Market Maker. There is no escape. 🔺

Wiring underway. Our God-tier dev is connecting the @Balcore_AI protocol to the front end this week, the final stitching before the internal build goes live. Everything the protocol does on-chain, from fee accounting to settlement to the balancing reserve, now has to show up on one screen that a liquidity provider can read in ten seconds. Once it is live, it goes to two groups: our alpha testers, and the first institutions and funds we plan to onboard as protocol users. Autonomous market making on automated market maker (AMM) decentralized exchanges, built to beat impermanent loss, is about to have a face. Be the Market Maker. There is no escape 🔺

Next week we’re taking Balcore to Singapore for TOKEN2049. 🇸🇬 We’ve spent a long time building quietly, testing, breaking things, fixing them, and getting the product to a point where we’re ready to actually show it. At TOKEN2049, we’ll be unveiling Balcore’s working product at Startup Village in front of industry leaders, VCs, institutions and builders from across the space. What we’re building @Balcore_AI is simple to explain, but hard to solve: help asset holders become market makers on AMM DEXes, earn fees from the trades their liquidity facilitates, and tackle impermanent loss so providing liquidity can actually make economic sense over time. As more stocks, gold, crypto and other assets move onchain, this becomes a much bigger infrastructure problem, not a niche DeFi problem. If you’re there, come by SS10 at Startup Village and say hi. We’d love to show you what we’ve been building and where we’re taking it next. More assets are coming onchain. They will all need markets. And those markets will need better liquidity infrastructure. Be the Market Maker. There is no escape. 🔺

This is a very Long post, but feel free to read it if you truly want to understand the severity of the issue we are tackling at @Balcore_AI . Study based on Five years of Uniswap v3, the largest DEX on earth. How many liquidity providers actually turned providing liquidity into a profitable business? I went through every wallet-level study of Uniswap v3 that exists, because I wanted to find out a ballpark in number: out of 100 people providing liquidity, how many end up ahead after fees. Here is what the data says. In 2021, the first four months of v3 across 17 pools with 43% of total value locked, about 50 of 100 wallets finished ahead of holding. Through March 2022, across 9,811 ETH/USDC wallets, 46 of 100 . On Base from Sep 2024 to Jul 2025, among roughly 15,800 Uniswap v3 liquidity providers (LPs) in WETH/USDC, 17 of 100 ended with more dollars than they deposited . All these three points we have all point the same way. In the deepest 2021 pool the 38% who won averaged +$2,251 and the 62% who lost averaged −$18,245. That is how a pool loses money while many of its wallets are ahead: the average loss was eight times the average gain. So where did providing liquidity on v3 pay? On one scale, fees earned per $1 of cost, only one category clears break-even: the long-tail 30 basis point (bp) pairs like LINK, MATIC, LDO and UNI against ETH, at about $1.50 . Everything else fell short. Positions held over a month earned $0.91, the deep ETH/USDC 5 bp pools where most capital sits about $0.80, positions held under a day $0.56, and correlated pairs like WBTC/WETH $0.06. And the fees that do get paid are not spread around: a sophisticated cohort holding about 80% of TVL takes about 80% of them. Why fewer make it now than in 2021: back then ETH/USDC volume sat in the 30 bp pool and most swaps were retail. Since then LPs competed the fee down to 5 bp and 1 bp to win routed volume, so revenue per dollar traded fell about six times while the arbitrage cost per dollar stayed at 1 to 2 bp. Volume grew, but 60 to 80% of it is now arbitrage, which trades only after the market has moved past the fee and takes more than it pays. The pools handle more volume than ever and pay those quoting it less. Put together, the conclusion is hard to avoid. Fewer liquidity providers make it every year, and in the pools where most of the capital sits, fees have never covered the cost of quoting, not in 2021, not in 2025, and less in 2026 after the fee switch took 17 to 25% off the top. This is not a skill problem. The studies found no clear evidence that active rebalancing improved outcomes. Fees do not always cover the cost to the liquidity provider. Balcore is built to manage what happens around the position: when to provide liquidity, when to protect inventory, and when to step back. The goal is to help a DAO, treasury, institution, or everyday asset holder earn fees that stay ahead of the cost of making a market. Be the Market Maker. There is no escape. 🔺

I’ve been in the Avalanche ecosystem since the early days, and from everything I’ve seen, Balcore is the first protocol where I feel the real application-layer innovation is being built natively here, not copied over from Ethereum or Solana. Avalanche was never meant to be the chain that simply follows what others invent. It was built to push boundaries, invent new market infrastructure, and lead. Its applications should do the same. With Balcore, we want to set that example: build something fundamentally new here, prove it here, and let others follow. Avalanche should lead. Its builders should lead. @Balcore_AI intends to do exactly that. Be the Market Maker. There is no escape. 🔺

Usually after a summit, lots of people goes to the after parties, gets drunk, talks for hours, and calls it networking. I used to attend those events at previous summits too, so I know firsthand how unproductive most of them can be and how much money organizers waste arranging them. This time, I skipped all of it. I spent the entire day laser focused on speaking with institutions and VCs. Every conversation had a purpose, and it paid off. I built some amazing relationships and got exactly the level of connections I needed to move Balcore forward. I did not come here just to attend another summit. I came here to open the right doors for @Balcore_AI , and that is exactly what I did. Now it is time to follow up, show them what we built, and turn those connections into something real. Be the Market Maker. There is no escape. 🔺

Meeting Emin with my family has become one of our favorite Avalanche Summit traditions. We do it almost every year, and this time I finally gave him a quick heads-up about what we are building at Balcore. He is now following @Balcore_AI on X, and I am excited for the day I can sit down with him and show him the product and the live data behind it. Tokenized assets are moving onchain, and AMM DEXs will be among the major venues where these assets are traded and liquidity is provided. But the industry is still dealing with one major structural problem: impermanent loss. LPs can generate significant fees and still lose ground as markets move and their inventory becomes imbalanced. @Balcore_AI is not trying to hide this problem behind another token, more emissions, or basic rebalancing automation. We do not believe impermanent loss is simply an automation problem. It is an intelligence problem. That is why we built a four-layer intelligence system designed to respond to changing market conditions, mitigate IL, and keep fees ahead of it. We have already completed backtesting across four Phase One markets: BTC, ETH, AVAX, and gold. These will be the first markets brought live using protocol-owned liquidity. Phase Two expands Balcore into tokenized stocks, followed by cross-asset markets in Phase Three. Our job now is to prove everything with live capital and live data. If Balcore performs the way we built it to perform, it will not stop at improving one pool or one DEX. We believe it can help push the entire AMM DEX model forward as trillions of dollars in assets move onchain. It is always special to share these moments with my family. The next time I sit down with Emin, I do not want to explain Balcore with words. I want to show him exactly what it can do, live and onchain. Exciting times ahead. Be the Market Maker. There is no escape. 🔺

Met @stephenbuttolph today, Avalanche’s Chief Protocol Architect and one of the sharpest technical minds behind the network. Cornell CS background. This guy is a seriously crazy genius in the best possible way. I learned much more about the upcoming Helicon upgrade, which will bring Continuous Execution to the C Chain, allowing consensus and execution to run in parallel for higher performance. Combined with Avalanche’s work on faster block times, the network continues to push toward lower latency and greater throughput. We also discussed Firewood, a blockchain database the Avalanche team built from the ground up for fast and efficient state reads and writes. As Stephen explained, Firewood is already ready as a product and very close to implementation. It is simply not the default database setup yet. Building a database from scratch requires enormous resources, and barely any blockchain team is willing to go this deep. This infrastructure can help power high throughput applications such as onchain CLOBs, perpetual markets, and many other serious products. There is a reason @Balcore_AI chose Avalanche. I believe its underlying technology is miles ahead of its competitors, it is becoming a major institutional hub, and the team is building infrastructure for real businesses, not just narratives. The deeper I go into Avalanche, the stronger my conviction becomes. Be the Market Maker. There is no escape. 🔺

Great capture with The Arena team, one of the strongest SocialFi teams building on Avalanche and Beyond, and a few other relentless hustlers at Avalanche Summit. 🔺 Tough markets reveal who is truly here to build. When the hype fades and conditions get harder, most people slow down. But a few become even more focused, hungry, and unstoppable. The Arena team is one of them. Still building. Still shipping. Still pushing SocialFi forward. @jasonmdesimone CEO of The Arena, is also an advisor to Balcore. We’ll be working closely with him as we grow the protocol and build a strong community around it. The real builders never leave the Arena. Be the Market Maker. There is no escape. 🔺