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New paper from @opyn_ x @paradigm with @andrewjleone and @danrobinson arguing that *everything* is a power perpetual.
research.opyn.co/everything-…
What do we mean by "everything"?
- Stablecoins (@MakerDAO ) – power 0 perpetual
- Margined perpetuals (@dYdX ) – power 1
- Spot lending (@aave) – power 1
- Constant product AMMs (@Uniswap ) – power 0.5
- Geometric mean AMMs (@Balancer ) – powers between 0 and 1
- Options (@ryskfinance, @lyrafinance) – combination long power 1 and power 2
- Variance swaps (@volmexfinance) – combination of long power 2 and short power 1
This means that pretty much the whole of defi is a power perpetual, or at least power perpetual-adjacent.
How how do we justify the "Everything" claim? ▼▼▼
Software development needs Chesterton fences: you should never remove or change an existing line of code until you first understand the specific reason why it was put there in the first place
(Joe Clark)² retweeted
I would rather be ruled by the median LLM than either the faculty of Harvard or the first two thousand names in the Boston phonebook.
Easy to criticize but I think op has a point that publicly funded academic mathematics is to a large degree a performance art, and we don’t want to see robots do it any more than we would want to see a robot play Hamlet.
I am so tired of seeing these posts.
I am so tired of seeing my beloved field of study be the testing lab for a technology that is disrupting everyday life at such a high pace.
Mathematics were always about the beauty of seeing the ideas of a person unfolded in an extremely precise language so we can all look into a mathematician's mind and see their purest form of ideas, their understanding of a problem, their style, their way of communicating to other fellow researchers through mathematical results... this often transcends the common language humans use to communicate with each other and it is incredibly exciting to bump into shared ideas another person had thousands of kilometers away several years ago without even knowing them.
I am extremely unexcited about AI-breakthroughs in Mathematics in the same way I am extremely unexcited about a picture created by AI or an AI-generated video, not to speak about AI-generated text. Mathematics requires soul and intention. Mathematics need not be useful by definition, Mathematics are pure art that need hard work and effort to understand. The high you get when a year of work gets condensed in a one-page result is incomparable to anything else and, certainly, a machine is not apt to relate to humans in such a humane way.
I am not interested in the truth of the results. I am interested in how was the mind behind a result able to connect those dots. I am interested in the diversity human thoughts bring to Mathematics. I am not interested in a bunch of servers running probabilities to return a Theorem, even if true: that lacks the objective of Mathematics as I see them.
I have to confess some argentine heritage and consequent support for Argentina tomorrow. However, as an olive branch, I think whoever loses should get Las Malvinas as a consolation prize. A win/win!
(Joe Clark)² retweeted
In the last 3 months, we have seen the two biggest DAOs literally just die -- The Aave and ENS stories just proved that, people in web3 are no different than any other industry: no matter what they claim to believe, people corrupt.
As a builder, this should be a warning: there are tons of founders in the space who are friendly and nice, but very few can hold their principles if it costs them the opportunity to pocket 50 million. This is the exact power and incentive structure we wanted to avoid with smart contracts.
I've learned the lesson with teams I was closely with: there are lots of people who do not hate centralization of power. Most people who claim they do just hate the fact that they aren't in control.
The incentive is really just too powerful, and honestly until I am presented with an opportunity like that, I can never be sure how I would act.
So, if any lesson can be learned here, it’s really back to what to build on: trust the protocol.
Trust the immutable code. If it’s an upgradable proxy controlled by a DAO, consider the protocol owned by the founder. Build on protocols no one control if you don't want dependencies.
(Joe Clark)² retweeted
If everything is fine, then don’t change anything at all.
But when the financial system isn’t working for so many people in the UK, it needs to be updated.
(Joe Clark)² retweeted
Another day, another @coinbase acquisition 🔥. We're thrilled to welcome the leadership team at @opyn_ to help us build the next chapter of onchain markets!
The future of finance is onchain.
We're welcoming the @opyn_ leadership team to help us build it.
Faster, more transparent, and more accessible markets—for everyone.
(Joe Clark)² retweeted
The future of finance is onchain.
We're welcoming the @opyn_ leadership team to help us build it.
Faster, more transparent, and more accessible markets—for everyone.
(Joe Clark)² retweeted
coinbase has been acquiring so many teams recently,
defi, social, infra..
opyn is the latest one.
i m old enough to remember squeeth, haha
idk if all of this would work or not
but well they are at least acquiring great talent and if that talent retains hunger, its perma bullish
(Joe Clark)² retweeted
The @coinbase team continues to execute on strategic M&A moves by acquiring @opyn_
Coinbase clearly understands that DeFi options are going to be very important in the future finance system.
The future of finance is onchain.
We're welcoming the @opyn_ leadership team to help us build it.
Faster, more transparent, and more accessible markets—for everyone.
(Joe Clark)² retweeted
Verified Pools was just the beginning. More onchain infrastructure means faster, more transparent, and more accessible markets. Acquiring Opyn Markets’ leadership is another step forward on that path.
The future of finance is onchain.
We're welcoming the @opyn_ leadership team to help us build it.
Faster, more transparent, and more accessible markets—for everyone.
(Joe Clark)² retweeted
Excited for @andrewjleone and @alpinechicken to join us from @opyn_ and help accelerate our Onchain Markets efforts! Still day one in bringing the world onchain! 🚀
The future of finance is onchain.
We're welcoming the @opyn_ leadership team to help us build it.
Faster, more transparent, and more accessible markets—for everyone.