building
Vancouver, British Columbia
Joined January 2020
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BretttheBuildr retweeted
Symmio and @vibe_trading solve one of DeFi’s biggest gaps: the ability to short low-cap tokens from T+0.
It's that simple.
SYMM = MORE THAN PERPS
Over the last weeks, we have started a preliminary exploration into a concept for creating a Solver/Vault to list effectively ANY meme-based token with leverage on @symm_io.
This concept draws inspiration from other LP based Perp vaults, but is externally managed by SYMMIO Solvers, hence creating alot more capital efficiency and external pricing (which is needed to ensure its robust, and effectively oracle-less (only liquidations would require some sort of oracle)
To elucidate, consider the following diagrams:
Diagram 1:
1) UserA deposits 5,500 units of WIF, valued at $2 each, to a dedicated WIF vault. (total value $11,000)
2) Concurrently, UserB deposits 11,000 units of USDC into the same vault. (total value $11,000)
3) TraderA subsequently submits an intent on SYMMIO to take a $1000x10x long position on WIF. (total value $10,000)
In response, a hedger utilizes the assets within the vault, in conjunction with external liquidity sources such as Uniswap or centralized exchanges, to execute a sale of WIF, passing down the slippage to TraderA in the Order.
Pre-Trade state:
$11,000 (5,500 WIF) long exposure
$11,000 (11,000 USDC) delta-neutral exposure
Diagram 2:
The Post-Trade state
1) the hedger adjusts the composition of the spot vault, which now predominantly holds WIF.
2) Additionally, the hedger takes a short position on 5,000 units of WIF.
$20k (10,000 WIF) Long exposure
$10k short exposure
> effectively 10,000 delta neutral
10,000 Long exposure
A few notes:
- Solvers need to fine-tune Maintenance Margin and IM requirements (that's effectively their job in addition to the operation itself).
- Vault operators are trusted; it would probably be possible to make it trustless, but it would limit the possibilities of the solver and, therefore, would probably be -ev
- Solver collateral / stake / slashing could help but also a general reputation system for solvers.
- Ultimately, solvers need to optimize to figure out the optimal strategies. (they need to be dis/incentivized to be reliable; again slashing could be an idea here, but also reputation will be necessary)
- Vault contributors could deposit directly with a selected solver, choosing them based on past returns/experience, selecting Solvers who can maximize their returns.
- Solvers, e.g., collateral deposits, could require some form of skin in the game.
- IMO, the risk of depositing into such a vault could mimic holding the meme-based cryptocurrency directly (given the operator does well.)
- Although it may be of little appeal to USDC depositors, especially in the context of high-risk vaults. (some modifications could be necessary to attract liquidity for shitcoins.)
Overall the whole idea could be an intriguing avenue for experimentation; after all, SYMMIO is really about the ability to add any derivatives permissionless, & providing the meme coin craze with leverage could be interesting.
As the SYMMIO team, we need to continue to innovate on the solver side until we reach escape velocity. I commited myself to be posting more concepts we are actively exploring and visions surrounding $SYMM in the coming weeks as we prepare for the TGE!
SYMM = MORE THAN PERPS<3
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CANADA CAN FINALLY HEAL.
Please save our country @PierrePoilievre
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On bloodbaths, I like to shift focus away from charts and just have telegram bot send me BTC/SOL/ETH updates once an hour.
Timing the bottom is incredibly hard, I get the comfort and flex of bottom bidding. But, personally - I rather buy %'s higher and wait for stability. Or DCA
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womp womp womp........
way to compensate earlier users.
Probably have done over 500k in volume on that plat.
And here we are.
tragiceden continues to impress
@MEFndn
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Seeing a lot of new @GalacticGeckoSG holders pop up in the feed & new comers in discord today/yesterday.
NFT discords have always been a fun place for me to be apart of something + step away from my daily life for those 5mins to hours..... especially with a community like ggsg.
Even if its just a simple " Hey everyone ", or a full night of. banter.
One always feels at home in the garage.
Always s/o to @genuinearticles for none stop grinding, doing the work when no one is watching is what really matters.
bought a memecoin for my gf - just for fun....
sold the memecoin for my gf - cuz it drew down 20% in one day since I bought it.
Said memecoin is now on binance , and I am again..... not meant to trade memecoins.
$PNUT
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BretttheBuildr retweeted
Quick perusal of the @GalacticGeckoSG floor
Mispriced grails everywhere
GRAILS ARE NOT SAFU
@bealeowFIN
Thank you sir for all of your efforts.
Was a please to be in the trenches with you on this one brother.
Today is a big win for the @solana world. After finding the guys who rug pulled #undeadapes with the help of a small trusted group the jury came back this morning with a guilty verdict. I was working over a year to help bring these two to justice and show that if you rug pull
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Nice to finally see this one come to it's end now.
Was sadly a part of this rug in a decent size.
Really loved the community , and was imo one of the most heart breaking Solana rugs out there in that time.
Shout out to the lads who came together to investigate what we could. Feel good moment when your efforts get used to serve justice.
Big shout out to @farmerFRENCHIE for really taking the lead and steps forward to really get our findings into the right peoples hands.
s/o to the rest of the lads too who spent the time in discord grinding.
Let justice be served. 🤝
In a shocking update, 2 NFT ruggers will face 5 years in prison after being convicted by a federal jury.
Here’s how a broken community got revenge on the team who robbed them of nearly Half a Million dollars:
🧵 👇
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