christina retweeted
Want to see Minehood in action? ⛏️💎
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christina retweeted
Something is digging under the town ⛏️
Minehood is coming. Dig six mines. Break six bosses. Keep every gem you swing for 💎
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christina retweeted
1,000 $PAPER cost the largest farmer we traced $0.34.
Minting the same amount today by losing costs $27.9: 82x within a day of launch.
Good work by @blockworksres.
To us reads more clearly as the cost of the token, because these are ponzi economics: stakers are paid from the next entrant's losses, so the price depends on when you showed up.
1,000 PAPER, four prices:
- $27.90 today, by losing outright
- $10.00 at launch
- $3.91 today, hedged
- $0.34 for that farmer, net of rewards
Wallet
0x35b29bdd690f95fe35c9645f21866b04616295a7:
- In: $3,999,417 in three deposits on 9–10 Oct UTC ($2,996,000 from 0x2312B5480F7e3d1894eD046aF15B23186fF0F53c)
- Volume: $10.1B in identical clips
- Fifteen BTC longs closed in one second at −$2,406.95 each
- Trading PnL: −$979K; staking rewards claimed: $893K
- Out: $3,904,942 at 22:17 UTC Saturday, forwarded to 0x2312 at 22:36
- Kept: 252M staked PAPER (4.7% of supply) for a net $86K
22:17 is when payouts broke.
Trading opened 14:00 UTC. By 22:00, $23.9M of the $24.7M paid to stakers (97%) was already out.
Per 1,000 staked PAPER: $3.35 in the first full hour, then $0.014/hour. @Cbb0fe closed everything in the first two hours.
The wallet above traded slightly longer; however a 🇫🇷 flag on that wallet cannot be excluded.
We expected a fast first week/month in May. Wrong by more than an order of magnitude: it took hours.
For a new minter, only dilution remains. Each 1,000 new PAPER yields stakers ~$2. A hedged mint needs supply to grow 7.1x to break even; an outright loss needs light a candle to the ‘devs’.
Owners retains control after the podcast tour (@notthreadguy, @TaikiMaeda2, …). Raising the pool cap from $5M to $10M sends the next $5M of trader losses to the pool before stakers see a dollar.
Docs: “in principle the owner can do anything the implementation can be rewritten to do.”
Still the weekend; the LP has not faced a weekday trend.
What is sure is any liquidity $PAPER receives meets that supply of early farmers first.
Keep an eye on the timeline for a ‘how I farmed PAPER” victory article thanking @PacmanBlur for shutting down on the footnotes. 😂
Loss farming has already put early minters well ahead. Two things drove it: 1) PAPER supply was small at the start, and 2) large realized losses flowed to those first stakers.
However, as aggressive loss farming gives way to delta-neutral farming, protocol revenue (traders’ net losses) falls, and so does the effective price of minting PAPER relative to a real loss.
To illustrate, since PAPER is minted on losses (about 37 PAPER per $1 at today’s rate):
1. Pure loss farming: a $200K loss mints about 7.2M PAPER, and about $198K goes to stakers or tops up the pool.
2. Delta-neutral farming: the $200K lost on one leg mints the same 7.2M PAPER, but the winning leg takes most of it back, so the protocol keeps only about $27K.
That’s why, while minting PAPER should now cost about 2.7x what it did at launch, what stakers actually receive for each new PAPER has fallen, to about $2 per 1,000 new PAPER since the rush from nearly $5 during it.
Adjusted for inflation, each staked PAPER now earns about 98% less per hour than during the rush. The planned increase in the pool cap from $5M to $10M will cut staker payouts further.
This is not to say staked PAPER won’t keep earning decent yields, but the extremely fast paybacks are over, and with them the reason to rush in and farm PAPER through pure losses. Anything you do now should be purely delta neutral, ideally on lowish leverage so you can close on bigger moves and avoid the insane haircuts.
christina retweeted
Adding New Perp To My Farming List [ Research & Insights ] : @bulktrade
🔗 Link: app.bulk.trade/ref/EBA
Currently they are invite only so you'll need an access code & i already dropped some codes in the comments so use them ASAP if you're interested.
Now, why Bulk Trade?
1. Confirmed airdrop : team confirmed a 30% airdrop at TGE for points holders (liquid airdrop).
2. Solana Co Founder Toly is also an angel investor.
3. Till now no perp has done an airdrop on Solana & ofcourse they won't want to be left behind so things could go well here.
4. A response to the discrepancy : they refunded all losses even with 10% compensation. (Tbh this move impressed me a lot.)
5. Points maths is looking good:
• Airdrop allocation: 30%
• Total Points: 60M
• So even if they launch at $100-150M FDV (very conservative & bearish case) then 1 point = $0.50-$0.75
Although $100-150M is a worst case scenario. Many DeFi Sol projects have launched at $250-500M but I'm considering a very bearish case for points valuation.
& today I got around 1,800 points (worth $900-$1,350 in the most bearish case) with just $600K volume and burned around $80 in gas means almost 10x of fees👀
6. Most important : less crowd + low competition + early edge. Competition will keep increasing, currently there is only 5-10 pairs + week 3 is going on so we're super early with very little crowd.
7. already did $500M+ volume in just 2-3 weeks since launch.
--
Not saying it'll cook like Lighter or Variational but we can expect a decent cook from here because we're early and competition is low.
So worth collecting Aura points if you have funds left after farming other perps.
Tips:
• Fees are a bit high, so you can simply use limit orders (maker) since maker fees are 0.
• You can hedge it with any low fee perp (e.g. Lighter/RH).
• Points are distributed every Saturday.
Dropped some access code below so use it asap if you want to get started🫡
Applied to be a Founding Trader at @BungeeExchange
Wave 01 is a short list. After that you’re just reading about it
Sign up to see if you get in
join.bungee.exchange/?ref=TA…
Join me on the Jumper waitlist. waitlist.jumper.xyz/r/JMP-16…
christina retweeted
ALT @morganfairchild tweet about the little guy bf who would taunt bigger guys
Justice Clarence Thomas checked the box “none” for his wife’s income during a period when Ginni Thomas earned more than $686,000 from the Heritage Foundation. When called on the lie, he said it was “due to a misunderstanding of the filing instructions" washingtonpost.com/opinions/…
christina retweeted
Probably the best thing you'll see today.
In 2017, a group of developers hilariously competed for who could create worst volume control interface in the world.
The results 🧵
1/22
christina retweeted
I mean to be fair. I'm also pissed. If you wanna sell the recruit gotta bring him to chucks
Rumors swirling Jim Harbaugh’s Level One NCAA violation was for buying a recruit a hamburger at Brown Jug.
NCAA found a receipt and then Harbaugh wasn’t honest about it.
via @Balas_Wolverine
