take risks with non-linear payoffs. size bets appropriately. compound.

Side by side - V4 quoting and multi route search with and without poolscout.dev on @base Not only is it 2.5x faster, but you don't have to worry about RPC rate limits or brute forcing from known hook addresses.

I really like the design of Uniswaps new continous clearing auctions so thought I would give some thoughts on how to play these. The combination of the immutability of bids through the lifetime of the auction a uniform clearing price per block means that the game theoretic dominant strategy is to bid your fair price at block 1 - exactly what the auction is hoping to achieve. This assumes everyone has the same information (usually not true). Yes, you can still overpay if you want, but since your bid is locked in for the entirety of the auction, you either take all the allocation (assuming nobody else overpays and you are able to take the full auction allocation) or the auction doesn't graduate. The ability to push the price up early in the auction then dump on other users is completely removed. Since we know that most crypto users aren't rational actors though it will be interesting to see how these dynamics play out on extremely over-subscribed auctions. I imagine we see massively inflated prices in the first few over subscribed auctions, but fairly quickly people will learn that they aren't just going to print by over bidding massively.

Whenever I see blowups like xUSD I'm always reminded that often in DeFi over-diversification is a massive killer. Better to be involved in a handful of transparent protocols you have a deep understanding of than many opaque ones you don't.

I've experienced significant reductions in "brain fog", improvements in concentration and a massive increase in my ability to synthesize information from ~8 months of increased reading. Probably one of the best hacks I've had for improving my quality of life this year.

One of my biggest lessons from 2022 is that it takes some time for all the bankruptcies to reveal themselves after a big liquidation flush like this. Big trading shops are running around trying to figure out what their exposure to insolvent counterparties is and that takes time.

A lot of good lending yields after this flush. If you can be confident that protocols are solvent and collateral is fine (stablecoins are still fully backed), easily 20-40% vanilla lending opportunities in helping to bring utilization rates back down.

Reminders for the weekend - MMs often widen over the weekend - MMs will widen with this massive increase in vol (some may even just exit the books entirely) - low liquidity leads to even more vol No clue where this is going, but for now I'm sitting out. Don't try be a hero. Just because we had a massive V shaped bounce, the market was already showing signs of being over extended. Personally waiting to see if / how much blood we get on Mon open before making any moves. One of the biggest lessons I learned over the last few cycles is if things really are turning, bidding the first big drawdown is never a good move. Bid when people are in true despair.

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Became an $ASTER spot market maker for the weekend. I'd highly recommend anyone wanting to dive deeper into markets give it a go. Read about the strategy, how it performed, and where I would take it from here: blockbandit.xyz/adventures-i…

Going to be around for @token2049 next week with some of the GoblinCap crew. If you want to chat DeFi, markets, trading or simply grab a coffee / beer - feel free to reach out.

Sadly the $ASTER spot strategy might be coming to an end in its current form. Volume continuing to drop off. Spread is still decent, maybe still some juice to squeeze, but the real returns came over the weekend. Stay tuned for the full recap in the coming days

If this whale could leave my $ASTER book alone that'd be great. Pulling liq for now to see how this places out, don't want to be holding the bag. Not much bid liquidity until we get down to 1.2-1.1 range. So far just nibbles at this order.

Sunday $ASTER MMing fun continues. Had some downtime overnight unfortunately, and some lucky deltas moving with me - this is not a fully delta neutral strat. Turned over >100x inventory now. Time for a sunday coffee add some more features ☕️

So far so good on the $ASTER spot MM. Turn over ~6-7x / hour inventory with good returns. Plan to be out once there is a binance listing (too slow to compete) but for now we continue playing some order book games.

Having a lot of fun MMing Aster spot (smol size). First time making a spot market with only one listing venue - lots of new things to think about. Come buy from your friendly neighbourhood MM anon. My scrappy python bot needs some more stress testing.