Orbis is a bet on Solana's future, not its present. If that's not your cup of tea, coolβjust don't pretend you're seeing the full picture.
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@HyperliquidX, which is apparently the best chain now, also apparently didn't care about the drama with @DriftProtocol. They replaced USDH with $UDSC, not $USDT. How many who thought @tether "mogged" @circle are singing hyperliquid:native's praises right now?
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The hard part is making recovery rules predictable enough that users know the claim path before the next exploit.
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This list is the ultimate brain and muscle behind the entire Solana AI economy
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Complete clown school. No one cares about any of these things. People want their money back. IOUs mean nothing, we know you owe us. Features are not a recovery plan.
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I've been deep in the trenches getting @DriftProtocol relaunched and can't wait to show you all the exciting changes we've been making so here's a brief high level update:
1) every risk parameter on perp and spot market (what you know as borrow/lend), is being empirically derived. nothing is being left for eyeballing/guess work, instead being measured from book's past behavior during crashes and size around that. plan is to start relatively conservative and loosen incrementally as TVL rebuilds, more than happy to go deep on the methodology per metric but keeping that for dedicated posts.
2) OI caps are sized to what we can actually liquidate. more than just a demand forecast, it's also worst-case absorption limit. we stress every market against an instant ~40% adverse move (harsher than oct 10-11 realized) and size so that even with makers fully withdrawn there's no bad debt. I'm aware this might be more aggressive than needed so it's not the final caps, which will still account for backstop liquidity/IF.
3) I spend a lot of time working on vAMM (our internal market maker fallback liquidity), some major changes: did a big refactor that decoupled it off the PerpMarket struct into its own quoter interface, which makes the whole thing far cleaner to reason about and to audit. alongside ex-gauntlet researchers, lot of modeling and formalization (which I'd love to release publicly at some point in future) is being done to improve quoting/spread logic so you get the best price with good liquidity. this will continue improving post launch.
4) on funding rate mechanism, we've added clamps to reduce extreme spikes, updated the base funding rate in dead zone, and there's ongoing modeling to reduce volatility with the goal of funding that's smoother and more predictable to trade against.
5) a big part of the relaunch is lowering the attack surface, so been removing legacy code paths that don't need to exist anymore. this is the same tech debt @redacted_noah has been posting a lot about lately
6) more soon..
we will also release a detailed changelog at relaunch so you can go through entire list yourself. meanwhile, I want to be as transparent as I can so will post more and please feel free to ask/tag me with any questions around exchange's economics/mechanism π«‘
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How can I retrieve my trading history from drift? Like many of us who need to do taxes
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we'll be issuing IOUs for recovery
Jun 13
Yes. Those who lost funds will get one DFX token per dollar of loss. Exchange revenue flows into a treasury backing the DFX token. Burn the token, claim your pro rata portion of the treasury. Longer you wait to burn, more you get. Best we can do, unfortunately. I came on after the fact to try to save it. Only way out is through.
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Solana 24hr Recap:
-Solana has hit an ATH of $100M 24hr Tokenized Equity Spot Volume.
- $SPCX brought by @Backpack Securities and @sunrisedefi has surpassed $100M in onchain volume since launch.
-@HubraApp launched Hall of Ra, their official points system.
-@GetPyra has announced that they are shutting down due to @DriftProtocol exploit.
-@Rosentica has reached $1.3M in sales within 2 weeks of early access.
-@perena has went gasless.
-@onrefinance Market on @kamino has crossed $150M in total market size.
-@gmtrade_xyz has surpassed 20K Users.
-@xStocksFi announced 20% xPoint boost for holding $SPCXx (must hold $100 worth).
Did I miss anything? Let me know below.
Like and Follow for more.
Disclaimer: any mentioned Tokens or Protocols are not an endorsement, DOYR.
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Kamino and Drift alone justify the whole ecosystem β the composability between lending, perps, and liquidity is finally clicking in ways ETH DeFi took years to figure out π₯
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