more dots | 🥩 | thoughts are my own | @jitoFDN @jito_sol | prev: @blockworksadv @blockworksres
Joined September 2020
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magic retweeted
Jun 12
SpaceX spot on Solana has $9m in volume. $10k trades have 5-10bps of slippage, a fraction of CEX fees. 1-5k trades effectively free
For the 1st time in history, anyone globally can get access to the hottest IPO ever. Internet Capital Markets are real and they're beautiful
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take a break from the $SPCX 5m chart, buy spot & chill, and listen to why deterministic execution is a must-have for apps like @ArcherExchange_
thank you @mmdhrumil for blessing the mic!
who wants next?
- market-makers
- searchers
- applications interested in ACE
lets cook
Dhrumil, CEO of @ArcherExchange_, on what Solana looks like in 18 months:
"Solana has a really good shot at becoming a venue for price discovery. We're noticing that price discovery has really started to move to Solana as opposed to CEXs."
"It's slowly shifting from just being Binance to now being a combination of Binance onchain price."
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MPP coded
S/O to all the MAKERS
You are a taker, not a maker. All you’ve done your whole life is take from the makers of the world.
The zero-sum mindset you have is at the root of so much evil. Once you realize that civilization is not zero-sum and that it is about making far more than one consumes, then it becomes obvious that the path to prosperity for all is just let the makers make.
Regarding Tesla, the reality is that I have been given nothing.
However, if I lead Tesla to become the most valuable company in the world by far and it stays that way for 5 years, shareholders voted to award me 12% of what is built. Anyone who wants to come along for the ride can buy Tesla stock.
If Tesla “merely” becomes a $1.999 trillion dollar company, I get nothing. This is a great deal for shareholders, which is why they voted so overwhelmingly to approve this, for which I am immensely grateful.
And they did so by a margin far more than you won your political seat.
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.@mmdhrumil spent countless hours in the microstructure trenches, so we can LP and ape spot on solana
as a fellow microstructure warrior, i look forward to working with @ArcherExchange_ and their MMs to deliver tighter spreads
Maker Priority Plugin is live on @ArcherExchange_.
MPP prioritizes transactions during BAM slots and reduces toxic flow for market-makers on Archer, leading the way to tighter onchain spreads.
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magic retweeted
Awesome to have Staking Facilities as one of the first FireBAM validators on testnet.
Reach out if you want to join testnet or early mainnet!
FireBAM live on Testnet
Because BAM wasn’t a sufficiently alarming name
check it out:
firebam-testnet.stakingfacil…
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The tech is so good and it’s getting better 🤯
Historic day for @solana:
For the first time ever, HYPE did more spot volume on Solana than all centralized exchanges in the last 24 hours.
This is truly insane, IMO. For an asset that didn't exist on Solana until just a few months ago.
ZEC also did more volume than all CEXes (other than the binance ZEC/USDT market).
BTC also posted almost $200m in 24h volume.
My guess: Solana is going to eat global spot trading marketshare in everything.
First from CEXes for all crypto assets. Then from trad spot exchanges for equities.
Lower fees, self custody assets, fully open & transparent markets that anyone can participate in, and a huge amount of distribution through hundreds of front-ends
This is a winning product formula.
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Mfers are tokenizing dinosaur fossils and you’re selling SOL here?!?!
Jun 2
RAWR-001 is now live. This proposal by @JurassicFi would authorize $19,000 in treasury spending to create the legal structure necessary to obtain their first dinosaur fossil.
Read the full proposal and trade it below.
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Jun 4
NEW: @Bankless HOST @RyanSAdams SAYS "THERE IS NO STRONG ETHEREUM WITHOUT AN ETH WORTH TRILLIONS. WITHOUT ETH AS A GLOBAL STORE OF VALUE, ETHEREUM IS A FAILED PROJECT. FULL STOP"
"BETTER TO ADMIT ETHEREUM IS A FAILED PROJECT THAN “ETHEREUM NOT ETH”"
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Attaching my ref link to aid your transition fren: jtx.com/?ref=magicdhz
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BAM's mandate is more consistency and predictability for market participants.
here you can see MPP's impact on that mandate!
can you believe this is happening on a globally distributed set of hundreds of validators?? 🤯
Jun 4
Early signs @jito_sol's BAM is changing oracle-update scheduling.
Not a perfect measure, but we bucket each oracle update by where it lands in the block, then measure how far each builder is from a perfectly even distribution. BAM’s May slots show the lowest “uniformity gap” in this data set.
If makers can refresh quotes more predictably, they should face less stale-quote/adverse-selection risk. For SOL-USDC that could mean deeper liquidity at larger clip sizes; for thinner pairs, it could lower the spread cushion makers need before supporting the market on @solana.
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magic retweeted
Jun 3
One of our non-negotiables for JTX: limit orders had to be actually resting. Not trigger-based. Resting.
Not easy to pull off, but we made it happen.
Been live-testing today. Place an order on a new market and searchers are spotting it and filling it in the same slot.
🤯🤯🤯
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