Execute or die. Founder of @TheCavalRe | Onchain Capital Markets caval.re/blog/reinventing-my… PhD UIUC. MIT L/L. CAIA. UCLA MFE advisory board
San Jose
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GM my parasocial friends ☕️
After 3 years building the new Multiswap model as a solo founder, I finally shipped it (on Ethereum) with zero marketing budget, no partnerships lined up, etc. Aside from my tweeting, it was a "modest" silent launch.
🧵
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I see my relationship with LLMs as professor -> grad student. I am the professor, but my student is 1000x smarter than I am. Nevertheless, I'm still the boss.
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🔥🔥🔥
Simplex now spends ~35-85% less time verifying votes by optimistically assembling certificates (via @cronokirby):
github.com/commonwarexyz/mon…
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Another milestone for Multiswap on Solana: shares and staking are now implemented and pushed to main.
We now have:
- Backed shares with issuance, redemption and exact final residual handling.
- Staking with reward funding, half-life vesting, claims, transfers and exits.
- Nested share staking within our hierarchical double-entry ledger.
- Protected custody and mandatory reward settlement whenever staking principal moves.
55 local tests pass, including 182 share/staking actions matched exactly against the Solidity contracts. Tests execute the compiled Solana program and cover unauthorized access, malformed accounts and transaction rollback.
A transfer with reward settlement at 16 levels of nesting measured about 168K compute units. The complete program is approximately 639 KiB, with custody, accounting, shares and staking compiled together.
Next is standard Solana token presentation so shares and staking positions can integrate with wallets and other applications. Multiswap pool and swap logic remains deferred while we finish the accounting foundation. Nothing deployed yet.
We’ve started building Multiswap for Solana, using our Solidity contracts as the specification for the economics and accounting, with an architecture designed for Solana.
The foundation is already working:
- Hierarchical double-entry accounting, including nested accounts, authenticated ancestry and explicit spending authority.
- Token custody, deposits, withdrawals and transfers, with atomic rollback if an operation fails.
- Deterministic decimal arithmetic, including exp and log, preserving our FloatLib’s 21 significant digits without native floating point.
- 43 passing tests, with 300 accounting actions and 1,461 numeric reference cases replayed against Solidity. Tests execute the compiled Solana programs, with independent accuracy checks for the math.
We’re also measuring compute costs, transaction size and account contention as we build. The architecture uses ordinary Rust modules compiled into one program; we haven’t needed to reproduce the EVM Dispatcher/Module machinery.
The current focus is getting the core accounting right. Shares and staking come next, followed by Multiswap pools and swaps once the upstream design settles. This is a tested foundation, not yet a deployed exchange.
@toly
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We’ve started building Multiswap for Solana, using our Solidity contracts as the specification for the economics and accounting, with an architecture designed for Solana.
The foundation is already working:
- Hierarchical double-entry accounting, including nested accounts, authenticated ancestry and explicit spending authority.
- Token custody, deposits, withdrawals and transfers, with atomic rollback if an operation fails.
- Deterministic decimal arithmetic, including exp and log, preserving our FloatLib’s 21 significant digits without native floating point.
- 43 passing tests, with 300 accounting actions and 1,461 numeric reference cases replayed against Solidity. Tests execute the compiled Solana programs, with independent accuracy checks for the math.
We’re also measuring compute costs, transaction size and account contention as we build. The architecture uses ordinary Rust modules compiled into one program; we haven’t needed to reproduce the EVM Dispatcher/Module machinery.
The current focus is getting the core accounting right. Shares and staking come next, followed by Multiswap pools and swaps once the upstream design settles. This is a tested foundation, not yet a deployed exchange.
@toly
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This is still a WIP, but gives a sense of what is coming:
app.caval.re/legacy/robinhoo…
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🔥🔥🔥
Today, I'm excited to share @commonwarexyz's new SOTA result on weighted threshold encryption with silent setup.
For the first time, the CRS size and public key of each party is O(W) group elements (where W bounds the total committee weight).
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You can now verify a @commonwarexyz consensus certificate for $~0.02 (125k gas) and a QMDB[MMB] state proof for $~0.0003 (2k gas) on Ethereum 🌉
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Man, everything is coming together for the new Multiswap. You aren't ready. This goes so deep.
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CLARITY was the first time I considered putting money on a prediction market. Only problem is I have no money 😅
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👀
Fast and scalable private payments. Now available on your favorite blockchain.
Introducing Bonsai, @commonwarexyz’s new protocol for efficient encrypted transfers (hidden balances, amounts, and recipients) with no global nullifier set.
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I was in my final stretches of my PhD on 9/11 working out of a highrise Chicago apartment. My wife was working near the top of the Sears Tower. When the second plane hit and it was clear the US was under attack, we didn't know how many plains were hijacked and if there were other targets. In the midwest, I feared the Sears Tower could have been a target. I remember frantically trying to tell my wife (at the time) to leave the tower, but her boss wouldn't let anyone leave. That morning and the images on the TV are burned forever into my memory.
Never forget 🙏🇺🇸
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