Its a difficult pill to swallow, but we're thinking about shutting down
@UseUltraLP.
In the early days launchpad wars on Solana, and frothy volatility, it was evident that professionalization of on-chain liquidity provision was the next step. Current AMMs needed to focus on UX, security and growing the market. This meant less attention to reliable infrastructure for institutional grade on-chain market making.
We spent 6 months building UltraLP, initially a LP copilot on
@MeteoraAG to help LPs manage positions with real time data. In the background we also indexed
@Raydium @orca_so with goals to become an AI liquidity engine for Solana.
We quickly grew. Over the last year and half we collected 8TB of fine grain Solana AMM data down to the positional level, had 2500+ users managing over $60M TVL. Built on our own custom indexing solution on bare metal that had milisecond refresh times. The downtimes that many platforms experienced during solana:6p6xgHyF7AeE6TZkSmFsko444wqoP15icUSqi2jfGiPN and
$MELANIA launches challenged our platform, but it was solid. We were invited by Wintermute to visit their office in London to learn and discuss more about market making. Then we started building mid-frequency quantitative strategies on top of Meteora and Drift, targeting 15-25% APY.
As we built these strategies, early days had promising results. The math was solid. Backtests were positive. We talked to investors and family offices, people were very interested in competitive and low risk yield natively on Solana defi. We had 7 figures in commitments in a few days.
Even 10/10 hit our risk engines and things did not break.
But as we continued, more stress tests came, and it slowly became obvious that infrastructure and platforms we were relying on wasn't in a place where we could safely and reliably scale institutional capital - at least not as a 'meta platform' built with 'meta infrastructure' - relying on other contracts and infra to execute.
Our cracked Serbian engineers had tried hard to build backups upon backups on top of other's infrastructure to make do. We joked that we built the Hydra of defi for quant strategies. If one component failed another took its place.
But the essence of it was that it a space station hurdling through an asteroid belt where the connections were solid, but the components may fail at any time, AND environment danger level: extreme.
This was a painful realization.
Pushing harder into it would have meant taking risks that weren't compatible with the "hedge fund grade" standard we set for ourselves.
The Drift incident occurred shortly after. And I thanked our previous selves for the prudence. The sanctity of user deposits takes precedence to experimental growth.
After alls said and done, we learned what on Solana we can rely on: the chain, the ecosystem and its users - a bulwark of crypto.
We also knew what was missing: the 7 figures in interest in competitive yield on defi that needed a tuneable risk knob, that came in just a few days, was still unserved.
So instead of relying on others, we decided we're going to build our own venue. One thats not reliant on just volume of memecoin runners, or subject to impermanent loss.
The hyperliquid of options markets on Solana.
@leaps_finance
In 2026, options are a piece of ancient Solana history, but we think its about time to bring a progenitor of derivatives back. Starting with an one sided marketplace: earning yield through selling volatility, and then gradually to a full ledged defi options platform, powered by the same AI liquidity engine we were building on day 1.
We think the act of earning high competitive yield through covered calls and cash secured puts is a more defi native experience that can bridge us into full fledged options trading in the near future. (after all, you all hold SOL right?)
In the next few weeks we'll be shutting down UltraLP.
Thank you to the many users that supported us. Now RPS will be 100% focused on this Leaps.
Build on!