Drinking White Monsters @yieldbasis, prev. @defillama
🗻
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I’ve been using @Muse to help me book my trip to Korea and to just do some auxiliary tasks and I like my little guy
I have a good feeling this will be the resurgence of Meta with not only a great software product but also some really cool hardware
the glasses are cool and the charm is cute (reminiscent of the days I was playing with my tamagotchi)
I have no idea what the markets will do from now until december, could have some nasty wicks and chop, but I’m bullish on Meta
I could get exposure through perps but I believe this could be better expressed through options, so I bought some OTM Meta calls with an expiry in December
now we wait and we see🙇♂️
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don’t have a pulse on the details as i’m flying to korea but something that came to my mind is if @arbitrum would intervene here like they did during the KelpDAO incident?
Think @bitget hot wallet might’ve just been hacked for 20M?
something hella fishy happening on @arbitrum
Fresh wallet 0xe410…d946 just bought 7,111 ETH on Arbitrum in 6 min with 19.67M USDT0 (from a Bitget hot wallet), via UniswapX + 1inch Fusion, paying up to +5% over spot
WETH/USDC pool hit $2,870 which makes no sense if someone was just trying to buy eth
That’s just arb chain
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I’ve been dabbling more into options on @DeriveXYZ
options can be quite overwhelming when it’s your first time using them, friends of mine have been working on a way to help simplify it for you
give it a try
Introducing HEAT v2
As one of the original builders in the @DeriveXYZ ecosystem, we are incredibly excited to announce our social trading app for options coming with Derive V3!
Place option trades by simply interacting with the chart, follow and copy big traders and more!
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J. retweeted
Just reminding LPs:
For ordinary AMM without YB’s tech $BTC price must do almost a roundtrip to stay profitable as an LP
While with @yieldbasis it can grow.
Visual comparison is a great tool for understanding
example of price trajectory that is good for @yieldbasis
not all volatility is equal, yieldbasis performs particularly well with choppy price action
cc @chadosdiary, our resident agent for generating this
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example of price trajectory that is good for @yieldbasis
not all volatility is equal, yieldbasis performs particularly well with choppy price action
cc @chadosdiary, our resident agent for generating this
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J. retweeted
@yieldbasis pools are now available in the Yields section on @DefiLlama. You can now track pool performance, yields, and everything related to returns across the protocol.
defillama.com/yields?protoco…
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J. retweeted
I think this is actually really wrong & it's why Derive is so mispriced. I'll reiterate: Options are different products to Perpetual Futures
Perps work like simple multipliers on linear returns. This comes with path risk, liquidations are required to preserve protocol solvency. It also comes with a funding mechanism to incentivize a balanced book. There's no denying these are extremely retail & trader friendly, but given you're only trading leverage on a single price at a single moment in time, they're actually pretty unsophisticated
Options represent the right to buy or sell an asset at some price at some point in time, instead of one single instrument per ticker like perps, there's an entire field of strike-date pairs for a given ticker. This introduces a lot of complexity and fragments liquidity, but what you get in return is **convexity**. Further out of the money options pay out at an increased rate if they come into the money, all while losing less money if the trade moves against you (all without liquidation risk). This payout structure is unique to options
And I won't even touch on the portfolio value of selling calls & puts for yield, building multi-leg strategies, spreads, hedging, etc... but you can get very very sophisticated if you know what you're doing... like Wall Street does. There's a reason the options market is in the QUADRILLIONS !!!!
I feel like 99 out of 100 tradfi traders who use options primarily would switch to perps in a second if they had easy access and understood what they are
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when HL and lighter launch options it’s indicative of a bigger market to be captured
bullish for onchain options, bullish derive
A lot of hesitation for Derive seems to be that Hyperliquid &or Lighter will launch options. It’s a fair but overly patient strategy imo. Yes if they ship options products with big adoption that steals volumes from Derive, then I will reallocate as needed
But Remember HyperEVM? Despite the fact Jeff is a gigachad, he cannot do everything all at once. The small focused team at hl is exactly that, small and focused. They execute with extreme proficiency inside of their domain, but struggle just as much as any other team to balance multiple concurrent priorities. The same goes for Lighter
For both teams the TAM of perpetuals should be sufficiently massive. Why even get into options right now if it’ll distract from the core money maker, perps? Why set up a new options RFQ system when we can make our risk engine better to enable more leverage on existing perps? Why develop an entirely new API instead of improving our existing one? Etc
This is what creates the opportunity space for Derive, who by the way is no slouch themselves. They’ve been though hell & are already the largest onchain options dex, it’s not like they’d just roll over either
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Funny how things go.
From LPing Hakka Finance token on Balancer, panicking when I lost most of my money, withdrawing at the pico bottom, selling on the bounce, and forever scarring myself providing liquidity, to working at YieldBasis.
Will miss you, Balancer ❤️
holy damn i will never forget my first time experiencing impermanent loss being an LP in pool 2
gonna miss you guys🙏🏻
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J. retweeted
Whales bought and locked more $YB in a month than was issued.
Since Aug 1, private holders locked 23.2M YB into veYB and added 0.6M more in their wallets, while team vesting released 13.9M - 1.7x more absorbed than issued.
94% of that lock (21.9M YB) is one owner running two Safes:
0x7954536c96efa3f6634b482031ada8e46a43339c
0x1af3d4b4a0ce2fcdae9d0b52d66add4e021e7633
An OHM, FXN, PEAS whale, same playbook in both: gOHM posted as collateral on Origami, $13.2M USDS borrowed at a 1.75 health rate, and the borrowed cash goes into governance tokens locked until 2030 - 122,538 FXN and 22.1M YB. Rest of the book: PEAS and Pendle YT-apyUSD. No ENS, no DeBank ID, and both bought their YB on CoW before locking it.
Any guesses who this could be? Wink in the comments if it is you.
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