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15 Sep, 32 tweets, 5 min read
1) Building and Fighting
2) [If you don’t care for sushi, that’s totally chill. I’m not promising its future. This isn’t investment advice.]
3) Crypto is defined by building.

Building projects, helping things, and moving forward.

Sometimes things break, and then you fix them.
4) Crypto is a decentralized consensus that cuts across borders and languages.

It’s not meant to be political or factional.

Crypto is for building, not fighting.
5) Sushiswap was built, and then it broke.

And then a bunch of people devoted their time to trying to fix it.

Many have spent sleepless nights on Discord, or Github, doing everything they can to help Sushi. They’ve devoted a lot more time than I, with no compensation.
6) I didn’t build sushi. I was called in and I’m trying my best to do what’s right for it.

But a lot of people seem to have gotten sidetracked fighting against those trying to fix it.

And I’m not the only one who feels that way.
7) Sushiswap is only a few weeks old:

3rd highest DEX by volume
5th largest by TVL
$SUSHI is the fourth most traded DeFi coin.

The migration was successful; transitioning to multisig.

It has real revenue--tens of millions per year--flowing back to SUSHI.
8) And all of its funds were voluntarily returned. That was huge, and mostly unprecedented.

And, no, it wasn't under duress. Nomi said they felt guilty, and I believe them.
9) In another world, it might be a sign of hope and redemption; a week ago, Sushiswap’s future was uncertain at best. And for some in DeFi it is a story of hope.

But for others it's an opportunity to score a political point or slander a competitor.
10) I’m not defending every part of sushi, or its past. I’m not perfect; nor is sushi, and nor are the other multisign members. No one is.

And I cant guarantee anything about its price.

But we’re all trying our damned best with millions on the line.
11) And privately, many of the multisig signers have told me stories of others acting bizarrely inappropriately and aggressively towards them.
12) One has had a rival company investigate their contacts, trying to dig up dirt that they can weaponize opportunistically, threatening lawsuits.

Multiple have been accused of being Nomi with no evidence.
13) One conspiracy theory tied together me, Vitalik, CZ, Circle, ETH Denver, and a whole lot of other things I couldn't follow.
14) Many have been threatened legally by people who have never touched sushi (for what, exactly?)

I’ve been given the weirdest and most unprofessional insult I’ve ever seen by an employee of an “impartial” aggregator.
15) Insults have been thrown at the protocol and program that make no sense.

@coindesk wrote a piece riddled with factual errors so thoroughly it had no substance left. It’s central point was wrong -- you totally can reduce emissions and implement vesting on sushiswap.
16) We’re here, in this space, to build together.

Some people seem weirdly interested in trying to take down those who are still building.
17) I understand that some are upset by forks. But if you build something open source, that’s fair game.

And you can’t fork the future. If you’re that scared of forks, what does that say about your future?
18) I was called on during Sushi’s darkest hour, and since then I’ve done what I can to try to get it on its feet.

And I’m not alone. A bunch of people have put in hundreds of hours to bring sushiswap through its most turbulent period.

I’m grateful for what they’ve done.
19) But I have other things to do in my life -- many of us do. And so I’ve been tempted to withdraw from Sushiswap at times--for being asked to help fix it, and then shit on when I do.
20) But in the end I haven’t left. Because sometimes, when you see bullies, you don’t back down.

I’m not running, or leading, Sushiswap. No one is but the community. But I’m proud to be a part of it, and to help it build.
21) And so I’d like to make a few things clear.
22) The first is that I am not sushi; I don’t speak on behalf of sushi; I do not run it. I’m just doing what I’ve been asked to do, and what I can, to help it.
23) Second, I can't control the price. That depends on whether you all buy or sell. So if the community sells their sushi--that's it's choice. And if the community buys, so be it.
24) The third is if you have no interest in sushiswap, that’s fine; to each their own. Feel free to go on to my next oversized tweet thread.
25) The fourth: to those who have no stake in Sushiswap but are using it as a way to slander their competitors, kindly go fuck off and let them keep building.
26) The fifth, to those a bit too obsessed with tearing it and those improving it down: boy, you must be scared of something.
27) And the sixth, to the actual sushi community: I can’t make you any promises, because Sushi isn’t mine, it’s yours. All I can say is that I’m doing the best I can.
28) It’s you who will determine where sushiswap ends up.

And it’s you who will determine whether SUSHI goes up or down; I can’t make people buy or sell.

We’re just people tasked with making sure your will is implemented.
29) But for all the fighting and shit we’re getting--at least for now, Sushiswap is doing just fine.

You can stake your SUSHI at the sushibar for yield. And that’s not hyperinflation--that’s revenue, returned to the token holders.
30) I wouldn’t blame any of the people in the community, or the multisig holders, if they wanted to step away.
31) But for now, I’m going to stay. Because sometimes, when you see a h8ter, you don’t back down.

You keep building.

And, if you stick around, maybe you’ll find out exactly what they were so scared of.
32) Anyway that’s all for now--back to building; lots of listings tonight!

And if you want to build: join us. Lots of exciting stuff coming out soon:

Across Sushi, and Serum, and Solana;

And across the rest of DeFi, built by many great minds.

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More from @SBF_Alameda

29 Sep
1) FINALLY -- a GUI to list markets on Serum!

dex.projectserum.com/#/list-new-mar… Image
2) Listing a market:

a) get your token; you can turn ERC20 <> SPL at sollet.io

b) go to dex.projectserum.com/#/list-new-mar… to list the market. "Mint" means token contract address.

c) enter parameters and Submit. Check Sollet for messages

d) Copy the New market address Image
3) If anyone wants to trade on the market:

i) click the +

ii) enter the New market address

iii) click Add Image
Read 5 tweets
29 Sep
1) Alright so here's what I gather happened with EMN:

@AndreCronjeTech was working on a new protocol. It was still in the testing phase, not ready to be released, in case e.g. it had bugs. He hadn't yet vetted it.

It did, in fact, have an exploit
2) People were digging around Andre's code, found what he was working on, and started to talk about it.

To be clear Andre hadn't promoted it and wasn't intending it to be used yet--it (obviously) wasn't finished with testing!

But people found it anyway.
3) The people who found it started talking about it and spreading it (probably not maliciously -- probably just excited).

Everyone wants to get in on the next big Andre project, so people started FOMOing into it when they got wind of it.

So a bunch of people started buying.
Read 7 tweets
26 Sep
1) Bulls, Bears, and morality
2) NOT INVESTMENT ADVICE. NOT MORAL ADVICE.
3) The crypto community is, of course, dominated by crypto bulls.

That's sort of what it means to be in the community.

So, yeah, more people are long than short.
Read 25 tweets
24 Sep
1) alright guys let's talk about FTX risk controls, because it can be confusing.

There are 2 types: position limits, and margin.
2) If you choose 50x or above leverage, you have position limits: you cannot go above a certain size, no matter how much you have in your account. The "pos limit weight" is what controls this.

If you choose 20x or below leverage, there are no position limits.
3) Separately, there are margin requirements: you can't go above your max leverage, and so if you set that at 20x and have $1k in your account, you can't put on a $30k position.
Read 5 tweets
24 Sep
1) A thread on tradeoffs
2) Sometimes there are tradeoffs.

This happens when you're on the "pareto frontier" -- the set of all options that aren't strictly dominated by any other.

If you're in some convex space, this means you're on the boundary: something might have more A or more B, but not both.
3) When you're on the pareto frontier, there is no free lunch. There are always tradeoffs.

Sure, you could get something tastier, but it'll also be more expensive, or less healthy.

For instance, pie tastes better than celery, but also it's less healthy.
Read 7 tweets
23 Sep
1) One thing I've been surprised by:

Sometimes I talk with a crypto influencer/interviewer who seems pretty retail-focused.

I have pretty low expectations--but sometimes they're actually really sharp/fair/reasonable!

@CryptoWendyO, @VentureCoinist & @APompliano come to mind.
2) Obviously I also like chatting with @lawmaster, @fintechfrank, @zackvoell, etc. -- but those are less surprising.
3) And when I reflect on it--I must not be the only one who feels this way.

Because usually CT shits on that 'type' a fair bit.

But people rarely shit on @CryptoWendyO / @VentureCoinist / @APompliano -- at least a lot less than I would have guessed.
Read 6 tweets

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