1/ ☀️ Gm

📢 Introducing #AlphaBuyWall (ABW), a smart contract that allows anyone to bid for NFT, and provides a ⌊price floor⌋ for NFT.

2/ Why sell on ABW?

As NFT holder, selling your favorite avatar is a PAIN with existing tools. You will have to set sell price and wait for buyers.

Worst case = you wait for weeks and keep being frontrunned by other sellers. 😢

On ABW you sell via smart contract at any time.
3/ Why buy on ABW?

Currently to get a hold of trending NFTs, you'll need to keep refreshing the browser until someone decides to sell their bag. If the price is cheap enough then you scoop it up.

NGMI 😔

ABW is a faster and cheaper way to bid for your favorite NFT collections
4/ 💪 So, how does ABW work?

There are two main parties:

🏷 Bidders. Lock ETH and bid for their favorite NFT collection. If matched, the locked ETH is exchanged for the matched NFT.

💰 Sellers. Match with the best price and instantly sell their NFTs to gain liquidity.
5/ 👏 Benefits of ABW:

- Sellers gain Instant access to liquidity.
- No slippage exchange.
- Orderbook is fully on-chain.
- NFT price floor discovery.
6/ @NFTX_ presents a solution to instant liquidity, but there are some drawbacks:

- High price impact (10%+) for claiming/selling NFT, e.g. PUNK.

- Supply-side requirements. If not many NFTs are locked, circ liquidity will be very low ➡️ very high slippage when trading.
7/ @fractional_art is another possible solution, but they also have issues:

- No instant liquidity. Fractional token holders need to vote on the reserve price before it can be sold.

- Single token. Each NFT is executed separately, and doesn’t solve the NFT floor price.
8/ Hence, ABW. 👷🧱🧱🧱➡️🏡

Any comments, ideas and feedback are welcome!

Follow the discussion thread here: dao.alphafinance.io/proposal/discu…

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More from @nipun_pit

23 Apr
1/ 🐛 📝 🥞 🆚 2️⃣

🚨 Smart Contract Bug found in Pancake V2 🚨

🐛: Pancake new router is incompatible with Pancake LP implementation.

Users may get __revert__ txs upon __swaps__ due to the bug.

Vulnerability was reported to @PancakeSwap team asap.

Thread below 👇
2/ After @PancakeSwap V2 announcement, we have been working on supporting the new V2 pools.

✅ As with our security standard, we always perform smart contract review and testing, to ensure our users’ safety.

❗️ We have found and informed the @PancakeSwap team on the issue.
3/ 🐛 So, what is the actual bug?

The question comes down to: what changes from Pancake V1 to V2?

1️⃣ Swap fees: 0.2% ➡️ 0.25%
2️⃣ Fee distribution to LPs, to dev address

Below are the router __getAmountOut__ implementations (V1 & V2). The difference lies in the numbers. ImageImage
Read 11 tweets
28 Mar
1/ 📖 Just read @Uniswap v3 whitepaper 🦄 and wanted to share some thoughts.

👀 There are some pretty neat tricks in the paper that we @AlphaFinanceLab also use. 👀

Thread below 👇
2/ Overall, 🦄 V3 is a huge upgrade from and much more complex than V2. V3 introduces:

👩‍💻 User Flexibility: Users can supply within a specified price range.
💻 Protocol Flexibility: Configurable swap fee & governance fee
💡 Features: Built-in TWAP & liquidity oracle
3/ The most interesting feature is that users can supply liquidity to any desired price range, which then enables the __Concentrated Liquidity__ feature, as advertised.

🤔 This is a challenge in terms of technical implementation, since gas limits may explode if done naively.
Read 18 tweets
18 Dec 20
🚨 1/ The recent @warpfinance hack is the result of using vulnerable @UniswapProtocol 🦄 LP token prices.

The attacker was able to drain ~$7.8M worth of $DAI for smaller collateral.

#AlphaHomoraV2 uses a different LP pricing method that is safe against such attack vector. 👇
2/ The LP token pricing used is prone to the typical flash loan sandwich attack vector:

➡️ Flash loan and skew reserves
➡️ Fake LP price
➡️ Repay flash loan
➡️ Profit

So, how do we price an LP token in an unmanipulatable way?

Answer: **FAIR LP PRICING**
3/ What makes the **FAIR LP PRICE** safe from attacks?

There are two major components to the fair LP price that make the price safe:

① Fair Asset Prices
② Fair Asset Reserves
Read 9 tweets
6 Nov 20
1/ Last week, there has been a number of flash loan-related scenarios (and potential scenarios): @harvest_finance, @MakerDAO, @iearnfinance.

So, here’s a short thread on flash loans. 👇
2/ Flash loan lets anyone borrow a very large amount of assets (as long as the amount + fee are paid back in the same transaction), which can be used to temporarily skew asset prices or balances.
3/ A typical flash loan attack pattern is a form of sandwich attack:
(1) Skew price/balance
(2) Main protocol uses the skewed price/balance (e.g. to open a position, deposit into AMM all at bad prices)
(3) Un-skew price/balance
Read 9 tweets

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