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AureliusBTC @ Token2049 Profile picture
AureliusBTC @ Token2049
@AureliusBTC
Co-founder @ Synapse Labs, contributing to @synapseprotocol - crypto's interchain network.
7 subscribers
Feb 28 • 8 tweets • 2 min read
1/ Crypto’s monolithic future is dead, and monolithic bridges are dying with it.

Crypto has scaled via modularity, powered by rollups, EIP-4844, and building on DA layers like @CelestiaOrg, and @eigenlayer.

Now, it’s time for the era of Modular Interoperability. 2/ In 2 weeks, fees across these chains are going down by 10x with ETH’s EIP-4844 upgrade. Rollups are now prolific.

In the wake of apps building upon the power of modular chains, "one size fits all” monolithic bridges stand no chance to solve fragmentation.
Jul 28, 2022 • 10 tweets • 4 min read
1/ Excited to share a new path for @SynapseProtocol put forward by contributors to build the most robust multi-chain platform.

Introducing a smart contract execution layer built on top of Synapse’s new generic optimistic cross-chain messaging system synapse.mirror.xyz/L6dBb7aXIJ1Ll5… 2/ Since launch, Synapse has grown to be one of the largest asset bridges, with over $11b in volume, hundreds of thousands of users, and providing seamless interoperability solutions to both users and projects, such as @DefiKingdoms, @OlympusDAO, @GMX_IO
Nov 21, 2021 • 9 tweets • 3 min read
1/ Figuring out native token liquidity remains a source of issues for most new DeFi projects

I've shared a proposal on what a solution may look like for $SYN: Joining @feiprotocol & @OndoFinance's liquidity as a service program, alongside OHM Pro

forum.synapseprotocol.com/d/9-sip-07-joi… 2/ TL;DR

- Synapse DAO provides $12.5M SYN for a SYN/FEI pair
- Fei DAO provides $12.5M FEI, at 5% APR
- Synapse DAO earns trading fees, $TRIBE, but bears IL risk to make FEI whole at maturity.
- Greatly reduces the need for $SYN incentives on native token liq through this
Aug 14, 2018 • 4 tweets • 2 min read
@DeribitExchange just launched perpetual swaps for $BTC today, similar to Bitmex's.

With Bitmex having issues with overload, stop losses, and communication generally, it's prime time for some competition.

Sign up here: deribit.com/reg-1198.5581 Some of the major differences..

- Deribit has a trade/request execution speed which is 20-40x faster than Bitmex's engine.

- The perpetuals have funding fees, but occur every few milliseconds to keep the price normalized to the index vs every 8hrs which influences price.
Jul 26, 2018 • 10 tweets • 3 min read
Threaded TL;DR of the Winklevoss ETF proposal & SEC rejection:

The Winklevoss ETF was intended to do the following:

* ETF would hold spot BTC bought via Gemini.
* NAV would be based on Gemini's daily auction.
* Each share was set to be worth 0.01 BTC. Ultimately, the main reason for rejection was that the market has too much potential for manipulation in the eyes of the SEC -- And thus doesn't meet the requirements of the Exchange Act.

This rejection specifically focused on the manipulation of the underlying spot markets.
Jul 19, 2018 • 5 tweets • 1 min read
At this point: relatively convinced that even if $BTC is moving up, alt/btc pairs will do poorly.

Even if they do well, leverage longing BTC with a larger position size than usual ends up having similar returns as playing alts, with lower risk. Why lower risk?

Assume that you buy 10 alts with 1 BTC each and will sell it if they drop 20%. While you are theoretically risking 0.2 BTC on 10 seperate trades, it's really more like risking 2 BTC on a singular trade, because they'll all drop together due to their correlation.
Jul 9, 2018 • 5 tweets • 2 min read
$ETP up almost 200% in 10 days & margin shorts on it are up ~500%. Now all the funding for shorting it has been used up on Finex.

Wonder how this plays out since shorts can't be taken -- there'll be no margin sell-pressure, but shorts are still open. Potential squeeze? Yes -- ETP longs are up 80%, but funding is still being provided for margin longs.

This makes it a long-only market, unless you already own spot.

All it would take is another 50% move up to liquidate all the 2x+ shorts taken.

Book is thin enough that it could happen 🤷‍♀️
Jul 7, 2018 • 4 tweets • 2 min read
Seeing a few CME ATH volume tweets go around and people making it seem bullish.

This is what the chart everyone is posting looks like.

It's true that the number of contracts traded has been rising..but this has been happening through a 70% BTC drop.. The actual USD value of the contracts traded hasn't reached an ATH again, even though July 5th did have relatively high volume.

See the bottom modified volume indicator which calculates the CME futures contracts into -> USD. Note the difference in structure between the two.
Jul 7, 2018 • 6 tweets • 5 min read
10k follower resistance broken. Parabolic crash incoming?

Initially, I made a thread on Bitmex's perp swap contracts & funding & it blew up. Shocked me how little people knew about something so basic.

Decided then I'll use my account to educate & share thoughts on the market. There's so much irrational behavior in crypto by all market participants -- by retail traders, ICOs, devs, and funds.

This'll change over time, but to survive, traders have to realize what type of market they're in, and operate at a higher level than the average trader.
Jul 2, 2018 • 31 tweets • 6 min read
The average leverage used on Bitmex is 8.6x. In sideways chop price action, people are still constantly getting liquidated on tiny moves.

Might be a good time, especially in this market environment, for a thread about leverage and how to *properly* use it. What is leverage?

It's using borrowed funds, typically from your broker, to open a position larger than one could with just the funds on the exchange. This increases both your reward, but also your risk.
Jun 25, 2018 • 21 tweets • 4 min read
I've been talking to a lot of traders who are great at calling price action direction, but don't fully optimize their potential gains by using anything other than XBTUSD & spot.

So here's a thread on futures: Futures contracts are an instrument that allows you to speculate on the future price of an asset at a certain date, the expiry date.

They're mainly used by 2 groups of market participants:
1) Hedgers
2) Speculators

When the futures expire, the contract settles at spot price.
Jun 24, 2018 • 4 tweets • 1 min read
The crypto market needs to evolve.

Traders are stuck on learning TA without knowing anything else about markets.

Will be doing a series of threads focusing on topics other than how to pick directional trades.

Hoping to help traders change their overall view of the market 📈. List of threads will be below.

On Bitmex's perpetual swap contracts & funding:
Jun 21, 2018 • 11 tweets • 2 min read
Since a lot of traders still somehow don't understand Bitmex's perpetual swap contracts and how funding works, will do a quick thread on this.. Bitmex's XBTUSD is a derivative product, designed to replicate spot BTC, but with the ability to use massive leverage. Unlike futures, it's intended to not have a basis (difference between a derivative and spot), and this is accomplished via the funding mechanism.