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Oscar D Þorson 🇺🇦🇮🇱 Profile picture
Oscar D Þorson 🇺🇦🇮🇱
@odtorson
Outside the metaverse also sometimes known as Stefan Loesch. Finance. Tech. Banking. Fintech. Blockchain. IDCAP & https://t.co/WrruLg4e2y.
Mar 20, 2023 • 32 tweets • 7 min read
So after the short commute related interruption let’s get to the meat of the story: how come you can write down AT1 without writing down equity and what does it have to do with the GFC the pre-history of hybrid capital, its relation to Basel, and the issues of T2 capital experienced in the GFC are here
Mar 20, 2023 • 13 tweets • 2 min read
A brief history of Cocos and other AT1 instruments — and how come you can write them down when there is still equity left? the short answer first: the pecking order most people are thinking of establishes the GONE concern (bankruptcy) waterfall; we are talking about GOING concern events here so they don’t have to be the same
Dec 19, 2022 • 12 tweets • 4 min read
Why AMM Gamma is different from derivatives Gamma

medium.com/@odtorson/why-… In this article I am looking at the difference in Gamma bleed (or Gamma income) from AMMs and from Black-Scholes-Merton style hedging
Dec 17, 2022 • 6 tweets • 2 min read
Here a meta-thread, pulling all the AMM Triangle threads together Image 1/ The original thread, introducing the AMM Triangle
Dec 17, 2022 • 7 tweets • 2 min read
What we all got wrong about calculating Impermanent Loss

link.medium.com/SWtnmtlzPvb Essentially, the current definition of IL is this one, and it is impermanent in the sense that it vanishes at xi=1, ie when prices return to their initial value Image
Dec 13, 2022 • 4 tweets • 2 min read
I wrote a little note on liquidity providers, options and AMMs, following up on today's discussion with @guil_lambert and @MBRichardson87

medium.com/@odtorson/liqu… It has no real conclusion yet, but I wanted to introduce that AMM Triangle which I feel can become important to understand how to replicate options with AMMs
Jun 1, 2022 • 24 tweets • 5 min read
I want to venture a bit more into why I think crypto assets -- and crypto asset technology in particular -- will be a very interesting addition to traditional financial services 1/ Private Key Infrastructure

A PKI is just massively superior to traditional password authentication. And this is not (only) a technological point, it is mostly about the organisational structures it entails; I have written about it in detail here
coindesk.com/markets/2020/0…
Jun 1, 2022 • 21 tweets • 6 min read
Alright, so regarding today's letter to congress warning against crypto that has been picked up by the FT as well, I also have some views... Let's get first one thing out of the way, there are eminent personalities within the signatories, but definitely not all 26 are "leading" for any reasonable view of leading
May 31, 2022 • 7 tweets • 3 min read
Dear @FT I think you’ve got this massively wrong and in an article about the impact of the Russian war on Ukraine on world food supplies those numbers should probably be right

(Ukraine has 12pc share of TRADED supply not total supply) whilst we are at it, those numbers only add up to 1-2bn. Are total wheat exports of Ukraine really below 2-3bn?
Nov 23, 2021 • 47 tweets • 14 min read
So @NateHindman, @MBRichardson87, @ngwelchx and I wrote a paper on Impermanent Loss in Uniswap v3, and we even got it published on Arxiv 😉

arxiv.org/abs/2111.09192 (full disclosure: my co-authors work for @Bancor, I am a senior advisor, and Uniswap is a competing protocol; there is certainly an interest here -- which is to educate the market about IL because this is where Bancor is different)
Oct 2, 2021 • 23 tweets • 9 min read
Continuing from yesterday’s thread on Impermanent Loss, and in particular IL for leveraged AMMs

as a recap, the Uniswap v3 style levered AMM is using the regular k=x*y curve, but it restricts it to a particular range
Oct 1, 2021 • 31 tweets • 8 min read
I am working on paper on Impermanent Loss, and I want to put a few thoughts out here to get them sorted before the paper proper is published quick reminder: Impermanent Loss is what happens to you when you provide liquidity in an AMM, and it usually is everything but impermanent
Sep 30, 2021 • 24 tweets • 7 min read
Alright, how wants some fun analysis on Santander bikes? Image @TfL has a great API and I have been polling it for almost two weeks now to get the detailed status.

Firstly, there are almost 21,000 docks but only 8,000 bikes, so max dock occupation is 38% Image
Sep 30, 2021 • 4 tweets • 1 min read
that’s an interesting ask — allow us to bring staff over for up to 6 months a year without requiring a visa. sensible at first sight, but…. in the new age of Zoom working, 6 months a year is essentially local staff. the obvious benefit here is nearshoring: employ staff in low cost locations but bring them over regularly