Vijay | Eclipse 🌑
@0xLitquidity
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ceo @EclipseFND | built and scaled @Uniswap (X), @dYdX , & @Ripple
Joined December 2012
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Pinned Tweet
Today Eclipse reached its biggest milestone to date: the launch of our mainnet for developers
I’m incredibly proud of the team and community for all of their hard work and collective efforts. And we’re excited to see all of the dApps that will deploy on mainnet
Big things
Eclipse Mainnet is now open for builders.
We've delivered Solana on Ethereum. As Ethereum's first SVM L2, this milestone represents a major step forward in Ethereum scalability.
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Effective immediately, I will be stepping into the role of CEO of Eclipse Labs. As Chief Growth Officer, I’ve seen firsthand the promise of Eclipse’s technology and the excitement from our employees, partners, investors and community towards the project.
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Since I became CEO of Eclipse Labs, I’ve gotten a lot of feedback that I should be more unhinged, try to go viral, be spicier, etc.
Honestly that isn’t me. I’m not interested in becoming a top tier shitposter. I’ve been building in this industry for 10 years now.
NEW POD ALERT
War stories at Ripple, dYdX, and Uniswap
We talk with Vijay
@0xLitquidity
, CEO of Eclipse Labs, about his experience growing and scaling some of crypto's largest protocols
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Frankly, Eclipse Labs' history has been messy. I stepped up as CEO to clean up this company and chart us on a new path forward because I believe in the tech we are building and the team we have in place to execute on our vision. We are going to bring Solana on Eth and merge the
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Strive to leave every person feeling better and more energized from your actions
That's a life maxim I've held and applied to building teams and protocols in crypto for the last ten years. Do no harm and play long-term games
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In Q4 '21,
@dydxprotocol
had between ~$2-10B in daily volume on its L2 perpetual exchange
Liquidity (depth, spread, uptime) was often greater than what top centralized derivs & spot crypto exchanges had
DEX's will go head-to-head with CEX's in '22🚀
Read on to get dYdXpilled
1/ It took 6 months for
@dydxprotocol
's L2 offering to eclipse
@coinbase
in daily trading volumes.
dYdX recently shut down its L1 offering and is doubling down on perpetuals by expanding beyond its current 28 markets.
It is also one of the most liquid exchanges in crypto.
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While
@dydxprotocol
's massive CEX-beating volume, OI, and liquidity numbers are paradigm-shifting and reaching higher floors as epoch 2 starts — I'm most excited by the participation in community governance 💪
Playing infinite games > watching finite ones
Wintermute will vote in favor of reducing the threshold to 2.5% as outlined in our forum responses. 1% threshold is way too low - you can get quite a few MMs with 2.5% if you look at the volume split below
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I’m thrilled to join
@neelsalami
& the
@EclipseFND
team as Chief Business Officer. Excited to expand Eclipse’s DeFi offering & propel rollup technology adoption across the blockchain ecosystem including consumer, gaming, and DePIN.
Get in touch and let's build!
We are excited to usher in a new chapter of growth at Eclipse with the appointment of Vijay Chetty as Chief Business Officer.
Vijay previously served as the Head of Business Development at
@Uniswap
and
@dYdX
.
Read more about his plans on
@TheBlock__
:
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I've scaled several leading teams and seen multiple cycles. I have plenty of war stories to share along with the occasional hot take, but I won't pretend to be someone I'm not.
The attention game is important, but Eclipse will play that in other long-term sustainable ways.
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This simply does not exist in traditional exchanges. Users get no say (or even visibility and accountability at a minimum) into any decision-making that happens at CME, NASDAQ, NYSE, FTX, Binance, or any other centralized exchange. This is why we are building
@dydxprotocol
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Ryan has a great take here, in that he recognizes L2 full nodes must indeed "follow" the L1. For example, if an Eclipse operator decides to fork off and no longer follow the Ethereum smart contract bridge, then it's no longer operating Eclipse at all. The smart contract bridge
Anatoly sometimes calls for Solana to "become an Ethereum L2 by dumping its blocks into the Eth L1".
imo he's not seriously suggesting that Solana become an L2. Rather he's implying that L2s aren't real. But they are real and thriving, and that's very bad for SOL.
Let's see how
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gm gm — if you use
@FireblocksHQ
as your crypto custody solution, you now have full connectivity to
@dydxprotocol
including signature caching and full key recovery 🔥🧊 🔥🧊
onwards and upwards
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Through all the price moves in the last day and prior weeks,
@dydxprotocol
's L2 perpetual DEX performed well and as expected when most needed
System uptime and liquidity were continuous. Liquidations performed well; ~$20M of liquidations in this event, and $31.5M in last 7 days
ok so which US exchanges are actually functional now?
is. Are others?
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LITquidity for the taking on
@dydxprotocol
. Exciting to see volume and liquidity surpassing leading centralized exchanges as epoch 1 comes to a close.
Overall metrics:
LP rewards metrics:
Governance:
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Join
@dydxprotocol
@cmsholdings
@mgnr_io
@wintermute_t
tomorrow at 10 am EST for what will surely be a solid discussion on trading, market structure, TWAMM, and what all this punks price action means!
As part of our AMA series on Market Makers, we are excited to host our next debate with:
- Daniel Matuszewski from
@cmsholdings
- Bryn Solomon from
@mgnr_io
-
@evgenygaevoy
from
@wintermute_t
🕐 Monday August 2, 10AM EST
📍Twitter Spaces
DM questions
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In my role as CEO, I look forward to leading Labs’ contribution to Eclipse’s mission: bridging the gap between Ethereum and Solana with a high-performance and trust-minimized blockchain. We have a passionate and committed team that I’m honored to lead.
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Now we have work to do, and we aspire to drive an impactful shift in our industry, unleashing new capabilities made possible by our state-of-the-art technology. I have no doubt that Eclipse can reach new heights as a protocol and as a community.
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g(sv)m
We're excited to announce that Eclipse Labs, the development team contributing to Eclipse Mainnet, has raised a $50M Series A co-led by
@placeholdervc
and
@hack_vc
, bringing our total capital raised to $65M.
Eclipse brings Solana performance to Ethereum with the first SVM L2.
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you hedgied yet, anon?
🦔 🦔
🦔 🦔
🦔 🦔
🦔 🕯️📈🕯️ 🦔
🦔 🦔
🦔 🦔
🦔 🦔
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The fox 🦊 knows many things, but the hedgehog 🦔 knows one big thing
Proof in the dYdX track record, uptime, and liquidity 💪
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g(sv)m. Eclipse will go full throttle at what we can uniquely do best. Singular focus
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If you are a trading firm or trader who is live on
@dydxprotocol
but not participating in governance yet—consider joining your counterparties who are already setting the rules:
if you're one of the few not trading on dYdX yet, there is still hope for you
✨
@dydxprotocol
governance is now live on Boardroom!✨
✅ 6 Proposals
👥 804 Voters
💰 $458.59M in Treasury
dYdX is a leading decentralized exchange that supports perpetual trading:
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DUNE framework for understanding the current web wars:
Spice 🌶️ = crypto
Fremen 🏜️ = web3 gang
House Atreides 🌊 = larping web2 VC's
Major Houses 🏡 = aspiring philosopher-kings like Elon/Jack & spice-forward market makers
Minor Houses 🛖 = FAANG & institutions
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Respect and big congrats to SBF-FTX today, but just gonna drop this here
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Awesome to see
@wintermute_t
@ambergroup_io
@ResearchKronos
@wootraderS
@Sixtantio
and DAT Trading scale up liquidity and engagement for
@dydxprotocol
users staking to the Liquidity Staking Pool (93M USDC)
Join the dYdX community forum to participate:
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Cross-margined derivs have been live on
@dydxprotocol
L2 for more than a month now and performed well during all the recent moves
Come join us in the mesozoic era 🦖✨
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The forum discussions and proposals cover virtually every topic important to an exchange, and they are slowly getting implemented after discussion by both core long-term users as well as new entrants (see Evgeny's thread). This is where community-driven DeFi starts right.
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Crypto was born decentralized and peer to peer, and that is where it will survive and thrive again despite the rent seekers and frauds
There are no heroes, larps, or permission required for that to happen
And without a mission or values, ego becomes the product for teams
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These are big brain insights from
@YMyronovych
and
@EvgenyGaevoy
on market making and how they think about risk in DeFi vs. centralized exchanges and TradFi
Excited to pull back the curtains with other market makers and arbitrageurs on
@dydxprotocol
in the coming weeks! 🙌
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be inspiring, create useful stuff, and play the infinite game with good people
the rest is just noise
I'm very excited to announce that we are developing an entirely new chain for dYdX V4 🚀
This may seem like a risky and surprising decision, but I'm confident it's the best way to achieve our goal of long term becoming one of the biggest exchanges in crypto
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We are building out a research team at
@dydxprotocol
. This is a great opportunity for a trader and/or quantitative researcher to spearhead dYdX's research strategy and focus on trading and market structure analysis in DeFi. Reach out if you're interested!
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We're excited to bring $LINK Perpetual Contracts to
@dydxprotocol
for trading along with dYdX's continued industry-leading
#DeFi
experience. Contract specs and other details are available at the Integral:
$LINK is the most traded token in all of DeFi, and we are excited to be bringing it to the dYdX ecosystem. View the contract specification & other details at length on Integral:
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Excited to share that
@dydxprotocol
raised a $10M Series B round led by Three Arrows Capital and DeFiance Capital! Read more about our plans here
We’re excited to announce that dYdX has raised a $10M Series B round led by Three Arrows Capital and DeFiance Capital!
@zhusu
@Arthur_0x
@DeFianceCapital
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Listen to
@ranyi1115
@BenYorke
talk with us about:
-
@ResearchKronos
's framework for risk management in trading and market making
-What's ahead for the
@wootraderS
ecosystem
-Recent macro environment in Asia
-How trading on
@dydxprotocol
compares to centralized exchanges and AMM's
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These are massive decisions for any derivatives venue being advocated for and then decided by a community of users (market makers, pro traders, average users, & governance participants on dYdX):
-Technical fixes
-Market maker programs/support
-Listing decisions
-Incentives +
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Transparency is the future
As part of our continued commitment to transparency, we are excited to share a public dashboard of various dYdX Layer 2 metrics.
Check it out at
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There's no shortage of market recaps these days, but
@QCPCapital
@dariussitzl
's recap and analysis hits different 🔥
Stay informed:
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.
@dYdX
is cohosting the following events in Europe for the global trading community. DM if you're interested in joining us!:
-3/23: Dinner with
@GSR_io
in Barcelona (Avalanche Summit)
-3/24: Cocktails with
@QCPCapital
in Barcelona
-3/28: Cocktails with
@wintermute_t
in London
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crypto & web3 eventually forces every legacy institution to capitulate & embrace more degrees of transparency and access
just look at your neighborhood algo market maker's participation in DeFi / governance 👀
now only the most ossified parts of regulatory-bank complex resist
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🟢 DOT market goes live just as dYdX users start taking more advantage of cross-margined trading
Also useful for hedging and managing risk of DOT balances being accumulated for parachain slots on Polkadot
Transparent metrics here as always:
Starting now, DOT-USD Perpetual Market is live for trading on Layer 2. Go long or short on $DOT with up to 10× leverage.
dYdX now supports 15 Perpetuals markets on Layer 2, with more coming soon.
Read the announcement:
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@TheStalwart
How can anyone say no to these APY's for farming USD pools? Plus who needs wealth creation opportunities when the airdrops are so good that they can actually disincentivize long-term labor force engagement
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they say we wanted flying cars, instead we got 140 characters (280 actually)
280 characters gave us shtpoasting and token communities
token communities will bring us full circle back to flying cars
the great coordinating mechanism of our time
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Hear
@yangli_chuck
, Cofounder of Bitlink Capital, drop some great insights on:
-Why Bitlink focuses on unhedged market making
-A framework for trading in order books vs. impermanent loss in AMM pools
-Evolving role of MM's in communities
-What Asia-based traders want from DeFi
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Bene Gesserit Way👥 = twitter & media
Spacing Guild 🚀 = lawyers & regulatory complex
Padishah Emperor 👑 = federal govt
Mentat 🧠 = AI research & hard tech communities in decline (due to societal AI fears and opportunities with spice🌶️)
our mental models are not the same ✨
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the distributed ownership model of web3 can—and should—benefit orcas too:
Announcing SeaWorld DAO: a DAO to pool funds to buy SeaWorld in Orlando, Florida
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We are hiring at
@dydxprotocol
for a lot of roles right now: back-end, front-end, mobile, recruiting, and more. Reach out if you're interested! 🚀
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deep, tight, and well managed—just like the dYdX order books through the recent market vol
watch out for more from
@ivo_crnkovic
as he demystifies what drove the recent leg down and empowers you to become a pro trader managing your own book
We are excited to announce the launch of our new podcast series: Depth and Spread! We aim to demystify how professional traders do their job and provide insights that are as actionable and concrete as possible. Visit for more details.
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Great insights from the super sharp
@Sixtantio
team (
@josusanmartin
, Matt Downey, & co) on market structure, risk, and more
Learn more about their mental models and how decentralized perpetuals are shifting price discovery and creating new opportunities in crypto
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@dydxprotocol
Layer 2 perpetuals powered by
@StarkWareLtd
are live! This is the cross-margined trading functionality and user experience that DeFi and the open financial ecosystem deserve.
Introducing our new cross-margined Perpetuals, now live on Layer 2 powered by
@starkwareltd
. Read the announcement, and sign up for the alpha to start trading ↓
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@dydxprotocol
's Layer 2 cross-margined Perpetuals powered by
@StarkWareLtd
are finally available to the public on Ethereum
This is just getting started
It's finally time. Our Layer 2 cross-margined Perpetuals are available to the public on mainnet Ethereum, powered by
@StarkWareLtd
and settled in $USDC. Read the announcement, and start trading here ↓
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👀
transparent discussion and decision-making on key decisions from the entire pantheon of participants? you have my sword (and order flow)
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Come hang now with
@dydxprotocol
@ambergroup_io
@QCPCapital
and Three Arrows Capital to hear leading traders talk markets and debate market structure
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Excited to share
@dydxprotocol
's 2020 year in review. Keep an eye out for more announcements and the launch of our Layer 2 perpetual trading solution shortly.
2020 was a huge year for dYdX! We built & launched our first protocol for Perpetual Contracts, saw thousands of new traders use dYdX, & increased trade volume by 40x.
Excited to release our 2020 in Review (20 pages of data & content) to cover milestones.
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DeFi + ETH friends be shipping while bitcoin miami energy pumps the bags. Ξxcellent 🤝
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Excited to share more of the market makers participating on
@dydxprotocol
's DEX, beginning with the tremendous
@wintermute_t
team tomorrow.
Learn about the teams that help to power liquidity and price discovery on exchanges and their approach to risk in DeFi
Wintermute is a leading algorithmic market maker in digital assets.
We are hosting an AMA on Youtube Live with the
@wintermute_t
team
@evgenygaevoy
@YMyronovych
@vijay_chetty
@dgogel
on Tuesday, May 4, 12pm EST.
DM any questions
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the new prop firm influencer
reputation is everything here without enforcement / provability
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read between lines in
@ARKInvest
's 2022 report
DeFi protocols have produced orders of magnitude more revenue per employee vs CeFi counterparts.
Power of scalable technology driven by community network effects.
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Accredited investor laws are NGMI—they are regressive and exclusionary. The web3 ecosystem makes this clear by showing the alternative's impact
PRIVX is one of a few pre-IPO indices open to retail—but drawbacks with mature holdings, quarterly liquidity, and access only via RIAs
@nealkhosla
More harm than good, they lock non-accrediteds out of the highest returning asset classes. Poor people end up gambling or playing the lottery instead.
IMO should be legal to invest in diversified private indexes where promoters and accrediteds have significant skin in the game.
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devs did something
time to mobilize
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Excited to share that
@dydxprotocol
and
@StarkWareLtd
are partnering to build a Layer 2 scaling solution for Perpetual Contract trading. dYdX will continue to provide the best and most cost-efficient decentralized trading experience in
#DeFi
. Read more here
We are excited to partner with
@StarkWareLtd
on a Layer 2 scaling solution for Perpetual Contracts, based on the StarkEx scalability engine & our trusted smart contracts. Perpetual Contracts on dYdX will be powered by StarkEx by the end of this year.
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NFT "market making"
Is there anyone doing it yet—that is not already a large holder of that NFT group and/or viewing their balance sheet as NFT-denominated?
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The difficulty of accessing forthcoming $COIN order book data is yet another example demonstrating why DeFi >> TradFi
DeFi enables equal P2P access for all users including institutional and retail. TradFi does not. More on this:
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GM to all DeFi and trading researchers, writers, and content creators!
This is a great opportunity to earn big prizes ($200K USDC) for educating web3 users and traders + prove your potential for the research team we’re building
@dydxprotocol
:
Coinciding the start of Epoch 4, we are excited to announce our first content competition with a total prize pool of $200,000.00 USDC! Submissions must be made prior to December 23rd at 24:00 UTC.
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DYDX Epoch 0 Review is out. Epoch 1 is underway
This is the first edition of DYDX Epoch Review, presenting updates from the DYDX community and ecosystem.
Epoch 0 has ended and Epoch 1 has begun.
Read more here:
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dYdX community coordinating in real time to recover from the first major issue
Powerful community dynamics develop from the crucible of issue resolution and coordination—excited to see this strong start
Participate here:
The first major dYdX governance issue - how to recover from the error with the Safety Staking pool - is being discussed:
Several good thoughts from the community, and I added my personal thoughts as well 🤝
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Always entertaining to watch incumbents try to do crypto. This is how Facebook ends up launching a version of MoneyGram, and MoneyGram ends up launching a bricks-and-mortar version of Square Crypto. Imagine when they try DeFi 😂
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@cmsholdings
CT accounts sounding like a decentralized bond trading floor out here waiting for CPI prints and FOMC decisions
Macro printoooors 🐑🐑🐑
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calendly link in bio, let's hang
internet egregore 🤝 corporate marketing
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👀 - an open source bot to get alerts for liquidation risk on
@dYdX
apply for
@dydx_grants
if you want to build other tools and initiatives for the dYdX community
get that spice and leave your mark
We're super excited to share a Grants update from our Round 1 grantee
@max_holloway
!
The Liquidation Alert Tool grant has hit its completion milestone with a MVP ready for use! Check out the project here:
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If you're trading on
@dydxprotocol
, this is an opportunity to provide input to community-led discussion on liquidity provider incentives by active traders
Looking to begin a discussion to reduce market maker incentives on $DYDX
@dydxprotocol
as volumes continue to increase after token launch
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.
@cmsintern
often puts it best. Don't forget your time horizon when you entered, and the various levels of games being played
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Create the world we want to live in
Crypto is without a doubt the best opportunity for millennials and gen Z to right now. From DeFi to NFT, there's massive blank space for them to innovate and generate wealth doing away with the old business structure.
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infinity pools are what you get when you combine a level playing field with competition, infinite game dynamics set by users, and top litquidity 🌊
update those priors on market structure because
@dydxprotocol
is coming for your venue's order flow
A discussion has been started to lower the threshold for qualification in dYdX Liquidity Provider rewards from 1% -> 0.25% maker volume in the prior epoch 🗨️
I am strongly in favor of this ✅
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so Peloton mgmt did a monumental rug pull, and now they'll call in consultants to help 'cut costs'
execs sold $500M of stock before the decline based on filings
DeFi capital markets now setting a better example than SEC-regulated legacy markets
current macro will surface more
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We're looking for a Community Lead to drive growth in Greater China for the
@dydxprotocol
ecosystem. Come and help the team shape the future of
#DeFi
and
#Crypto
!
We're expanding the Growth team & looking to hire a rockstar to join as a Community Lead focused on Greater China
Help us develop growth strategies & build user acquisition pipelines
dYdX是目前支持保证金交易、现货交易、放款和借款的去中心化交易平台
Apply
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@inkymaze
Great points. DeFi DAO's with a core group of power users / whales (i.e. market makers on derivs DEX's) may be able to navigate this better—both in terms of being active governance leaders for long tail of users as well as creating more composability (microstructure opps, etc)
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Approved market maker borrowers so far include
@wintermute_t
,
@ResearchKronos
/
@WOOnetwork
,
@ambergroup_io
,
@Sixtantio
, & DAT
Many other MM's are also participating in forums, advancing proposals, and requesting borrows—
@GSR_io
,
@folkvangtrading
,
@mgnr_io
,
@cmsholdings
& more
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Dashboard to stake and/or trade:
Docs for the Liquidity Staking Pool and other pools and programs hosted by
@dydxfoundation
:
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If you're one of the few crypto or TradFi MM's, props, or traders not live on dYdX yet and are non-US-based—reach out
Stay tuned for more product features, launches, research, and decentralization in '22!
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The
@Sixtantio
team is the real deal 💪
@josusanmartin
Contact us if you need help or guidance liquidating those coins. We'll be more than happy to help.
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Large, liquid markets require aggregation—but the difference is that DeFi starts with the assumption that all users should have equal opportunity while TradFi puts retail at a disadvantage (maybe due to lack of intention, path-dependency, or not respecting users' capabilities)
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Today
@dydxprotocol
launched an ETH-USD Perpetual Contract for trading. Traders can get up to 10x leverage on
#ETH
without converting to another token. We are excited to continue building the leading institutional-grade platform in
#DeFi
. Stay tuned for more.
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Learn more about each of the market makers and their team members like
@0xttk
and
@josusanmartin
from the forum pages for each trading firm
You can also learn more from AMA's and debates with them here:
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if everything becomes a market, everything needs liquidity
web3 investors add value with:
1) R&D — security, market structure, decentralization, tokenomics (Paradigm, etc)
2) Community — mission-driven people and DAO's
3) Liquidity — market making (Wintermute, GSR, Citadel, etc)
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@dao_plays
@letscook_sol
@EclipseFND
Let me know feedback and what additional functionality you’d like to see!
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Read here for coverage on the latest
@dydxprotocol
stats from
@OurNetwork__
@spencernoon
@BrockElmore_39
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