Kanav Kariya
@KanavKariya
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Today marks the end of an incredible personal journey for me. It’s my last day at Jump, a moment I’m receiving with both a heavy heart and great excitement about the road ahead. I’m leaving with a set of awesome relationships and unique, invaluable and shaping experiences. It’s
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Saying Bitcoin is the only useful cryptocurrency is like saying email is the only useful app on the internet
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There’s a lot of confusion and panic on the MIM and UST today. Hoping this thread can provide a clear unemotional take on the situation
🧵
1/
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I don’t know exactly what to say. This week has been hell for our entire community. I know we'll come out of this stronger, but that doesn't make this any easier
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1/ Cool things building on Solana
xNFTs and Backpack with Armani and Tristan - new paradigm in app specification, A+ team
Phantom as one of the smoothest product experiences in the space
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Wormhole vulnerability patched and the wETH backstop is in place
I’m so damn proud of everyone on the Jump and Wormhole teams today. Insane tenacity and energy in face of a wildly difficult situation
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I’m not going anywhere. Jump is not going anywhere. Crypto is not going anywhere. I believe in this space, its ideas, and the people
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anyone know competent people willing to be full time reply guys?
I'm hiring
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builders that continue to build through this downturn will be super high signal going into the next run up
Everyone has made stupid money, folks that continue to ship hard af now will always continue to ship hard af
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Luna wrapped by Wormhole, priced by Pyth, trading on an OB on Solana
It’s beautiful 🥲
🎉 ICYMI, $LUNA has been listed on
@mangomarkets
and now available as collateral to leverage trade and borrow and for margin trading at .
Wrapped by
@wormholecrypto
👍
Check it out now!
$LUNA
#Terra
#LUNAtics
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1/ Can we trust each other?
It’s one of the fundamental questions that, after the still unbelievable demise of FTX, our industry is struggling to answer.
No, we can’t
Can we?
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@ledgerstatus
Dude, he asked for $50k, team said yes and signed a binding offer. Then he said nah, too easy, $100k. Still said yes to avoid drama. Then he said nah, $200k
Very seriously, what would you have liked the team to do?
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1/ Introducing Jump Crypto.
@JumpCryptoHQ
Public blockchains have unlocked new and incredible modes of resource coordination by enabling trust in a byzantine setting. We recognize the opportunity that presents, and we're here to build
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We're hunkering down and getting to work as we have over the last 6 years in the space. Builders, please reach out if we can be helpful
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The words cryptocurrency and smart contracts have set the industry back a fair bit.
How do we coalesce around new terms that explain to folks that most tokens aren't intended to be currencies and that on chain programs/apps aren't intended to be legal contracts?
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Jump put up 120k of it’s own ETH because we believe in Wormhole and want to support it in this stage of its development. And we're going to come out stronger than ever
Detailed incident report from Wormhole to come soon
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How long until memetic value shows up as a line item on the balance sheet?
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Alignment across ecosystems and a commitment to a multi chain future
UST centric DeFi ecosystem, cross pollination of culture with gaming subnet, AVAX as a high quality reserve asset in the LFG. Win, win, win
Welcoming $AVAX as the second major layer one crypto asset next to $BTC as part of the $UST Reserve.
The inclusion of
@avalancheavax
's native token marks the start of a diverse pool of layer one crypto assets helping support the $UST peg.
It's only just the beginning frens.
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Jump's incoming class of quant hires currently going through a 2 week
@solana
bootcamp at the
#ChicagoHackerHouse
Hundreds of hours over a couple years were spent trying to recruit the top talent in the country. Now they're being red pilled into crypto and learning to chew glass
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Can’t believe I just had a 3 hour discussion on farming meta strategy, legal structure of crypto foundations and cross chain everything with a 13yo
Gaj is a monster. Was a pleasure ser
met
@KariyaKanav
IRL (few minutes back) 🤝
learned a lot about decentralised crosschain,
@wormholecrypto
, building crosschain dapps with wormhole 📝
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Sad to see Solana and Polygon communities go at it over the last couple weeks. They're both incredible projects with great teams occupying practically opposing corners of the design space
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Very powerful.
Bite the bullet and empower India to create defining businesses in web3 or continue to pride ourselves in the reflected glory of Indians leading world changing businesses abroad
We are living in the world of web 3.0, either we choose to bite the bullet or we dodge the bullet.
#DigitalAssets
#Crypto
#CryptoTax
#Blockchain
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Very grateful for the trust Jump has placed in me and for the incredible opportunity that lies ahead.
We're only getting started
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8/ Importantly, just great fucking vibes. Good people, good friends
Don’t know what the price will do over the next 24 hours, or really what the world has in store for us, but I believe in the vision Toly and Raj are building towards, and I’m sticking around
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2 weeks in. $200M+ TVL, 100+ NFTs moved over the bridge.
Serum, Raydium markets not live yet, Terra migration next week, BSC the week after. Cross chain everything is here
1/ A lot's happened in the last 2 weeks, so it's time for a quick recap
ETH <> SOL token bridge is live and holds ~$200M+ in TVL and growing🚀
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Firedancer is here. First attempt at a second independent client implementation outside of eth world afaik
Years of working in the Solana community has only deepened our conviction in the project, and we’re pumped to get out hands dirty and double down
Firedancer is now 🔥💃
We’re excited about the opportunity to help scale the Solana network by engaging our strong-arm in research and development.
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I don’t think folks appreciate how many business relationships and deals are a result of a couple people trusting each other
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First day of the pit!
moved me to see this all come together and reflect on how far our relationships have progressed
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@ledgerstatus
Man, we did not sue him over an email. There was a binding agreement through domain agents that he reneged on. Twice!
Mind you we’re negotiating with an email address. Not 79 year Sagan fan
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Bring it over the
@wormholecrypto
For the next 3 days, the DeDAO will be refunding all gas fees associated with bridging ETH to SOL for anyone that buys a DeGod.
We want to welcome people from all chains to try our ecosystem.
We are putting our money where our mouth is. (1/3)
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@adamscochran
@0xngmi
Jesus, the attacker pumped and dumped the mango token, which is a thinly traded token.
Oracles just report the price. Pyth/Switchboard accurately reported the prevailing prices on exchanges
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xNFTs are in 100% greenfield space in specifying decentralized apps. really a first attempt at a framework for apps composing across decentralized stacks in a protocol agnostic fashion
Armani + Tristan are a totally killer team for this vision, should be a top spot for A+ devs
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In a few short weeks,
@PythNetwork
has attracted enormous interest from both crypto and financial communities. 100+ teams building on Pyth prices and 25+ financial/tech giants across 6 countries contributing pricing build a critical piece of decentralized infrastructure
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The primary reason I wrote this is to understand what I got wrong. Please fire away
11/
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Really fun one
Thanks for having me on
@cobie
@ledgerstatus
, you guys are great hosts
UpOnly with
@KariyaKanav
on the Wormhole hack, market making, and crypto outlook.
Presented by
@ftx_app
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The community response has been truly heartwarming. The amount of trust and support we've seen from guardians, users, partners and crypto ecosystem at large has been unbelievable
We're going to keep working harder than ever to retain the faith from the community
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They gateway to $DOT liquidity cracks open. Very excited to see Acala and Karura serve as frontiers for DeFi in the Polkadot realm
Staking derivatives, stables, the whole shabang to hit the markets soon!
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Institutional onboarding is hard.
Pyth has onboarded 70+ MDPs managing infrastructure 24/7 * 365 to submit north of 7M txs in aggregate to Solana every day
Twice that number to Pythnet
Solana is the only blockchain in the world on which the CBOE, Jane Street, Virtu and 70 other major financial institutions submit txs to every single day.
@PythNetwork
is an onboarding path for financial institutions
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Attempting to get ahead of the FUD -
(0.8*$3.6B)/18 = ~$160M/month of Bitcoin coming into the market. That’s not a lot relative to the market
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@PrimordialAA
Actual work to do like tweet false bullshit about something you didn’t understand?
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$1B to absorb liquidity crunches
All contractions in the economy have caused reflexive movement (by design). Allowing for a big chunk of withdrawals in short span through different means can be really impactful
LFG has a broad mandate, and we’re excited to support it
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Distribution is king, and larping is the king of distribution
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1/ The last few weeks at Jump -
Kevin showing off an early demo of Firedancer. A new modular Solana client, in service of the journey to build a decentralized system pushing against the speed of light
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As a recap - degenbox allows you to lever up on Anchor yields by borrowing MIM against aUST, selling the MIM for UST, borrowing more MIM against the new aUST, repeat...
You end up with a long UST, short MIM position earning 100%+ APY via Anchor
2/
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In person work with a sharp fast growing team just feels incredible
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Bear market really bringing out some knives. No matter how many times you've been through it, the hotness of fresh money can be jarring
We're up 100% over the last year. Builders and building, allocators are allocating, the machine is humming along.
Keep the good vibes going
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Slowly, then all of a sudden. Exchange adoption is key for stablecoins.
Probably an obvious opinion at this point, but don't see any other decentralized stablecoins ever catching up with the moon. Too deeply embedded across the cryptoverse
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2/ Firedancer with Kevin Bowers - A second validator client in service of speed, safety and decentralization, in the hands of the most capable man I know. Check this demo out
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3/ SAGA mobile - Never been a better moment to remind ourselves of the importance of getting people to hold their own keys. One of the boldest experiments in the space, and potentially needle moving for the industry
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5/ Magic Eden, Metaplex, Raindrops. Top notch NFT infrastructure, second only to Ethereum on volume and community.
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CBOE US equities data on Pyth. Straight from the source
An excellent 73rd addition to the Pyth data provider network
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Greatest feat of decentralized coordination we'll ever see
Mind breaking to think of the years of work and logistical coordination across hundreds of institutions to pull this off
All in an endeavor to come to consensus on a few megabytes of state every minute. Incredible
And we finalized!
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
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4/ Top defi teams like Zeta, Mango, Raydium that have been grinding, chewing glass for years, and continue to do so
Infra heroes like the legends at Triton One and Syndica
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For full disclosure - Both, Jump and I personally, haven’t participated in the Abracadabra protocol, and have no current exposure to MIM. We do hold positions in LUNA and UST. This is not meant to be a judgement on the moral character or actions of involved parties
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It’s here, it’s here!!!
Cross chain UST.
1/ We're ecstatic to announce the long-anticipated support of
@terra_money
to the Wormhole token bridge! 🚀 Terra is known for its vibrant ecosystem,
#LUNAtic
community, and its decentralized stablecoin, $UST.
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Incident report is out
Have a look at that timeline and toast to the devs this weekend
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We’re voting no too
Love the
@arca
team but I voted no on proposal 18
Can be easily sybiled (just creates additional complexity for whales) and imo not a good use of
@anchor_protocol
dev resources
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A $450M contraction of the economy (assuming a highly conservative 50% don't find the UST useful anymore) should be manageable over a couple days and not impactful to prospects of the project. Crazily enough, on this ‘bearish’ day, there has been a net burn of LUNA
9/
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Today is the official launch of the pit hacker space. Kicking off with a 1 month cross-chain hackathon, will have builders stationed here year round (at least when it's not too cold)
Creating together in person still matters. Reach out if you want to build at the pit
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Ethereum's hiccups through the week and the resiliency it displayed despite them is a great testament to the power of client diversity
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6/ Incredible decentralization - 1500+ validators, 2nd client underway, huge community of developers. 10% of nodes going down on Hetzner, didn’t pause or slow the network down
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India crypto seems to be hitting a serious inflection point. Very excited about this both personally and professionally
Deep tech talent, rich entertainment industry in Bollywod/Cricket/Gaming, massive young digitally aware population. Makings of a really exciting demographic
India crypto market information asymmetry maybe even larger than China
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Pyth had a bad moment today and has received a lot fair criticism for the quality of the feed and the resulting outcome. The aggregation methodology was not robust enough to outliers (2 errant data providers). We're helping the Pyth team prepare a detailed incident report
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@ledgerstatus
Yes absolutely forewarned the path. It in insanely unproductive for our firm to haggle over $100k and pay lawyer fees.
Tried everything possible to get this resolved amicably, no avail
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Boom, consolidation of asset standards.
Portal UST is now officially supported in favor of Shuttle at Binance
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Wormhole token bridge is here.
Consolidated standard for liquidity across the Solana ecosystem and beyond
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@EvgenyGaevoy
Hurts to hear it, heart out to you and the team. Know the next period of time will likely be tough, but no doubt you'll bounce back hard
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Breakpoint was really awesome.
Simultaneously a celebration of what we've accomplished as an industry, a reunion of friends and a commitment to continue on our journey to build.
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Wormhole transfers between chains enabled natively on a major exchange
Probably nothing
We're happy to announce deposits for wETH and many other
@wormholecrypto
wrapped assets are live on FTX! 🌉
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7/ Instagram just announced NFT support, great gaming companies building a bunch of stuff , B+J studios grinding on primitives, Superteam building one of the best eastern world presences any L1 platform has seen, Breakpoint had incredible energy and an awesome turnout
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Unless it turns out that Sifu ran away with the money, seems tough to imagine mercenary capital continuing to take a hit for ideological concerns around the project. Demand for levered Anchor yield hasn’t gone away and quality of collateral in the MIM cauldrons hasn’t changed
7/
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Terra, even more so than other ecosystems has a really interesting suite of liquidity primitives that are likely to dictate flows. The governance layer across this is a very natural next step
Excited to support a great team tackling this space
And so it begins…
Phase 1 of the Retrograde Launch is live:
Deposit $UST into the Liquidity Bootstrapping Auction to receive $RETRO.
Full details here:
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Meetings all day really destroy your attention span
Strongly advocate blocking of at least a day a week to code/read/write
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Now if MIM peg falls under stress, there becomes an attractive opportunity for degenbox participants to cover their MIM shorts at a discount and unwind the position. So degebox unwinders effectively end up with UST instead of MIM
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It’s difficult to imagine a sustained mass exodus to UST given the circumstances. In the event it occurs, there is potential for UST to be sold/burned and provide some downward pressure on Luna price. Worth noting that the UST supply is >$11B and UST in Abracadabra is ~$900M
8/
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Really nice graphical representation of the trading problem. Predict, execute, do it a lot (and practice good risk!)
Intelligence + speed + liveness + safety in a highly competitive environment with tight feedback loops, fun :)
HFT, Non-Stationarity, Adverse Selection
You predict the fair value of some instrument: where you expect it to be trading in the future if nothing else happens
If there's an offer to sell it cheaper than your fair value forecast, you might consider buying it (lifting the offer)
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What are the best community distribution programs we’ve seen in crypto
Really digging Hashverse
@hashflow
@graphprotocol
incentivized testnet was well executed and arguably ahead of its time
@axelarcore
pre launch grant program was solid
What others come to mind?
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Top takeaway - “He wore a neon-orange puffer coat and flip-flops”
“Who the F**k Is
@jump_
?”
At the
#AvalancheSummit
in Barcelona, Jump Crypto’s
@KanavKariya
shared his firm’s vision.
@0x_bae
reports
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They end up putting upward pressure on MIM during this process, pushing it closer back up to peg and making it less attractive for the next degenbox participant to unwind this position back to UST
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It's been a real pleasure working with
@stablekwon
and the Terra team over the last couple years. A+ folks
1/ Thrilled to see
@JumpCryptoHQ
officially launch!
Jump has quietly played a pivotal role in the Terra ecosystem for a long time and is one of the most well-reputed, talented, and strategically important firms in the broader market.
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In the MIM case, the borrowers looking to close 1%-2% arbs would be giving up their 100%+ APY yield to unwind the position, so we ‘could’ see a a continued MIM depegging for a bit until it becomes an attractive enough opportunity. Certain game theoretic element to this
6/
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DM, interested in funding this
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Round 2! Excited to hang with the team, say my bit and connect with builders in the ecosystem. See you there
Getting pumped for the
#Avalanche
Summit in Barcelona ~ May 3-5
Early Birds are sold out, get tickets here!
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Being interviewed is never my favorite part of the job, especially when markets are where they are. But I really appreciate the opportunity for thoughtful dialogue. Thanks for taking the time
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Any other major industry where the lions share of people involved get to wake up every morning and say I fucking love what I’m doing?
Happy holidays folks, we’re gmi
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