Felipe Montealegre (IFS)
@TheiaResearch
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Investment team at Theia // Posting about the Internet Financial System (IFS)
New York, USA
Joined April 2022
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Pinned Tweet
OH at SBC: What is this fundamentals campaign you are on and why are you trying to ruin things for everybody? 🫡
I had a great time talking valuation first principles with
@LoganJastremski
on his podcast. Thank you for having me on.
When will the Crypto Markets return to fundamentals?
@TheiaResearch
, the Managing Partner of Theia Capital, and I discuss this very topic of how the majority of blockchain investors operate on the greater fool theory and the need to return to common sense
We speak to:
-
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Metaplex: A Beautiful Cap Table Transition (or Why You Want Liquid Funds on Your Cap Table)
Metaplex raised $46M from Jump, Alameda, Multicoin, Allen Iverson, and Michael Jordan at the end of 2021. Read that sentence one more time. Multicoin is an excellent liquid token holder,
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If you think about science fiction 50 years from now
There is still going to be finance
I envision it as an atomic single state machine globally synchronized as fast as physics allows
We have an opportunity to build that now
What else would I be working on?
Legend
@aeyakovenko
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We are excited to announce an investment in
@TeamUnibot
Unibot allows you to trade on Uniswap through a Telegram bot — regular trades, private RPC node trades (to avoid MEV), and limit orders
The team is quickly building out integrations with additional DeFi protocols
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Brilliant tokenomics model at Trader Joe. Would love to see more protocols adopt the daily USDC dividend strategy — makes it easy to value and onboard traditional investors
@traderjoe_xyz
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This is the exact right answer from
@TeamUnibot
Unibot holders receive
✔️ 80% of Unisol supply
✔️ 50% of recurring revenue from Solana trades
Sola traders receive
✔️ 20% of Unisol airdrop
A little bit of dilution for a good reason
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We should not value ETH and SOL based on cash flow unless we want them to go to zero.
You can't build a reasonable valuation for ETH and SOL based on fees or MEV as both will trend asymptotically towards zero. We should abandon the idea that L1s can justify anything remotely
The more I think about RWAs, the less I understand the value for end users or blockchain networks.
For end users, I've always viewed settlement assurances as the value prop (strong guarantee that inbound transactions won't get reversed).
With RWAs that benefit doesn't exist
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We are excited to announce an investment in
@vertex_protocol
Shout out
@TraderNoah
who led sourcing and diligence, and built the most beautiful underwriting notebook you have ever seen.
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We are excited to announce an investment into
@lyrafinance
Thesis: Options are coming to the Internet Financial System and Lyra is going to lead the way
Prediction: Lyra V2 will be able to take ~10% market share from Deribit over the next ~3 years
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@Rainmaker1973
It’s survivorship bias. There were 100 plants that tried to survive outside and you see the strongest one thrive in the concrete.
You only have your one mid strength plant inside. It would die in the concrete. Get ten plants, give them radioactive tap water, and pick the winner.
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1) Unibot X launched today
We have had enough time to see stable fundamentals on the initial TG bot product
Time for a model update🍿
Unleashing Unibot X. Now LIVE to the public 🦄🤖
Designed to take your trading to the next level, Unibot X is a Unified Trading Terminal that surpasses the boundaries beyond our current Telegram offerings.
Start here:
More info below👇
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There are some graphs that define an entire market regime and I believe this is one of them.
Under the narratives and volatility we have experienced over the past ~3 years is the steady march of applications with product-market fit and revenue. This will only continue. All in on
Applications on Ethereum and Solana are on the verge of flipping their underlying infrastructure in revenue.
What does this mean for the future of value capture in the cryptoeconomy?
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Have you been following the
@GainsNetwork_io
upgrades?
The team has not stopped shipping over the past few months
✓ Lookbacks and guaranteed order execution (v6.4)
✓ Upgrade to fee design in May (v6.3.2)
✓ NFT bot and oracle optimization (v6.3.1)
GNS is playing to win
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.
@KaminoFinance
took 72.5% market share on Solana's lending markets in <12 months. It's a huge lead in our industry's most exciting ecosystem.
All they need to do now is focus and widen the moat, and that's exactly what the team is doing with Kamino's Road to $10B.
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1)
@metaplex
is the leading digital asset protocol on Solana
✔️ Metaplex built *the* NFT token standards used on Solana
✔️ On-chain programs for creating, selling, and using digital assets
✔️ 99.9% of NFTs on Solana are minted through Metaplex
✔️ >130M mints and 15M+ collectors
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A few thoughts on the
@GainsNetwork_io
grant application
We believe they deserve the full 7M ARB Grant from the
@arbitrum
DAO
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I am leaving Brussels feeling optimistic about the future of our industry.
We spent the entire week speaking to intelligent and competent teams building the future of onchain finance in good faith. These teams are not focused on narratives or complex mechanism designs built to
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1) We are consistently impressed by
@TeamUnibot
The team recognized an opportunity in the growing number of traders on Solana
And launched
@UnibotOnSolana
We believe this is a good move that will increase DAUs and revenue while deepening Unibot's moat
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💯. Everybody is underestimating onchain finance because they conflate the quality of the assets we have onchain with the quality of the financial infrastructure. If we brought stocks, bonds and real estate onchain through a Circle custody model (possible today with regulation),
What we want is a value based DeFi sector.
The difference between finance (positive sum) and a casino (zero/negative sum) is whether there is underlying value in the traded assets.
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@StackerSatoshi
Good piece. Would add that SOL held by Alameda is likely to be locked up during bankruptcy procedures, which may take a couple of years. Also statistic on Solana TVL being down ~50% is primarily based on SOL being down by that amount, so not really a point about activity
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We would like to share an active model on
@lyrafinance
This model will help you understand the magnitude of the Lyra V2 opportunity
Please consider the live model an alpha product — open it on desktop and understand the backend may break
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1) We are excited to announce an investment in
@HoudiniSwap
Houdini Swap allows users to send private transactions within and between blockchains
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The quality of teams building Solana defi is phenomenal. We had high expectations and these teams blew them all away.
180 median IQ
Appreciate all the intros
@mrgnalt
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Open your eyes to the exponential improvements happening across the Internet Financial System. DeFi Summer was barely four years ago.
One year ago you couldn't buy $25K of BTC options without blowing out spreads. Now you can do a $25M BTC trade.
Onchain Moore's Law.
The largest ever onchain options trade just printed on
@derivexyz
📈📈📈
A $25m BTC trade which has some significant election readthroughs 🌋
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How is
@GMX_IO
v2 doing?
1. Open Interest is balanced
That's good because the entire protocol fee structure was designed around balanced OI
Credit to
@0xrelied
and
@SniperMonke01
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Seven Conclusions from the
@Delphi_Digital
Year Ahead for Infrastructure Report 🧵
This is one of the best reports put together by our industry each year. I would recommend reading the entire report. A few snippets below —
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1) Arbitrum's STIP proposal funded 20 teams with 50M
But ~30 teams that passed the vote will not receive funding due to an accident of the governance process
We believe it is better and *cheaper* to fund ~50 teams with $75M than 20 teams with $50M
Arbitrum governance is thriving
Proposals are thoughtful and constructive
Delegates are focused and involved
Good industrial policy could 2x or 3x ARB valuation
The risk I see is too little spending
Supporting teams (and enticing new ones) is well worth 20 or 40bps of dilution
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1) Most DeFi upgrades are replacements. Think of Uniswap or Synthetix — the idea was to transition all TVL and volume from v1 to v2
GMX is a bit different. We expect GMX v1 and GMX v2 to coexist. GMX v2 will add a slippage fee that does not exist in v1
Uniswap Migration
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Wife is a fundamental investor. She has a good friend who is a fundamental investor also. Her friend — builds model, read Buffett, likes to ask questions about moats and return on invested capital, understands where the yield comes from. Decided to try Ayahuasca. Within 3 months
Wife is a Rust Dev. She has good friend who is a Rust Dev also. Her friend - senior software eng 10 yrs exp, normal job, 3 open source repos, good code hygiene. Decided to try Ayahuasca. Within 3 months of doing it, she vanished one day.
Husband got ahold of her. She decided to
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.
@lyrafinance
did not build for any particular market narrative
They built a powerful engine and massively expanded the design space for onchain options
So now they can easily build products to fit any market environment
Lyra is an options and structure products Gigafactory
Today, Lyra is announcing tokenized derivatives yield on EigenLayer.
Restakers on
@swellnetworkio
,
@ether_fi
and more will be able to earn 10-50% APY on their LRTs by utilizing a new primitive that tokenizes basis trade and covered call strategies.
Let’s unpack ↓
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Unibot team is hard working, thoughtful, and honest
They have consistently done the right thing for holders, consumers, and community
A little bit of dilution for customer acquisition is fine
Let's keep this hockey stick going
This is the exact right answer from
@TeamUnibot
Unibot holders receive
✔️ 80% of Unisol supply
✔️ 50% of recurring revenue from Solana trades
Sola traders receive
✔️ 20% of Unisol airdrop
A little bit of dilution for a good reason
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[1,2]
@TeamUnibot
appears to be undergoing rapid customer acquisition
[3,4] Unibot fundamentals are at all-time highs
Recent fundamentals bring P/E to 6.4x
Are they sustainable?
Our original thesis below
We are excited to announce an investment in
@TeamUnibot
Unibot allows you to trade on Uniswap through a Telegram bot — regular trades, private RPC node trades (to avoid MEV), and limit orders
The team is quickly building out integrations with additional DeFi protocols
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A few takeaways from
@Delphi_Digital
's outstanding primer on Modular Lending 🧵
Prediction: Over 40% of lending will happen on Modular Lending platforms by the end of 2025. Modular lending opens up meaningful design space for long-tail assets and structured products.
The Next Phase of DeFi Money Markets?
DeFi’s lending sector has been sluggish, attributed to complex multi-asset lending pools & gov-driven project decisions.
Our latest report explores the potential of modular lending products - unraveling features, designs, & implications 🧵
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A few takeaways from
@Delphi_Digital
's The Rise of Ethena 🧵
This is by far the best research on
@ethena_labs
on the market and it is one of the best research reports I have ever seen in the industry. It is a balanced take of the potential, risk and economics around Ethena
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1) Have you been following the decentralized stablecoin market?
@ethena_labs
is building USDe, a stablecoin backed by a long stETH position and a short ETH position (executed on a CEX)
We believe this is a robust design for a scalable stablecoin
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1) GMX is a fundamental value token. You can build an investment case around GMX that would look familiar to anyone at a private equity or hedge fund
We are excited to partner with
@samuelmandrew
from Crypto Clarity on building that investment case
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I had a good conversation this week with somebody who aligned with me on most core issues around fundamentals, learning the hard concepts, focusing disproportionately on financials, value of building a good reputation, etc.
Then I realized its because he believes in the industry
Good morning to everybody building the onchain financial system
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The team at
@derivexyz
can ship faster than most teams can have an idea.
It’s time to readjust your priors on what is possible with onchain options. It may be time to readjust your priors on what is possible with options altogether.
One-year expiries are live on
@derivexyz
🕗
You can now trade ETH and BTC options out to September 2025—offering long-term, liquidation-free leverage.
A DeFi first, unique to Derive 🧵
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Great thesis on
@AcrossProtocol
by
@tumilett
A tl;dr
[1,4] Bridges should continue to grow with EIP4844 and new L2s
[2,3] Bridge aggregators will continue to take share
driving market share gains for Across
Great data by
@Artemis__xyz
below
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This is an important problem. Open source data analysts are not paid properly and there aren’t enough of them. What is the best solution?
One solution would be a Dune University endowed by funds and ecosystems. This university would train data analysts and fund open source work.
crypto analyst lifecycle:
1️⃣ publishes cool stuff everyone appreciates and uses
2️⃣ realises there's no money to be made independently (unless super established and spend 50% of your time chasing grants)
3️⃣ get poached by a company
4️⃣ stop publishing public goods
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The team at
@derivexyz
is an example of courage and persistence. They have been building single-mindedly towards programmable derivatives onchain since the dawn of onchain finance >4 years ago. They started with a large cohort of peers that wanted to solve a difficult and
Yesterday, we were Lyra.
Today, we are Derive.
Tomorrow, derivatives change forever.
🐎
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When everybody is talking about market volatility but you hardcoded your
@costcodogsol
holdings at 1.50
Why I am still long
@costcodogsol
🧵
🌭Deep value opportunity given divergence between intrinsic value (1.50) and market price (0.02)
🌭 Unique real world asset play among Solana blue chip memes
🌭 Upcoming catalyst with 4th of July festivities
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Appreciate the shoutout. Memecoins are good for fundamentals because they redirect capital away from narrative tokens. Builders should be building products not highly elaborate infrastructure memes.
Good take.
@TheiaResearch
conveyed the same idea on
@LoganJastremski
pod a month ago, I could not unsee it after.
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Exciting news coming out of
@lyrafinance
(1,2) Lyra's team pioneered the option's AMM
(3,4) We believe they can build an efficient hybrid orderbook-AMM
Bringing the options market into DeFi at scale
(5) And the new tokenomics look great
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@TeamUnibot
is going through S-curve adoption
A large portion of active retail traders will be using Unibot or another DeFi UX by the end of the year
The single best metric to track this hypothesis is returning active users — Unibot hit an ATH of 1,255 yesterday
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1) Congratulations to
@aerodromefi
and
@wagmiAlexander
on an incredible launch
✓ $170M TVL in one day
✓ Aerodrome is the largest DEX on
@BuildOnBase
We tried to buy in size OTC but veAERO holders are loyal holders 😭🫠
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@nntaleb
Nassim’s razor: pick an industry with 80% volatility, be loud on down cycles, block people on up cycles. Good asymmetric status strategy
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1)
@DuneAnalytics
does not stop shipping.
We spent countless hours building a python codebase that allows us to explore data and build underwriting models.
And we still find ourselves doing most of our data work on Dune. The product is too good.
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Metaplex is a well-oiled machine
@metaplex
consistently ships products that improve the Solana NFT experience for consumers and developers
The team is thoughtful around strategy and positioning while giving back to the broader community
Read this thread. Look at these numbers.
1/ Metaplex March Round-up 🦾
TLDR:
- 98M NFTs minted, 2nd highest monthly total
- 720k unique signers (ATH)
- Metaplex released Core, a new standard for digital assets
- 50% of protocol fees will be converted to $MPLX and contributed to Metaplex DAO
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Turtle Club: Banker to the Onchained
Prediction: Turtle Club will be among the top ten most profitable businesses in the onchain economy by this time next year.
Turtle Club is a Group Purchasing Organization (GPO) for TVL. GPOs are one of the most common and profitable business
Joining
@turtleclubhouse
Crypto a world full of “Special Deals”
I know I know this may be an unbelievable alpha leak because many investors don't want to get their hands dirty with something like this, but you can bargain with protocols, validators or funds. Whether it's
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I don't want 10T of market cap
I want 100B of cash flow
Progress update to $10T
[███████-----------------------] 23%
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1) Liquidity Book on
@traderjoe_xyz
is our favorite way to place buy and sell limit orders. Instead of paying slippage (significant for us) we earn fees
This difference has meant +30-50% on a few of our investments
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Good analysis is only half the battle. Building good headspace and character in difficult markets is harder and more important than good analysis.
I find this poem by Kipling to be uniquely relevant.
If you can keep your head when all about you
Are losing theirs and blaming it
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The financial system demands too many talented people from our civilization. It consumes the labor of 8.5M people in the US alone, and this talent pool skews educated (eg 25% of Harvard undergrads).
We can build a global Internet Financial System with fewer than 1M people. We
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Pls send more good liquid tokens as well.
The industry is currently set up to TGE tokens without PMF or revenue at high valuations. Liquid funds need to earn 5 - 10x to attract capital and that means we can't buy most TGEs. So pls more good tokens or lower valuations.
My biggest takeaway from this chat:
Crypto is over allocated to venture, under allocated to liquid.
That’s about to shift in a big way.
@TusharJain_
and
@HindiRay
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This is a list of approx. 500 of the best models I have encountered over the past 12 years. I have been actively keeping this list since college and <30% of the models that ever made it onto this list have survived.
The idea is to keep powerful problem solving tools fresh in the
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[1-3] Organic growth at
@TeamUnibot
continues to outperform our upside case
[4-6] P/E valuation appears reasonable esp. if user churn remains low
Our original thesis below
[1,2]
@TeamUnibot
appears to be undergoing rapid customer acquisition
[3,4] Unibot fundamentals are at all-time highs
Recent fundamentals bring P/E to 6.4x
Are they sustainable?
Our original thesis below
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We need to ensure that our level of discourse keeps up with the development of onchain lending. In particular, we need to distinguish between risk management failures at the level of the underlying platform and risk management failures at the level of the risk curator and capital
Seems like the exploit was a config issue. The smart contracts had no bug and the funds were retrieved pretty fast.
The deployer is not a full time Risk Curator, but a fund which lost its own money and no users were hurt.
Glad everything was sorted.
Every crisis reveals
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Great weekend to think through
@GMX_IO
v2 fees
(1,2) We continue to believe GMX v1 and v2 will coexist as they target different parts of the market
(3) v1 is for large, consensus BTC and ETH buys
(4,8) v2 is focused on long-tail assets, balance OI, and contrarian trades
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Good morning to everybody building the onchain financial system
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.
@Polymarket
has led polls and prediction models on large moves (e.g. Biden's resignation) but lagged these same polls and models on smaller probability updates (e.g. recent favorable polling for Trump has increased his probability to +10 on Silver's model).
We expect this trend
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Knowing how to use
@DuneAnalytics
is a superpower for anyone focused on liquid token data and fundamentals. It is much better than excel.
But it can be a bit overwhelming to learn for investors who don't have experience with SQL. I was there.
I believe this is the best way to
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Solana's recent protocol upgrades?
There is a good
@Delphi_Digital
report to get up to speed for anyone who has been watching from the sidelines
Covers —
1,2) Firedancer
3,4) Tinydancer
5,6,7) Jito & MEV
8,9,10) Isolated fee markets
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There is nothing new under the sun.
We are mirroring Silicon Valley after 2001. Fundamentals paradigm is pulling us in like a supermassive black hole.
@LoganJastremski
Youtube:
Spotify:
So riddle me fcking this
DA is going to 0
Execution is going to 0
MEV is going to 0
Then where tf we getting economic sustainability from??
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@engineers_feed
Atmospheric oxygen levels so we can live through the return of prehistoric insects and arthropods
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.
@heliuslabs
technical writer is Solana's Hemingway
Why don't more researchers write this way? This piece on Priority Fees is short, to the point and easy to understand. It gives me everything I need in a few minutes.
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We are not a serious industry until this problem is solved. If there is an equity entity that accrues revenue ahead of the token, then the token is not worth much.
Any news that reveals this type of conflict should send token price down 90%. Markets should enforce good behavior.
we'd love to send revenue to tokenholders (who we are dumping on) if it weren't for that terrible gensler guy, really a shame we have to keep it in the labs entity
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You can build a model for value accrual based on MEV but you need to consider
(i) ecosystems need to focus on minimizing MEV asymptotically towards 0
(ii) applications will take the majority of what is left
with
@LoganJastremski
It is impossible to use software all day every and experience 0 marginal cost of software
And concurrently believe that blockchain Tx fees (data + Tx fees) will not asymptotically approach 0
Therefore the only value capture mechanism for an asset ledger is MEV
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We don’t invest in protocols that have both token and equity
This is because we believe that two classes of ownership lead to misaligned incentives
Example —
VC has equity and speaks to the team every week
VC makes sure the team has plenty of equity to align incentives
The
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Why I am still long
@costcodogsol
🧵
🌭Deep value opportunity given divergence between intrinsic value (1.50) and market price (0.02)
🌭 Unique real world asset play among Solana blue chip memes
🌭 Upcoming catalyst with 4th of July festivities
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We are excited to announce an investment in
@MidasRWA
Why do you have USD yielding 0% in your bank account when the US Government is willing to pay you over 5%?
Because fiat rails are expensive and inefficient
There is no reason to ever earn less than the risk free rate onchain
1/ Introducing the Midas Protocol and the innovative $mTBILL to the DeFi landscape!
Today, we're thrilled to unveil Midas, our pioneering asset tokenization protocol, alongside the successful raise of $8.75M co-led by industry titans
@BlockTower
,
@hiFramework
, and
@HV_Capital
.
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1) Circle's Cross-Chain Transfer Protocol ('CCTP') is likely to put serious pressure on bridge profitability, at least in the near-term.
Bridges are a complicated piece of the Internet Financial System's investment landscape — exciting bull case offset by a scary bear case
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Consensus: The Internet Financial System has perps and doesn’t need onchain options
Reality: The next ~18 months will see the buildout of a large onchain options market
And several billion USDC of market cap for those that build it
Options in crypto have been shackled by low liquidity, limited products, and most crucially, limited imagination.
@lyrafinance
is changing all of that, it’s simple mathematics
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Unibot 🦾
$30M of cash flows per year back to
@TeamUnibot
token holders (excluding token tax) vs. $65M FDV
(Almost) All coming from meme tokens on Solana
The biggest project of this cycle will not be a meme. Product market fit always trumps memes. The centibillion dollar opportunity is for the biggest service provider of memes, the aggregator of memes, with the highest memes under management.
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Unibot generated $20M of volume and earned $180K of cash flow to token yesterday. They have earned $860K of cash flow to token holders over the past 7 days.
@TeamUnibot
continues to build additional products
We expect the UI market to grow to cover ~40% of DeFi volumes over time
Unibot 🦾
$30M of cash flows per year back to
@TeamUnibot
token holders (excluding token tax) vs. $65M FDV
(Almost) All coming from meme tokens on Solana
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Incredible listen.
There are a lot of good 'behind the screen' materials on infra
but not a lot of good 'walk your dog and listen' materials on infra
and I fully expect Uncommon Core to fill the gap
🙏TY
@jon_charb
@hasufl
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.
@blockworksres
has one of the best teams in the industry
They are smart, focused, and hungry to consistently produce A+ analysis
Can’t wait to see what type of insights they bring through their new analytics product
Introducing Blockworks Analytics
A singular destination for real-time data-powered insights.
Want reliable, transparent, and impactful protocol statistics to make better investment decisions?
This is it 👇
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If Uniswap implements a fee switch, it will could become the highest revenue application in our entire industry
A *quick math triangulation shows Uniswap trading at ~500-600x P/E
With a *reasonable best case* at 120x P/E
That's much better than Uniswap without a fee switch
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The number of public equities available for investors peaked just above 8,000 and has been cut in half over 20 years. Listing is a cumbersome and expensive process (over $2M in fees plus 5-7% of IPO proceeds)
Let a hundred thousand tickers bloom in the Internet Financial System
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Not Financial Advice. Theia has a position in Unibot.
TY
@xcurveth
and
@whale_hunter_
for help and data
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3) Unibot hit ~ 2,040 users yesterday
~1,740 returning users
~300 new users
Unibot has consistently hit over 1,500 *returning* users
❗️ More users than GMX + Kwenta + Gains. We have PMF
🤝 Still a small portion of total DEX users. There is room to grow
TY
@tokenterminal
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Boston is like Singapore but cold, old and on the opposite side of the world
See you there
@solanaboston
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All in one place
✓dYdX: 2bps maker and 5bps taker
✓GMX v2: 5bps open + funding fee + borrow
✓Kwenta: 2bps maker + 6-10bps taker + borrow
✓GNS: 8bps open + 8bps close + borrow
✓GMX v1: 10bps open + 10bps close + borrow
✓LVL: 10bps open + 10bps close + borrow
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5) At $200M market cap
Unibot is trading at 12.5x earnings
The market leader in an exciting category with 100%+ growth
Is trading like a low-growth, low-quality TradFi company
✓Software: 100x
✓Tobacco: 14x
？Unibot: 12.5x
✓Trucking: 12x
OG Thesis:
We are excited to announce an investment in
@TeamUnibot
Unibot allows you to trade on Uniswap through a Telegram bot — regular trades, private RPC node trades (to avoid MEV), and limit orders
The team is quickly building out integrations with additional DeFi protocols
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The good thing about being a long term investor in
@TeamUnibot
Is that the team ships an impressive new feature every ~2 weeks
Today —
✓ key trading
✓ Limit orders (incl. SL and TP)
Where will this product be in 6 months?
Unibot x FriendTech is LIVE 🦄🤝🤖
Trade your
@friendtech
keys for FREE with Unibot for the next 5 days.
We have exclusive features that you won't find anywhere else right now: Limit orders, key trading without a FT account, and more to come tomorrow 🔓
Use our free & instant
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1) I am honored to partner with Jason Hall and John McNiff on Methodic Capital
We decided on the name Methodic to signal the highest standard of fiduciary responsibility, risk management and attention to detail
And that's what we will deliver
JUST IN:
@methodiccapital
is launching the Methodic CoinDesk ETH Staking Fund, which aims to offer investors exposure to spot $ETH price and staking yields.
@sndr_krisztian
reports
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Beautiful sankey by
@sui414
on the solver auction market. It's the entire market in one diagram.
1) Starts with Cowswap, 1inch Fusion and UniswapX
2) Labels and sizes every solver
3) Labels and sizes every liquidity source
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They said onchain options would never work...
Be like Nick. Believe in something.
The largest ever onchain options trade just printed on
@derivexyz
📈📈📈
A $25m BTC trade which has some significant election readthroughs 🌋
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