Durden ∞⧖
@durdenwannabe
Followers
8,246
Following
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Media
499
Statuses
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Kicking ass @Lifinity_io @sandglass_so
Joined May 2021
Don't wanna be here?
Send us removal request.
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Behold the state of our industry.
Remember the good ol' days when people said gm simply because it felt good?
gm
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Jupiter already has a vibrant community 🪐
I'm excited to help turn that community into a well-functioning DAO that will move not just Jupiter but the whole Solana ecosystem forward 🫡
LFJ!
Today, as part of our J.U.P rollout, we are excited to introduce Jupiter Working Groups (JWGs) – independent groups of operators who will focus on growing the Jupiter community, enhancing the Solana ecosystem, and facilitating DAO coordination! 🥰
Given that this is a new
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Not everyone knows that Lifinity runs a
@jito_sol
validator with 379,292 SOL of stake.
Today we received an offer of $40k per month to onboard to a newly created mempool.
That's ~2,526 SOL per year (~0.7% APY).
Apparently they already have 2M SOL of stake.
We declined.
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Trading on
@JupiterExchange
not only gives you the best price...
It also gives you access to
@PythNetwork
's $PYTH airdrop by routing to DEXs using Pyth such as
@Lifinity_io
and
@GooseFX1
.
Traders swapping on a single DEX in shambles.
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Wow 👀
Every dollar in the pool has been traded more than once every hour.
And unlike other protocols the APR includes IL (which in Lifinity's case is positive – buying low and selling high).
Next-level capital efficiency ♾
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Lifinity has been live for a few months now, and Orca recently released their Whirlpools.
These are the only two protocols on Solana w/ concentrated SOL-USDC pools.
Let's see how they compare!
A thread 🧵👇
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The worst case time it takes
@JupiterExchange
's Metis algo to calculate the optimal trading route across all DEXs on Solana is faster than the best case time it takes Uniswap to find the optimal route on just Uniswap.
That's some god tier shit right there
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A comparison of swapping 100k USDC to SOL on Jupiter, Orca, and Raydium.
There is only one logical choice.
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Wanna see something crazy?
Normally, alarm bells should be going off in your head when you see 7,000% APR 🚨
But no gimmicks here, just organic yield, and crucially it includes the profit & loss from market making (before trading fees) that other DEXs tend to conceal.
🧵👇
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We are proud to announce that The Solana Update has rebranded to The Solana Grapevine! 🎉🥳🎉
As you may have guessed from the name, with this rebrand we are officially joining the
@grapeprotocol
family 🍇
#itsGrape
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ETH-USDC liquidity is better on Solana than on Ethereum for medium size ($10k), even before accounting for the difference in fees!
@JupiterExchange
vs
@matchaxyz
vs
@1inch
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Is LFNTY the first pre-FTX Solana token to go back above its IDO price?
@Lifinity_io
's veIDO price depended on the user's lock period chosen, ranging from $0.42~$0.84 with an average price of $0.48
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I read
@MagicEden
's most recent newsletter & was rather disappointed with its rhetoric for honoring royalties.
I'm also dissatisfied with how
@YawwwNFT
didn't take their argument for users choosing royalties to its logical conclusion.
A third perspective 🧵👇
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Last November, I joined the
@Lifinity_io
team.
Lifinity is revolutionizing the DEX space in terms of efficiency, profitability, and tokenomics.
A thread 🧵👇
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New
@orca_so
just dropped.
Pretty disappointed.
Largely a psyops designed to get retail to trade on their platform rather than
@JupiterExchange
.
Crucially, contrary to claims made prior to launch, Jupiter still *always* outperforms their new routing engine.
🧵👇
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TVL, volume, and revenue are metrics commonly used to gauge the success of DEXs.
But these fail to address what matters most:
Can the protocol earn more than it spends?
Here is my attempt to compare the profitability of Ethereum & Solana DEXs.
Read:
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The Solana Update is proud to be sponsored by Orca!
Orca is the most user-friendly DEX on Solana. It’s intuitive, easy to use, and designed for people, not programs. (1/7)
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Thought experiment. Suppose:
・Ethereum has 5x more devs than Solana
・80% of Eth devs work on scaling solutions or reducing gas costs within apps, the rest build apps
・All Solana devs build apps
Then Ethereum and Solana have the same number of devs building apps.
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Yo
@blknoiz06
appreciate the
@Lifinity_io
shoutout on the recent
@UnlayeredPod
podcast 💙
Not sure how familiar you are with Lifinity, but capital efficiency is just the tip of the iceberg of things that set Lifinity apart from other DEXs
🧵👇
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🪐 JUP Airdrop Proposal 🪐
tl;dr
・Volume as the base
・Various multipliers to adjust volume
・Set max difference between smallest & largest airdrop
・Scale adjusted volumes to match max difference
・Interpolate intermediate airdrops
・Sanity check smallest airdrop size
🧵👇
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Token incentives as a % of the total supply to be given out in February:
Orca: 0.025%
Raydium: 0.1%
Meteora: 1% 👀
This is massive.
And it all starts with the JUP launch.
Are you prepared?
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🔒 JUP Airdrop Lock Boosting 🔒
What if
@JupiterExchange
could know which airdrop receivers will hold on to their tokens rather than sell them as soon as they unlock?
Wouldn't Jupiter want to reward those users with more tokens?
There is a way 🧵👇
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Even during this volatility, you can buy ETH up to $30k more cheaply on Solana than on Ethereum (even before considering fees!)
@JupiterExchange
vs
@DefiLlama
(both aggregators)
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Fees generated since Oct 30
Orca: $366,600
Lifinity: $22,015
Fees accrued to the protocol
Orca: $110
Lifinity: $22,015
That's the power of protocol owned liquidity ♾
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I really admire Jupiter's constant and unrelenting UX improvement 💚
The time has come.
Introducing Jupiter Swap V3: Leveraging our new Metropolis liquidity backend to enable Instant Routing, Dynamic Slippage, Smart Token Filtering, Ecosystem Token List and more!
🧵🪐
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♾️ Lifinity Tokenomics PSA ♾️
LFNTY gained a lot of new holders recently 👋
But few have locked their LFNTY for veLFNTY, which is what gives you a share of the protocol's revenue 💰
How to maximize your rewards 🧵👇
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For the first time
@Lifinity_io
's NAV hit $11M since the market crashed, which is more than the $9.6M + 15,000 SOL that was raised 💪
On top of that, since inception a total of $1.8M of revenue has been distributed to veLFNTY holders 🤌
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So who are all these people lending SOL on Kamino?
Supply APY is 3.33%, much lower than staking yield, and I think most people would agree that staking risk is lower than a lending protocol's risk.
So they are basically giving their yield to leveraged stakers.
???
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Excited for Jupiter Start and how it's getting the community involved in the process, just like they did with the JUP airdrop 🪐
Would love to be a part of vetting projects and their tokenomics and help grow the pie! 🥧
"Grow The Pie" Update 2: Jupiter Start
At Breakpoint, we presented 3 major initiatives to grow the Solana Pie: $JUP, Jupiter Start, and Jupiter Labs. Today, after extensive discussions with the ecosystem, we are delighted to elaborate more about Jupiter Start.
For a long time,
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A reminder that you can accumulate ETH more cheaply on Solana 🫡
And liquidity is only improving over time 🔥
Jupiter vs DefiLlama (both aggregators)
Even during this volatility, you can buy ETH up to $30k more cheaply on Solana than on Ethereum (even before considering fees!)
@JupiterExchange
vs
@DefiLlama
(both aggregators)
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Flare DAO currently has a 2,500 SOL bid on Tensor for its own collection.
If this SOL was staked, the staking yield could buy back a Flare every 12 days.
This strongly incentivizes Flare DAO to remove most of its liquidity from Tensor.
Please make this a priority
@tensor_hq
If NFT AMMs & marketplaces began supporting staked SOL tokens (mSOL for example), liquidity providers would earn staking yield on their mSOL even as it remains idle as a bid or part of an LP position.
In this world, would you place bids & provide liquidity in SOL or mSOL?
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A collection of LP chart porn
Courtesy of
@Lifinity_io
These charts compare the performance of the pool vs just holding a 50/50 portfolio
Starting with the highest volume pool
SOL-USDC v2
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Meanwhile, Lifinity:
・No VCs
・Initial float of 20%+
・Starting MC of ~$17M
・Team vesting schedule of 4 years
Crypto fundraising is characterized by short vesting schedules, absurdly high valuations, and very low initial float. This has become the norm, and together these factors represent a time bomb. VCs played a major role in shaping this norm.
For reference:
- Crypto VC: 3-12
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Alpha leak!
It's possible to get more than 100% APY on your SOL, and PRT rewards on top of that 🤯
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The market has rediscovered
@lifinity_io
's veIDO mechanism from over 2 years ago:
・Capped vault
・Timing of deposit doesn't matter
・Lock your allocation to get a cheaper price
・Refuse to pay CEXs to get listed
This is the way 😎
How we're making $CLOUD the greatest launch yet
I wanted to talk about how we're working to design the LFG launch to make the $CLOUD launch truly great: as liquid, fair and aligned as possible for everybody.
A great launch must be liquid. The baseline of any great launch is
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Amazing article by
@semajeth
on the perils of being an LP on CLMMs (Uniswap v3 style AMMs).
It's quite long, so I extracted the most salient points for your convenience.
🧵👇
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In today's update...
・SamoTIPS
・Grape Access Opens to All
・Saber x Coin98 Wallet
...and more!
#Solana
@samoyedcoin
@CropperFinance
@hydraswap_io
@ArmySatellite
@solanagrape
@Saber_HQ
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Less than 24 hours later...
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There is no second most capital efficient 😤
2/ Solana is the most capital-efficient chain.
While TVL may be a vanity metric; DeFi velocity [Daily DEX trading volume/chain’s TVL] is a metric Solana DEXs have been leading in by a wide margin.
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Lifinity Flares are the least hyped NFT project to make it into the top 10.
・Retained 100% of mint funds
・Backed by real assets
・Generates revenue from Lifinity's DEX & royalties
・Buybacks continually reduce the supply
Slow and steady wins the race.
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So
@SaberProtocol
recently changed its fees from 0.001% to 0.01%
This is a 10x (!) change that is positive not just for Saber but also for all other DEXs with stable pools 👀
A lil' history 🧵👇
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What token locking system results in the best tokenomics?
Mega thread 🧵👇
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Why is Lifinity's liquidity protocol-owned?
Why not let users supply it, like every other DEX?
tl;dr – To maximize profit
🧵👇
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The Parrot Protocol team has engaged in scummy behavior since its IDO, and it has now reached its peak.
Where to begin...a recounting of Parrot's misconduct 🧵👇
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DEXs don’t show impermanent loss (IL).
They are incentivized to hide IL so more people provide liquidity.
Liquidity providers (LPs) just see APRs and ape in without understanding IL risk.
LPs have to manually calculate their IL.
This sucks. We can do better.
A thread 🧵👇
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ETH maxi goes to sign their tx.
"Watch ads for 0 gas fees? Why not."
Ad for Solana starts playing.
"Essentially free txs, no need to watch any ads!"
A new SOL maxi is born.
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Now imagine the locked BONK could be tokenized the way max-locked veLFNTY can be converted to xLFNTY and traded.
I think this would be a win for all parties involved.
Lmk if the teams want to discuss.
Introducing BONKrewards by
@ArmadaFi
Lock your BONK to earn rewards from Community built BONK Eco products like BonkBot, SVB, and BONKswap.
Success of participating BONK Ecosystem Products = more rewards for users who Lock their BONK, with boosted rewards from the pool for
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Recently,
@orca_so
reached out to one of
@Lifinity_io
's partners, asking them to not make a market making deal with us.
They claimed that Lifinity would have a negative impact on their token's on-chain liquidity depth.
This is wishful thinking at best 🧵👇
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Dear
@solana
For the next hackathon, please separate the tracks for Payments and Finance (DeFi).
I'm sure I'm not the only one who wants to browse DeFi projects but have to wade through a ton of payment projects.
So cumbersome I just gave up, will wait for others to find them.
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♾ Lifinity Tokenomics PSA
#2
♾
"Top 10 holders have 98% of supply? Lifinity has TERRIBLE tokenomics."
Or perhaps the top 10 list fails to provide a clear picture.
Let's start by asking, who exactly are these addresses?
🧵👇
@durdenwannabe
@AnotherCryptoM1
@orca_so
@RaydiumProtocol
@Lifinity_io
The fully diluted market cap is very big especially compared to a small holders amount. Top 10 holders hold 98% of all supply. These are huge red flags. I still hodl some Lfnity though, because I like the project itself. But the tokenomics needs fundamental imrovments
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Banx is making it happen 🔥
Honestly it's a no-brainer, and once one project does it, gains a free competitive advantage from not missing out on Solana's native staking yield, and users see the light, all other projects will have to follow suit.
You love to see it.
Flare DAO currently has a 2,500 SOL bid on Tensor for its own collection.
If this SOL was staked, the staking yield could buy back a Flare every 12 days.
This strongly incentivizes Flare DAO to remove most of its liquidity from Tensor.
Please make this a priority
@tensor_hq
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Think this makes a lot of sense as a memecoin launch model.
・Team gets no allocation
・But team gets the fees from the perma-locked liquidity
・Users more willing to buy because team can't dump
・Team is incentivized to build so that people speculate → generate volume → fees
1/ Today, Meteora expands its LP army to include memecoins! We've generated millions in LP fees for token launches, and, for memecoin creators we now allow you to compound and claim fees on permanently locked liquidity, for all time. 🔥
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My ultimate DeFi composability wet dream:
・Take SOL
・Stake it for an LST
・Deposit in a lending protocol for a cToken
・Deposit in Sandglass for PT, YT, or LP
・Restake it
1 asset, 4 sources of yield
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Points are all the rage on Solana.
I found a way to earn points, and it doesn't even require any capital.
tl;dr sell your unused bandwidth for $ and tokens.
🧵👇
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Seems like Eclipse and Monad will Solana-pill Ethereans in different ways.
Use Eclipse -> Wow SVM so gud -> Hmm PoH, Turbine, etc. more efficient -> Use Solana
Use Monad -> Wow parallelization so gud -> Hmm SVM better than EVM -> Use Solana
All roads lead to Solana.
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Oh you have higher TVL?
But my dude your value isn't even "locked"
Not only is mine locked, I straight up own that shit
More like TVO
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What's worse than useless governance tokens?
Points.
Literally just a number on an off-chain database.
They don't govern anything, and you can't even sell them.
Solana DeFi 2.0 my ass.
reeeeeeeeee
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Been seeing a few misconceptions about this dashboard.
1. Only Protocol Earnings accrue to the protocol, not Total Earnings
2. Token emissions used to generate the earnings (i.e. the costs) are not included
What really matters is PROFIT.
🧵👇
This dashboard enables earnings comparisons between NFT projects, marketplaces, DEXes, and infrastructure protocols like Helium and Hivemapper
In the DeFi category, the top projects are
1.
@orca_so
2.
@RaydiumProtocol
3.
@JupiterExchange
4.
@Lifinity_io
5.
@Kamino_Finance
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Now if you shit on Solana, you are also shitting on Visa
Just sayin
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The first rule of Project S is:
You do not talk about Project S.
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Solana wasn't designed "to be contrarian to Ethereum" or "exist as a reaction to Ethereum" as claimed
It was designed from first principles to be maximally efficient
And that efficient design just happened to diverge from Ethereum's, which wasn't designed with that goal in mind
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(1/3) This account was formerly the Solana Grapevine.
We weren't able to secure funding for our operation, so we've shut down for good 🙁
You might know me from Discord as Durden. I'm in a bunch of Solana project servers. I started and led the Solana Grapevine until its demise.
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I've said this before, but isn't Phoenix by
@ellipsis_labs
a clear improvement on OpenBook?
What's the point of continuing to incrementally work on OpenBook's technical debt?
Phoenix doesn't even have a frontend and is already regularly doing more volume than OpenBook.
Things are getting spicy!
Contribute to OpenBook at and have the Foundation match it with money that
@Austin_Federa
had previously earmarked for
@therealchaseeb
’s severance package!
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The rev distribution / token value accrual narrative is ramping up.
Meanwhile, Lifinity has been front running it for nearly 2 years.
Also, here's some alpha: the announced revenue figures don't include market making profit (MMP) 😉
Our next round of protocol revenue has been distributed! ♾
68,218 LFNTY & 108,056 USDC has been added to our LFNTY-USDC pool.
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Confirmed that Grass will be launching on Solana 🤝
Still the easiest way to earn points in crypto 🌱
Points are all the rage on Solana.
I found a way to earn points, and it doesn't even require any capital.
tl;dr sell your unused bandwidth for $ and tokens.
🧵👇
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Thought experiment
How much would Solana's fees have to be for its total fees generated to equal Ethereum's?
Calculations 🧵👇
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Are you one of the many who have been waiting for a Pendle on Solana?
The wait is over! 🔥
Say hello to yield trading on Solana! ⏳
Link and launch notes below 👇
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Highly encourage anyone asking this to try the same comparison for *insert favorite token*
LFNTY still has one of if not the best book value to market price ratios among all assets on Solana
For most assets, it's not even close
So many with a book value of $0 and a ratio of ∞
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"It buys more when prices drop and less when they rise."
Fun fact: this is what
@Lifinity_io
's buyback bot has been doing for years 😎
Introducing Value-Average (Beta) -- it enables you to auto-invest based on price action! 🚀
Check it out at
It’s hard timing the market, value average can help with that.
Value-average (VA) prioritizes balanced portfolio growth by dynamically adjusting
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.
@Lifinity_io
would like a word with you.
The narrative of Solana’s volume surge on Friday was it was enabled by OPOS (only possible on Solana) defi tech allowing for very high capital efficiency.
In reality the comfortable majority of the volume was Orca and Raydium, vanilla AMMs with the same mechanism as Uniswap
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This is the route
@Lifinity_io
took.
The main thing that a CEX listing accomplishes is a temporary price pump; it doesn't create long-term value and eats into the team's funding.
All of Lifinity's liquidity is on-chain & the vast majority is protocol-owned so it's permanent.
instead of trying to get listed on centralized exchanges at high fdv, resulting in airdrop farmers, marketmakers, and vcs dumping on buyers, painting a v ugly price chart
why don't more teams just launch their tokens on dexes at low fdv, like in the old days, let price discovery
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Purely organic yield
Our next round of protocol revenue has been distributed! ♾
The intrinsic value of LFNTY as of today is $0.3496.
This was below the market price, so we added 190,437 LFNTY and 81,661 USDC to our LFNTY-USDC pool.
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Thanks for the idea 🫡
@durdenwannabe
can you add some descriptive .sol adresses to the protocol wallets?
LFNTY-dao-treasury.sol
LFNTY-shareholder-program.sol
LFNTY-team-allocation-non-circ.sol
LFNTY-protocol-profit-buybacks-non-circ.sol
...
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・If a token doesn't distribute revenue to holders, the only way holders can profit is by price going up, so holders shill
・If a token distributes revenue, price doesn't need to go up for holders to profit, and more holders may even mean a lower APY, so you don't hear about it
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Call options, but the strike price is a secret
So points are just call options on tokens that don't exist?
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The first pool-based yield trading protocol on Solana ⏳
Made with sand collected at Solana Beach
And glass chewed by based devs
We bring to you
Sandglass ⧖
🧵👇
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Damn, so much effort put into burning BONK.
Imagine if it was instead directed at building & funding public goods on Solana.
We all know the initial distribution of BONK was arbitrary & benefitted only a small number of projects.
Public goods would benefit everyone.
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@MarinadeFinance
's innovations in the LST space are unparalleled.
They just released another banger – Marinade Native.
This looks to capture Solana's native staking market, which prior to launch composed 98% of all staking.
Why this is a big deal 🧵👇
Welcome Marinade Native! Turn your SOL staking on autopilot:
Automatic stake delegation to 150+ best-performing validators
- no smart contract exposure
- 0% deposit fee (limited time only)
- 0% performance/withdrawal fee (forever)
🧵 Here's how it works:
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The way
@tensor_hq
is minting is 🧠
People who say the price is high are confused.
Tensor actually only takes 1.69 SOL.
Shards were given away for free.
What shards allow is price discovery prior to mint.
Only reason mint price is "high" is because people bid up shards.
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No, you haven't.
Have you ever seen a pool's liquidity be turned over more than 200 times within 24h, and still be profitable even before fees? 🤯
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What are the advantages of providing liquidity for mSOL-SOL? Where is the best place to be an LP to maximize my yield? How do I calculate my APY?
Part 3 of our Marinade DeFi series answers all these questions and more!
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Given all the recent discussion around what oracle price to use for LSTs on lend/borrow protocols...
One interesting design is Timeswap, which uses neither oracles nor liquidations.
Think there's an opportunity to build it on Solana.
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An idea for devs looking to build a small project that generates fees and has an eager user base awaiting them.
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In times of high volatility, the buy low sell high effect of
@Lifinity_io
's pools become easy to see in the charts 👀
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@NamiSOLami
@jito_sol
I am not special. I'm not a beautiful and unique snowflake. I'm the same decaying organic matter as everything else. We're all part of the same compost heap. We're the all singing, all dancing crap of the world.
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I mean sure, if you don't check all DEXs for the route that provides the cheapest price the way Jupiter does, of course you get a slightly faster quote...
But you'll also get a worse price!
Price matters, use
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Every time I tell someone I work in crypto, they assume I'm a trader.
Is this just a Japan thing, or is it the same in other countries too?
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Turns out Sanctum's reward for connecting socials and doxing your wallets is potentially very large.
I applaud the effort to reward earnestness, but it seems like there's no fundamental need to make users connect their wallets to their socials.
These can be done separately.
As awesome as it would be to have a unified profile for crypto
The issue I see is that Sanctum will have an offchain database connecting various wallets to each other and even to social media accounts
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20% APY
Organic yield in USDC
TVL and volume aren't everything
How much revenue do your protocols generate?
Do they give any of it to token holders?
Are your tokens backed by any real assets?
Our next round of protocol revenue has been distributed! ♾
130,906 USDC has been added as concentrated liquidity to buy LFNTY 🫡
51,107 LFNTY was bought back over the previous month 🤝
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Shout out to the whale(s) LPing in the 0.01% fee SOL-USDC pool.
They are getting rekt by IL to support Orca's booming volume (this pool alone is responsible for >1/3 of Orca's total volume).
To those who were questioning whether
@orca_so
is the dominant DEX on
@solana
(h/t
@_LewisHarland_
)
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🏆 How Tensor Wins 🏆
・Launch a TNSR token & adopt Curve's liquidity gauges
・Traders & LPs are rewarded for trading/market making
・TNSR holders determine TNSR emissions for each NFT project
・NFT DAOs acquire TNSR to vote for their project
・Buy back TNSR w/ a % of revenue
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Forgot to mention that token holders have also received revenue distributions every month since the veIDO.
Most tokens: Only hope is price go up
LFNTY: Can lock for revenue distribution, is backed by protocol-owned liquidity, and of course also has a price
Is LFNTY the first pre-FTX Solana token to go back above its IDO price?
@Lifinity_io
's veIDO price depended on the user's lock period chosen, ranging from $0.42~$0.84 with an average price of $0.48
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Fyi Lifinity's announced revenue doesn't include market making profit (MMP) - the profit from buying low and selling high (before trading fees).
The MMP for each pool can be seen by hovering over their Net APRs.
It's often greater than the fees 💪
OPOL
Our next round of protocol revenue has been distributed! ♾
Lifinity DAO has voted to use half of the buyback funds for buybacks and the other half for increasing liquidity (previously all used for liquidity)👀
54,702 LFNTY & 140,729 USDC has been added to our LFNTY-USDC pool.
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