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Elijah Profile
Elijah

@PossibltyResult

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545
Following
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5,581
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thinking out loud | building integrated applications @Neutron_org

Joined June 2020
Don't wanna be here? Send us removal request.
@PossibltyResult
Elijah
2 years
Yield space is one of the coolest AMM invariants: it's elegant and useful + it adds a 3rd dimension (time) to CFMMs. I wanted to dive deeper so made a lil desmos. Feel free to play around w/ it.
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@PossibltyResult
Elijah
4 months
Why doesn’t everyone just transact in US treasuries instead of cash ?
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@PossibltyResult
Elijah
3 years
1) We developed an optimization algorithm for @SushiSwap and the results are wildly interesting (as in saving millions of $ interesting). The gif shows the algorithm frame by frame as it searches for and eventually settles on a near-optimal liquidity allocation...
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@PossibltyResult
Elijah
1 year
This story is long overdue. How an Ethereum maximalist ended up in Cosmos and why Ethereum maximalism is stupid :
@PossibltyResult
Elijah
1 year
@spreekaway As an aspiring equal opportunity fudster myself it makes me sad that even after redacting your point it still ratio’d me It feels like some have lost the plot in exchange for bag pumps
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@PossibltyResult
Elijah
11 months
CoWSwap, 1inch fusion, and UniswapX all push liquidity off chain and rely on centralized intermediaries and trust assumptions for execution quality. Can give a million reasons why this is a weak take.
@0xJim
Jim
11 months
Stop trying to make on-chain CLOBs a thing, we already have solvers/RFQs which is 95% the same thing
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@PossibltyResult
Elijah
6 months
It's concerning how much crypto has failed to actually remove the "middleman"
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@haydenzadams
Hayden Adams 🦄
7 months
@TrustlessState someone trades on Uniswap in 20 years value will not simultaneously go to a builder, filler, wallet, web frontend, L2 sequencer, suave validator, L1 eth burn, L1 mev burn, rollup DAO, paymaster, relayer, trading protocol DAO, AMM LP, 3rd party DA provider, L3, LST protocol, etc
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@PossibltyResult
Elijah
7 months
Live feed of L2 devs finding out that users care about airdrops and not bridge security
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@arixoneth
arixon.eth
7 months
@pseudotheos Yeah, it's getting kinda frustrating There are rollup teams working to securely scale Ethereum and they have a hard time attracting users, and then you have stuff like Manta creating a rollup out of ducktape and attracting a billion in TVL in a few weeks
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@PossibltyResult
Elijah
30 days
The easiest way to save Cosmos would be to give @SkipProtocol control of the ICF.
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@PossibltyResult
Elijah
2 years
If the @PrimitiveFi launch didn't satisfy your fix of free-range, oracle-free, DeFi derivatives I got some good news for you anon. There's still a lot left to build. A desmos drop on replicating monotonic payoffs👇 maf and explanations:
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@PossibltyResult
Elijah
8 months
Vitalik : Don't overload Ethereum's consensus layer *cough* Eigenlayer *cough* Eigenlayer : ETHEREUM ACCELERATION !!!
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@PossibltyResult
Elijah
2 years
DEX aggregators have a major flaw. They rely on snapshots of state that are outdated by the time a route is executed. Since the best routes will always be the first to get arbitraged, there’s even an incentive to deprecate them before the trade gets executed
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@PossibltyResult
Elijah
9 months
One advantage in Cosmos' microstructure is that new Cosmos chains are bullish for existing Cosmos chains. I don't believe the same is true for L2s which need to take on the costs and latency of routing through Ethereum to tap into other L2s.
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@PossibltyResult
Elijah
3 years
MEV in 4 ez steps: 1) Grab some scotch 2) Alexa play Amy Winehouse 3) Arb @PrimitiveFi 4) Profits
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@PossibltyResult
Elijah
2 years
Is there any literature on the oracle problem in DeFi? i.e., you want to incentivize a bunch of agents to accurately report data, but as soon as you use that data for smtn w/ money there's an incentive to misreport
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@PossibltyResult
Elijah
3 years
Alpha leak: @GuilleAngeris @tarunchitra @alexhevans OHM paper reportedly titled "Everything is a Ponzi Scheme if You Squint Enough"
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@PossibltyResult
Elijah
2 years
Men used to go to war. Now they go on twitter spaces to debate whether LPing on AMMs is selling options or market making.
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@PossibltyResult
Elijah
1 year
Cosmos rn
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@PossibltyResult
Elijah
1 year
@AustinAdams10 Clever smart contract design but it doesn't push the bleeding edge of on-chain exchange ABCI++ in Cosmos is a much more exciting, comprehensive version of v4's hooks
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@PossibltyResult
Elijah
2 months
TEEs are primed for a narrative breakout.
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@PossibltyResult
Elijah
9 months
A massive opportunity for the Cosmos stack is to serve as decentralized solver infrastructure on Ethereum. If you're interested in speccing how this might work and why it makes a ton of sense feel free to reach out.
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@PossibltyResult
Elijah
1 year
Have heard some people suggest the Cosmos Hub offer rollup sequencing services The shortest path to doing so would be for the Hub to invest in ZK Cosmos SDK and have ICS chains post data to Ethereum, Celestia or some other DA layer
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@PossibltyResult
Elijah
2 years
Fun fact: @sunnya97 and @valardragon ‘s work on consensus and full stack AMM applications was a big inspiration to @dualityxyz entering the Cosmos. Hoping that overtime we can make an impact and give back like they have
@sunnya97
Sunny Aggarwal 🧪 ₿
2 years
Another day, another Cosmos chain. err... 2 Cosmos chains! Welcome @dualityxyz and @DFlowProtocol to the Interchain!
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@PossibltyResult
Elijah
1 year
Wrote a blog the other day on the Cosmos Hub. If you take something away from it, it should be that the Hub needs to take a deep breath and refocus. This starts with stabilizing governance through rebuilding trust and realigning incentives.
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@PossibltyResult
Elijah
1 year
It truly feels like crypto communities are thinking about and working on the frontiers of mechanism design and finance Academics love it because it actually gives them a sandbox to play in instead of just one to think about
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@PossibltyResult
Elijah
11 months
It’s worth addressing a few things with respect to the intents brain rot : 1) Intent. Based. Swaps. Are. Not. RFQs. An RFQ is a request for quote. On an intent based swap, users don’t request a quote. They sign a message with a slippage tolerance before getting one.
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@PossibltyResult
Elijah
2 months
Excited to announce that I am raising $5m on a $50m valuation for a problem that does not currently exist and will likely not for another 5 years (barring immense speculation).
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@PossibltyResult
Elijah
7 months
Super relevant to the discussions on oracle MEV on Ethereum right now. *Takeaway* : Cosmos continues to emerge as the best tech to build (actually) decentralized and efficient apps with. Enshrined oracles will be available to smart contract developers on @Neutron_org soon™️
@BPIV400
barry | skip (🥧,📈) — HIRING ENGINEERS
7 months
Slinky is going to usher in a paradigm shift in the perpetuals market Blockchains that have enshrined oracles will have more efficient, more liquid perps markets with better prices for users Build your perps protocol with Slinky or lose to others who will
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@PossibltyResult
Elijah
1 year
(In my opinion) it's way too early to be talking about competition in Cosmos. The @dualityxyz community is way more excited about growing the pie through building cross-chain partnerships with @osmosiszone and other chains than competing for the existing slices
@youssef_amrani
Youssef Amrani (d/acc)
1 year
@GoldenStaking It's about time we see serious competitors to Osmosis emerge. incentives from ATOM community should be directed at the AEZ to support and push adoption forward. Osmosis was day 0 for liquidity. LSM is day 1.
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@PossibltyResult
Elijah
7 months
My hottest take is that Ethereum will need to become part of the Interchain (~Cosmos), and not vice versa, to succeed in its vision long term.
@PossibltyResult
Elijah
7 months
If your network has a token, it can’t be credibly neutral. This is ultimately why if Ethereum is serious about their vision for credible neutrality, they will eventually prioritize participation in networks of networks not tied by any tokens. It’ll be called the Interchain.
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@PossibltyResult
Elijah
7 months
@Hyperlane_xyz is live and settling Celestia rollups on @Neutron_org today
@ayyyeandy
Andy
7 months
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@PossibltyResult
Elijah
2 years
Who the hell is LPing on Uniswap V3 ??!!??!
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@PossibltyResult
Elijah
1 year
I find cryptography way more magical than AI Neural nets work in nature but cryptography has no equivalent
going through AI company pitch decks makes you desensitized to literal magic
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@PossibltyResult
Elijah
1 year
Everyday I wake up and say prayers of thanks that ABCI++ is coming and that we’ll get to build with it Hard to understate how much innovation this will bring to DeFi
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@PossibltyResult
Elijah
7 months
Cosmos has its problems but anyone paying attention would see that Cosmos openly talks about those problems every day. Meanwhile this guy doubles down and lies in 4K when the RaaS he claims offers today decentralized sequencing replies saying it’s on testnet…
@adamscochran
Adam Cochran (adamscochran.eth)
7 months
@chadb0t I mean you can use Espresso right now, today, on your own L2 rollup via @Calderaxyz to have a decentralized sequencer network. Cosmos sdk theoretically gets to a 1k tps limit, practically it gets no where close, especially when putting something as beefy as Ethermint or
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@PossibltyResult
Elijah
1 year
Why MEV is getting so much mindshare: Blockchains promise to change the world by serving as a credible third party when there is none (eg all of finance) But this isn't the case in practice bc non-credible (incentive incompatible) middleman are at the center of it all
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@PossibltyResult
Elijah
2 years
What are the best resources to learn about IBC protocol and the Cosmos ecosystem?
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@PossibltyResult
Elijah
1 year
Major chains use leader-based consensus This allows malicious leaders to extract value from their temporary monopoly on tx ordering and inclusion Multiplicity changes that by decentralizing block production allowing for MEV recapture at the application level
@dualityxyz
Duality Labs
1 year
Today we're excited to announce Multiplicity, a modification to the Tendermint consensus that enables full on-chain MEV capture and redistribution to Duality LPs, available open-source in Q2 of this year.
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@PossibltyResult
Elijah
2 years
Threshold decryption + ABCI++ are going to change the game for cosmos It's two new tools in the app-specific arsenal that generalized chains are lagging behind on
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@PossibltyResult
Elijah
2 years
Nathaniel Rothschild is the goat MEV searcher - Geo-distributed nodes (i.e., brothers in london, frankfurt, paris, amsterdam, perpetual travelling) - Cross-domain arb (i.e., bros arbed local venues) - Expert front-runner (i.e., used comms network to trade on war news first)
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@PossibltyResult
Elijah
10 months
Cosmos
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@PossibltyResult
Elijah
1 year
The only thing I could think about while reading this post was excitement for @CelestiaOrg Some thoughts on threats of hard forks...
@VitalikButerin
vitalik.eth
1 year
Don't overload Ethereum's consensus:
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Elijah
9 months
A reminder that the friendly rivalry between @osmosiszone and @Neutron_org will push both communities to make Cosmos greater than it would be without each other. So much pie left to grow.
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@PossibltyResult
Elijah
2 years
Old @aeyakovenko tweet on multiple concurrent block proposers as an MEV solution. Crypto is rampant w/ engineers who have deep intuition on difficult problems before there's much theory. (screenshot from )
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@aeyakovenko
toly 🇺🇸 | compressed
2 years
4. multiple leaders per slot - Multiply the block packing and production bandwidth, maximize MEV competition, reduce distance between client and leader. Multiple leaders propose PoH streams with their own ordered txs. The final order is all the streams zipped together.
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@PossibltyResult
Elijah
9 months
@GoldenStaking Every Cosmos chain should list ATOM as a gas token
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@PossibltyResult
Elijah
1 year
We should all be more like Jon : - Open to learning from all ecosystems - Thoughtfully questions blind maximalism - Gives credit when where due
@jon_charb
Jon Charbonneau
1 year
Argument against Lido growth is consistently it’s bad for Ethereum neutrality meme, not a real attack risk Its literally only a meme that its so bad bc y’all keep yelling it all the time How about u just stop yelling the meme & share accurate message Sorry but this is insane
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@PossibltyResult
Elijah
3 years
The most important skill to build is a love of learning. Once you do there's no ceiling you can't breakthrough.
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@PossibltyResult
Elijah
1 year
*taps the sign* It's cool to see Uniswap and others experiment with intents, but it's concerning how the trust assumptions these systems make are left as an exercise to the user while all of the benefits and hype is made explicit. (they rely on centralized auction operators)
@sxysun1
sxysun ⚡️🤖
1 year
One of the most thought provoking pieces in this space. Expedient intent implementations are a continuation and magnification of existing centralization of MEV supply chain. And god I see so many bad intent implementations that just centralizes the market.
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@PossibltyResult
Elijah
11 months
Say what you want about ICS but it's bringing a tremendous amount momentum back to Cosmos. Few Cosmos developers don't want a piece of the Cosmos Hub right now. 👏 @JTremback
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@PossibltyResult
Elijah
1 year
Taking a break from twitter this week to accomplish what every junior idea guy (JIG) must accomplish before being promoted to senior idea guy (SIG) : An Endgame post 🔜™️
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Elijah
1 year
If anyone with funds on Ethereum wants to buy @badkidsart ill send you the OSMO for gas 1. Bridge ETH for axlETH to Osmosis using Satellite 2. Next dm me and I'll send you enough OSMO for gas to swap for STARS 3. Once you have the STARS bridge to Stargaze and buy the bad kid
@JonnyRhea
jonny ray ᛋ
1 year
buying @badkidsart is the hardest problem in computer science
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Elijah
1 year
The Cosmos SDK is the new Cosmos SDK
@guywuolletjr
Guy Wuollet
1 year
[OP Stack, ZK Stack, Orbit, Rollkit] is the new Cosmos SDK!
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@PossibltyResult
Elijah
4 months
Thinking this is either a billion dollar startup or a lesson for LSTs. Either way I’m happy lol.
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@PossibltyResult
Elijah
1 year
If I was any major funding body in Cosmos, I would be throwing ungodly money at Skip right now to keep the app-specific thesis alive These peeps are the real deal 🫡
@SkipProtocol
Skip
1 year
Now that the first few chains are deploying the "POB" MEV module on mainnets, we've expanded its scope to be something much bigger... Introducing: ✨ The Block SDK ✨!
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Elijah
1 year
I went to the Delphi Oracle and overheard their prophecy. "An @jon_charb post on ABCI++ will bring Cosmos to the mainstream and usher in the next bull market" Now we wait.
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@PossibltyResult
Elijah
8 months
Two years ago @NicholasEvans14 and I set out to solve some core problems plaguing DeFi. Unfortunately, the necessary tools for smart contract developers didn't exist yet. Excited to be working with the contributors of @Neutron_org to change that. It's time to get integrated 🕺
@Neutron_org
Neutron ✴️
8 months
Introducing Neutron as the Integrated Application Network ✴️ By granting smart contracts the powers of an appchain, Neutron enables developers to build breakthrough applications and onboard users from anywhere.
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@PossibltyResult
Elijah
7 months
@zmanian @adamscochran @EclipseFND That’s impossible because he runs a node for every chain he talks about. Don’t you know to trust and not verify Zaki
@adamscochran
Adam Cochran (adamscochran.eth)
7 months
@mhluongo Fair enough! Fwiw, any chain I talk about, I’ve at the very least compiled from source and run a node or validator where possible, or played with a tech fork or built on top of. I’m not just a talking head, I need to get my hands dirty in something before I use it or invest in
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@PossibltyResult
Elijah
7 months
L2s scale Ethereum compute Solana scales synchronous compute Cosmos scales asynchronous compute
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Elijah
1 year
Creating MEV solutions is necessary to fulfill blockchain's promise of being a credible coordination mechanism Without them we're doing a whole lot of larping as an industry
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Elijah
3 years
1) Our model shows that when gas fees are higher DEXs prefer to allocate liquidity over more edges (due to cumulative costs of indirect exchanges). Another way to frame this is that liquidity fragmentation increases when gas fees do... #DeFi $ZAP $UNI
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Elijah
4 months
Two launches today (s/o @magiodev , @Deploydon ). Active accounts organically growing (s/o @mintscanio ). A @Levana_protocol testnet announcement. Things are brewing on @Neutron_org .
@yongjoojung
yongjoo
4 months
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Elijah
1 year
Friedrich Hayek : “The root and source of all monetary evil is the government’s monopoly on money” Hayek if he was an MEV researcher : “The root and source of all MEV evil is the proposer’s monopoly on ordering and inclusion”
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Elijah
1 year
Something not talked about enough in the oracle-free DeFi conversation is why protocols use them in the first place. Relying on market forces for price discovery requires either 1) professional market makers (eg concentrated liq) 2) losses of efficiency (eg xy=k)
@delitzer
Dan Elitzer
1 year
DeFi is broken. Last year, we had $3.8b was stolen via exploits, a frequency and severity far too high for mainstream adoption. We need to fundamentally rethink how DeFi protocols are designed and secured. Here's one place to start: 🧵 (0/28)
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@PossibltyResult
Elijah
3 years
My favorite proof in crypto is the one that shows the Pareto optimal venture strategy is to pair a bunch of academics w/ some 17-2X yr old pseudo-anons to build their research.
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@PossibltyResult
Elijah
1 year
Why cross-chain intents won't work as well as we think :
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@PossibltyResult
Elijah
2 years
A lot of people building appchains are doing so bc approllup + settlement SDKs are so nascent compared to the cosmos SDK + Tendermint There’s a Cosmos+ sized opportunity open for the taking
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Elijah
2 years
Kinda crazy that DeFi tried to build exotic derivatives before auctions
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Elijah
1 year
Despite alignment in values, the Cosmos and Ethereum theses are pretty distinct Cosmos: (Sovereignty): eliminate platform risk, build alternative, sovereign trust and liquidity networks Ethereum (Scaling): trust and liquidity is scarce, scale existing networks
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Elijah
3 years
Getting a better idea of @SushiSwap liquidity allocation and DEX structure. The right pic shows all liquidity pools between the tokens with the 10 highest volumes, and the left pic is the same except color corresponds with the amount of liquidity. Let's explore some takeaways...
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Elijah
1 year
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@specialmech
SMG
1 year
To illustrate how easy it is to censor transactions on #Ethereum , SMG engineers have halted all transactions for 12 seconds ⏱️, paying just 0.05 ETH. Here's why we're worried 🧵 👇
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Elijah
2 years
If I were a founder I’d be itching to work with these guys. It’s the newest addition to the S tier of crypto funds (w/ @robotventures and @paradigm )
@BainCapCrypto
Bain Capital Crypto
2 years
Welcome to Bain Capital Crypto – backing renegades and pioneers building the next generation of open internet infrastructure. We’re excited to share what we’ve been building.
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Elijah
3 months
> someone is making "based pre-confirmations" > ask if they use a new consensus alg > they don’t understand > ask if there is any distributed agreement > they laugh and say it's a low latency sequencer w no new trust assumptions > look at the spec > it has separate consensus
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Elijah
6 months
Celestia's endgame is exciting because it is increasingly not modular : Adding ZK Opcodes -> Settlement Speeding up block times -> Sequencing Censorship Res. Mechs -> Sequencing You shouldn't have to trust and coordinate a different committee for every function.
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Elijah
1 year
@PrimitiveFi is underratedly one of the most well-rounded teams in crypto Phenomenal researchers, DeFi native entrepreneurs, elite solidity engineers, front-end magicians
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Elijah
2 years
What happens when miners on MEV chain (codename SUAVE) start extracting MEV? Do we need a MEV chain for the MEV chain?
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Elijah
1 year
One of the biggest open questions to Cosmos’ success will be how to create a fair and competitive public goods funding process It’s in everyone’s interest to keep @SkipProtocol and @strangelovelabs churning out innovative tech
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Elijah
1 year
Cosmos : How do we get users ? To people who don’t use Cosmos… how can we align with your interests more? How can we build better user experiences? What would it take for you to bridge liquidity over ?
@aidan0x
Aidan | Stride
1 year
The most interesting questions in the most interesting ecosystems Ethereum: How do we scale? Cosmos: How do we secure? Solana: How do we decentralize? h/t @MikeIppolito_
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Elijah
1 year
If you got to the end thanks for reading. Just my two cents on the topic. Maybe it's useful. Maybe not. But enjoyed getting it all on "paper".
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Elijah
7 months
A flaw in the 'ZK will be everywhere' thesis, is that ZK gives no guarantees that what is being proved over was built honestly. To get that you need consensus.
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Elijah
2 years
Have now listened to every zk podcast episode ever made What should I listen to next ?
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Elijah
2 years
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Elijah
2 years
One of DeFi's biggest problems is that its most impactful use cases are in countries without robust financial systems, BUT we're all building apps optimizing for the UX of the affluent.
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Elijah
2 years
Learned two major lessons 1) if you commute enough, anything is possible 2) just bc you listen to ppl talk about cryptography it doesn’t mean you’ll understand it
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Elijah
2 years
Someone should build a cosmos lending app-chain with automatic end-block liquidations. Lower risk + protocol-owned MEV is a strict improvement on what you can do w/o an app-chain
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Elijah
1 year
As long as there are multisig upgradeable bridges and/or no fraud proofs, L1s will have strictly superior security guarantees to L2s As long as proving and/or sequencing is centralized, L1s will have strictly superior liveness guarantees to L2s
@koeppelmann
Martin Köppelmann 🦉💳
1 year
@nnnnicholas Polygon POS is not a layer 2 (at least not today) but still has higher security guarantees than rollups without fraud proofs.
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Elijah
2 years
Revealing a direction to the world was a big first step in bringing the ideas we feel are necessary for the wide scale adoption of DeFi to life.
@dualityxyz
Duality Labs
2 years
Today, we unveil Duality, the DEX that gives Liquidity Providers superpowers. The next generation exchange is now coming to Cosmos.
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Elijah
7 months
The right way to onboard users to Cosmos is to only accept payments in NEWT.
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Elijah
1 year
I'll continue to root for Ethereum's success along with Cosmos' and Solana's and any other project building something new and exciting. But maximalism is unproductive. It skews incentives from being about building better protocols and towards numba go up.
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Elijah
11 months
All of DeFi will suffer if we fail to bring liquidity on-chain. When did DeFi stop becoming about trust minimized money legos composing and start becoming about giving up early ?
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Elijah
1 year
*If* there's a renewed interest in enterprise blockchains returning, it'll be because of Sovereign Rollups Control the full stack (flexible), without the costs of running the entire network (cheap), and with secure cross-domain communication (interoperable)
@PossibltyResult
Elijah
1 year
Great point by @VelvetMilkman Tldr- Sovereign rollups are better for enterprise applications (than smart contract rollups) bc the "fork choice rule" will be whichever instance the company is maintaining (via withdrawals, code updates...)
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Elijah
1 year
Me at ETH Denver
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@VirtualElena
Elena
1 year
cryptography people: mev is an economic incentives problems economic incentives people: mev is an ordering problem ordering people: mev is a latency problem latency people: mev is a cryptography problem
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Elijah
1 year
SUAVE is going to be used as an L1 more than it will be as a block builder and it isn’t a bad thing
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Elijah
1 year
Celestia is a decentralized rollup sequencer
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Elijah
5 months
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Elijah
1 year
@AustinAdams10 Clever smart contract design but it doesn't push the bleeding edge of on-chain exchange ABCI++ in Cosmos is a much more exciting, comprehensive version of v4's hooks
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Elijah
2 months
Pre-confirmations without immediate stateful guarantees are completely useless. Please don't waste your time building them.
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Elijah
2 years
There's probably a really interesting paper to be written about the relationship between CFMM (/other MMs) fees, inventory risk, and block times...
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Elijah
2 years
The original paper proposes yield space as a better swap mechanism for fixed-rate products (). As time reaches maturity (t -> 0), the invariant becomes a constant sum (x + y = k). A quick 3d visual to help: h/t @niemerg @danrobinson
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