10 Whys to understand Impermanent Loss (IL)Why IL? Because when you LP with 2 tokens, the AMM sells your better-performing token too early and gives you more of the weaker one when prices move.Why sell your strong token & buy the weak one? Because the pool needs to rebalance.Why rebalance? Because AMMs use XYK math (x * y = k), so the product of reserves must stay constant.Why XYK? Because it was elegant and fast to deploy at first, but flawed.Why flawed? Because it lets arbitrageurs capture profit.Why arbi ...

RT lucacs (@lucacseth)> q1 2023 a new perp dex enters the arena> out ships everyone and aligns users via a material wealth effect> dominates so strongly it’s compared to cexs, not dexs> cexs are pressured to kingmake a competing product> every short-term incentive is used to disrupt the incumbent, and it starts to work> the perp dex market hits an all time high as sidelined capital flows into low cap betas> incentives dry up and value accrues back to the best product> the incumbent’s market opportunity is l ...

RT TOKEN2049 (@token2049)CEO of @bitgetglobal Gracy Chen (@GracyBitget) will be with us (for the 4th year) with "The Future is Not Centralized — It's Universal."As CEX gave speed, DEX gave sovereignty, TradFi gave variety, she'll show why the future of finance isn’t CEX vs DEX vs TradFi, but universal. https://t.co/VBKDMcjhUS ...

Proof of Reserves & Transparency - Backpack Exchange commits to daily Proof of Reserves, aiming for near real-time proofs in the future [1][5] - The exchange's ledger is built on a global linear log of authenticated transactions, making it verifiable [3][4] - Backpack's Proof of Reserves covers all "physical" balances, including available balances, open orders, and unborrowed lends [9] - All balances in the order book are physical, ensuring liquidity is real and anchored by the public chain [10] - Perpetual Futures on Backpack realize PnL in real time, which is accounted for in the Proof of Reserves [11] Technology & Implementation - The exchange is fully verifiable, with every state transition executable and matchable against the publicly attested ledger [5] - State integrity attestations are a key step in Backpack's journey to trust minimization [3] - Fiat currencies in banks require minting "deposit tokens" to integrate with the token-based system [12] - ZK proof code is public for anyone to see, clone, and run [13] Future Development & Considerations - The company acknowledges the need to publish code and data publicly to enhance the "trust me bro" aspect [6] - Comprehensive analysis of reserves should be paired with robust margin risk analysis [10]

RT Darren Lau (@Darrenlautf)Hyperliquid catalystsDemand Side:> perp on HL> perp on every cex> spot on tier 2 cex> spot on tier 3 cex> hyperevm - L1+ EVM val> Spot (sol/ btc/ eth etc bridged to hl) (Meaning deposits open to more than j usdc, and perhaps cross collateral)> TVL near 2B of USDC + increasing amt of own native tokens> Alot of defi + AI + more projects cmg in day by day> increased purchases from Assistance + insurance Fund from fees + Insilico Terminal (>25% of rev every week, 100+B trading vol an ...