Key Benefits of Extended and Starknet DeFi Integration - Enhanced capital efficiency allows users to earn yield while trading and holding perp positions [2] - Migration of idle USDC from exchanges to Extended vaults is expected, leading to increased liquidity and improved execution [2] - Attracts traders from other perpetual exchanges due to the LP and trade integration [2] Extended Vault Mechanics - Users deposit USDC into the Extended vault, which employs advanced market-making strategies [1] - Vault generates fees, with an all-time APR of approximately 14% for LPs [1] - In return for USDC deposits, users receive XVS, a tokenized share of the vault [1] - XVS can be used as collateral to trade perpetuals [1] Flywheel Effect and Future Potential - Increased capital efficiency leads to more liquidity in the vault [4] - More liquidity results in better pricing for traders [4] - Better pricing attracts more traders [4] - More traders lead to better APR for LPs, further increasing liquidity [4] - Delta-neutral farmers are expected to increase deployment into Extended strategies, adding more liquidity and efficiency [3] - Potential for structures like 'Ethena 20' built around XVS collateral for delta-neutral strategies [3] - Integration of XVS across Starknet DeFi is anticipated [3]

Big news from DWF Labs.They announced a $75M USD fund yesterday to accelerate innovation in DeFi across 4 chains (ETH, Base, BNB and SOL).Allocating capital (and strategic support) to innovaters in the perp DEX, money markets and yield protocol areas.DWF is a major player in liquidity provision and market making.Good to see that regardless of market conditions we get good builders funded, excited to see what comes out of that.Historically some of the best platforms and protocols come out of bad market condi ...

Core Insights - Galaxy Digital is in discussions to become a liquidity provider for Polymarket and Kalshi, reflecting a trend of trading firms entering the prediction market space as adoption increases and compliance risks decrease [1][2][7] Group 1: Market Making and Liquidity - Galaxy Digital is experimenting with market-making on prediction markets, aiming to provide broader liquidity in the future [2] - The entry of institutional market makers like Galaxy could enhance market depth and reduce costs for users in a sector currently characterized by tight liquidity [3] - The presence of large market makers could facilitate arbitrage opportunities, addressing significant price divergences in prediction markets [4] Group 2: Institutional Interest and Historical Context - The prediction market sector is witnessing increased interest from institutional traders, with firms like Jump Trading and Alameda Research exploring opportunities similar to those in the cryptocurrency market prior to 2016 [5] - Kalshi has onboarded Susquehanna as its first major institutional market maker, indicating a shift towards institutional participation in prediction markets [5][8] Group 3: Regulatory Environment - Regulatory approvals have eased the entry of institutional trading desks into the prediction market space, enabling firms like Galaxy Digital to provide liquidity [7] - The regulatory landscape has significantly changed since 2022, when the CFTC ordered Polymarket to withdraw from the U.S., allowing for new partnerships and market-making opportunities [8]

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Project Motivation - Jump Crypto 正在为 Solana 构建 Firedancer，因为他们自己的做市需要超过 100 万 TPS（transactions per second，每秒交易数）[1] - 这并非慈善行为，而是 Jump Crypto 自身业务需求驱动 [1] Order Flow & Infrastructure - Jump Crypto 每天处理数十亿的交易量，而当前的验证器客户端无法处理他们的订单流 [1] - Jump Crypto 作为最大的做市商，其基础设施建设具有行业信号意义 [1] Timeline - Firedancer 主网预计在 2025 年第二季度上线 [1]

Financial Performance - The company's Normalized Adjusted EPS was $1.05 in 3Q 2025[3], compared to $1.53 in 2Q 2025, a decrease of 31%[13] - Adjusted Net Trading Income (NTI) reached $467 million in 3Q 2025[3], a 20% decrease from $568 million in 2Q 2025 but a 21% increase from $388 million in 3Q 2024[13] - Daily Average Adjusted NTI was $7.4 million in 3Q 2025[3] - Adjusted EBITDA was $268 million in 3Q 2025, with an Adjusted EBITDA Margin of 57%[3] - The company's Debt to Last Twelve Months (LTM) Adjusted EBITDA ratio stood at 1.7x[3] - LTM 3Q'25 Normalized Adjusted EPS was $5.01 and LTM 3Q'25 Adjusted NTI/day was $8.0 million[4] Business Segments - Market Making Adjusted NTI was $344 million in 3Q 2025, representing 74% of the total Adjusted NTI[13] - Execution Services Adjusted NTI was $123 million in 3Q 2025, accounting for 26% of the total Adjusted NTI[13] - VES Adjusted NTI has increased in 6 consecutive quarters (+32% vs 1Q 2024)[4] Market Metrics - US Equity Consolidated Notional Volume averaged $827 billion daily in 3Q 2025, a 3% increase compared to 2Q 2025 and a 41% increase compared to 3Q 2024[15] - Virtu Rule 605 Executed Shares averaged 800 million in 3Q 2025, a 7% increase compared to 2Q 2025 and a 45% increase compared to 3Q 2024[15]

Core Viewpoint - Aftermath Silver Ltd. has engaged Independent Trading Group (ITG) to provide market making services aimed at enhancing market liquidity for the company's securities [1][2]. Group 1: Engagement Details - The agreement with ITG, effective from August 1, 2025, has an initial term of one month, automatically renewing for subsequent one-month terms unless terminated with 30 days written notice [2]. - The company will compensate ITG with a fee of $6,000 plus applicable taxes on the first business day of each month during the agreement's duration [2]. - ITG will not receive any shares or options as compensation and will use its own capital for market making in compliance with TSXV policies and securities laws [2]. Group 2: About ITG - Independent Trading Group (ITG) is a Toronto-based dealer-member specializing in market making, liquidity provision, and algorithmic trading solutions, established in 1992 [3]. Group 3: About Aftermath Silver Ltd. - Aftermath Silver is a Canadian junior exploration company focused on developing critical metals projects, particularly in silver, copper, and high purity battery-grade manganese [4]. - The company's flagship asset is the Berenguela deposit located in Southern Peru, which includes silver, copper, and manganese [4].

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