mirror of
https://github.com/autistic-symposium/mev-toolkit.git
synced 2025-05-02 23:05:00 -04:00
add the crypto anarchist manifest by timothy c. may
This commit is contained in:
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275 changed files with 4733 additions and 2552 deletions
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# 🍍 0x protocol
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<br>
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### tl; dr
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* 0x request-for-quote (rfq), mev proof + zero slippage trades
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* all communication happens off-chain until settlement, making the system extremely gas efficient for market makers
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* trades are impossible to front-run or sandwich: no mev
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* trades have zero slippage, zero fees (aside from gas), and are settled at a predetermined price
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* highly capital efficient (max trade size = balance of market marker)
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* rfq liquidity is composable
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* off-chain orders, on-chain settlement
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* the `txOrigin` field must be set and enforces that the order can only be filled by the specified address - it is impossible for any other trader or bot to front-run the trade.
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<br>
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----
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### resources
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<br>
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* [matcha.xyz](https://matcha.xyz/)
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* [RFQ orders official guide](https://protocol.0x.org/en/latest/basics/orders.html#rfq-orders)
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* [0xv4 RFQ order guide](https://gist.github.com/lampshade9909/cf16b2aa198e4df8d00702ffd7bf506a)
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* [0x at mev.wtf](https://docs.google.com/presentation/d/1kde_3RPgHJP0vOP8GG92mlA7VtdGdHiGdrEGhFhx-5U/edit#slide=id.g465c39fec5_0_1309)
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## Request-for-Quote (RFQ)
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### tl; dr
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<br>
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---
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### resources
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* [0xv4 RFQ order guide in python](https://gist.github.com/lampshade9909/cf16b2aa198e4df8d00702ffd7bf506a)
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90
MEV_and_trading/README.md
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90
MEV_and_trading/README.md
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## trading and defi
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<br>
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### tl; dr
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<br>
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* in november/2018, uniswap v1 was published to ethereum mainnet as the first amm for defi.
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* in july/2019, synthetix creates a sETH/ETH liquidity pool on uniswap, enabling users to earn yield by adding liquidity.
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* in 2020, eth drops more than 30% due to the pandemic, with a wave of liquidations by users' ETH collateral losing value, but it ignites the defi summer and all the nice things after.
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<br>
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----
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### in this dir
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<br>
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* [day trading](day-trading)
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* [derivatives](derivatives)
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* [stablecoins](stablecoins)
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* [liquidity](liquidity)
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* [staking](staking)
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* [lending](lending)
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* [vaults](vaults)
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* [whales](whales)
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* [bridges](bridges)
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* [protocols](protocols)
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* [backtesting](backtesting)
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* [macroeconomy](macroeconomy)
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* [market makers](market_makers)
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* [high frequency trading](high_frequency)
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* [trading strategy metrics](strategy_metrics)
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* [market manipulation techniques](market_manipulation)
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<br>
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---
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### basics for traders
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<br>
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* [nested.fi explorer](https://app.nested.fi/explorer)
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* [how to profit from cults in crypto](https://twitter.com/TyrogueD/status/1630331151515615232)
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<br>
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---
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### resources
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<br>
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* [anatomy of trador bots](https://github.com/go-outside-labs/mev-toolkit/blob/main/MEV_searchers/bots/tradors.md)
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* [defi and trading glossary](https://docs.cyph3rs.xyz/resources/defi-and-mev-glossary)
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* [defi helper](https://app.defihelper.io/protocols?filter=All)
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* [indexcoop](https://indexcoop.com/)
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* [defi pulse](https://www.defipulse.com/)
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* [defi prime](https://defiprime.com/)
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* [defi llama](https://defillama.com/)
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* [dex screener](https://dexscreener.com/)
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* [l2 beat](https://l2beat.com/scaling/tvl/)
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* [token analyzor](https://dune.com/defimochi/token-god-mode)
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* [defi tokens wiki](https://github.com/defi-wikis/defi-tokens-wiki)
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* [token unlocks 2023](https://twitter.com/karl_0x/status/1605832705848971264)
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* [impermanent loss simulator](https://baller.netlify.app/)
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* [insight over several protocols](https://defi-mochi.notion.site/d2cf08cb79254dcf8f30e08cc38761f4?v=81df8226157849ee94a1c859c1e13329)
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* [crypto market by capitalization charts](https://cryptomarketpool.com/crypto-market-charts/)
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* [top crypto spot exchanges](https://coinmarketcap.com/rankings/exchanges/)
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<br>
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---
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### tools
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* [into the cryptoverse](https://intothecryptoverse.com/)
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* [trading view](https://www.tradingview.com/)
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20
MEV_and_trading/backtesting/README.md
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20
MEV_and_trading/backtesting/README.md
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## backtesting
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<br>
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### tl; dr
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<br>
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* backtesting is a critical component of any trading strategy, allowing traders to evaluate the performance of their trading algorithm with historical data.
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<br>
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---
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### external resources
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<br>
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* [using mont carlo for backtesting](https://tradingstrategy.ai/blog/why-you-should-use-a-monte-carlo-simulation-for-backtesting)
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* [historical data and api for backstesting](https://tradingstrategy.ai/trading-view/backtesting)
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## Bridges
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## bridges
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<br>
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### Centralized Bridge
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### centralized
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<br>
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* Centralized bridges are essentially hot wallets straddling the fence between multiple chains.
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* They hold a user’s assets on one chain and issue them a corresponding amount of tokens on another chain.
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* The security risks of a centralized bridge are the same security risks that exist for exchanges and custodians.
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* Their primary responsibility is securing private keys (key management), and as a result centralized bridges have proven to be pretty secure.
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<br>
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### Proof of Stake Bridge
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### proof-of-stake bridge
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<br>
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* Proof of Stake bridges are like little blockchain networks narrowly focused on facilitating cross-chain activity.
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* Whereas centralized bridges are managed by a single entity, proof of stake bridges are managed by a group.
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* Because POS bridges involve both smart contracts and a group of centralized gatekeepers, they inherit all the code risk of Web 3 and the traditional security risks of Web 2 (key management, access controls).
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* POS bridges have the most attack vectors, and have unfortunately been the victims of most of the major exploits.
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<br>
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### Decentralized Bridge
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### decentralized bridge
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<br>
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* Decentralized bridges take a proof of deposit from one chain and validate it on the other chain (ex: Polygon Plasma Bridge).
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* Decentralized bridges are all code. They don’t rely on centralized signers/validators, so while there’s more code risk, they don’t have to worry about the traditional security risks that POS bridges deal with.
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25
MEV_and_trading/day-trading/README.md
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MEV_and_trading/day-trading/README.md
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## trading
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<br>
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### in this dir
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<br>
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* [leverage](leverage)
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* [order types](orders_types)
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* [trading types](trading_types)
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* [techical analysis](technical_analysis)
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* [investing strategies](investing_strategies)
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<br>
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---
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### resources
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<br>
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* [strategy simulator](https://simulatooor.streamlit.app/)
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* [how to read candlesticks charts](https://www.youtube.com/watch?v=9fqBykOBeCg)
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* [are market efficient, by chicago booth](https://www.youtube.com/watch?v=bM9bYOBuKF4)
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24
MEV_and_trading/day-trading/investing_strategies/README.md
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MEV_and_trading/day-trading/investing_strategies/README.md
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## investing strategies
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<br>
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#### portifolio overview
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<br>
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* stables: 25%
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* btc, eth: 25% (small/mid ports), 50% (larger ports) - x5 to x10 upside in the next 5 years
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* exposures: 25% to top 200 market cap for n10-x100 usage
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* small caps: allocate a small amount to (possible rugs) giving x100-x1000
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* make a plan for take profits (TP) and an exit plan
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* move big wins/profits to a hardware wallet
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<br>
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#### alpha finding
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* defillama
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* smart/whale wallets
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* some private telegram, discord, twitters
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* tools such as arkham, nansen, token terminal
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## trading with leverage
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<br>
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### tl;dr
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* you need to know what you are doing.
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### resources
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* [leverage by coindataschool](https://coindataschool.substack.com/p/leverage)
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* [introducing arcadia finance](https://arcadiafinance.medium.com/introducing-arcadia-finance-8bb004a39b4d)
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45
MEV_and_trading/day-trading/technical_analysis/README.md
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45
MEV_and_trading/day-trading/technical_analysis/README.md
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## technical analysis
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<br>
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### tl; dr
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* uses trading data to analyse and predict price patterns
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* gives us data points to compare and contrast
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* uses chart patterns, price data, trading volume and indicators
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* allows us to follow a systematic strategy that can be improved
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<br>
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#### 👉🏼 [reading candlestick charts](candlestick_charts.md)
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<br>
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----
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### resources
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<br>
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* [bull market indicators](https://twitter.com/Phoenix_Ash3s/status/1645654858106634242)
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<br>
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---
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### tools
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<br>
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* [tradingview](https://www.tradingview.com/)
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* [tokenmetrics](https://tokenmetrics.com/)
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## technical analysis
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### tl; dr
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* uses trading data to analyse and predict price patterns
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* gives us data points to compare and contrast
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* uses chart patterns, price data, trading volume and indicators
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* allows us to follow a systematic strategy that can be improved
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* cannot predict the future
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## candlestick charts
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<br>
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---
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### tl; dr
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### candlestick charts
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<br>
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* data rich trading analysis
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* candlestick andlestick charts are used by traders to determine possible price movement based on past patterns, where each candle is a period of time
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* data rich trading analysis:
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* time and price details
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* traders use candlestick chat patterns to antecipate the future
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* show market high and low for a given time period
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* each candle is a period in time
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* tells: open/close (body) high/low (wick) for a period of time
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* open/close (body) high/low (wick) for a period of time
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<br>
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<br>
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##### hammer pattern
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----
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### hammer pattern
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<br>
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* bullish pattern
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* sellers drove price lower during the day
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<br>
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##### shooting star pattern
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----
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### shooting star pattern
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* bearish pattern
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* buyers drove price high
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</p>
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<br>
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##### bullish engulfing pattern
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<br>
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----
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### bullish engulfing pattern
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* bullish pattern
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* bullish candlestick "engulfed" the bearish candlestick
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<p align="center">
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<img src="https://user-images.githubusercontent.com/1130416/172072021-91b32a2a-08e8-4c68-9756-111ae05764b1.png" width="40%" align="center" style="padding:1px;border:1px solid black;" >
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</p>
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<br>
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##### bearish engulfing pattern
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----
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### bearish engulfing pattern
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<br>
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* bearish pattern
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* bearish candlestick engulfed the bullish candlestick
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----
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### chart patterns
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### chart momenta
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<br>
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* used in conjuction with candlestick charts
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* longer-term analysis of market movements
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* used with day trading and swing trading
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* dont tell about longer term trends
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<br>
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##### double top
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* bearish pattern
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* buyers tried wtice to push price higher
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* buyers unable to push price higher
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<p align="center">
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<img src="https://user-images.githubusercontent.com/1130416/172072239-54e95e3f-df11-4ec9-92a2-737ec05c1fd9.png" width="40%" align="center" style="padding:1px;border:1px solid black;" >
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</p>
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<br>
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##### double bottom
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<br>
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* bullish pattern
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* sellers came in twice
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* price found support of buyers twice
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##### asceding triangle
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<br>
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* charts never trade in a straight line
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* charts trend
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* highs and lows are important
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<br>
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<p align="center">
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<img src="https://user-images.githubusercontent.com/1130416/172072378-59cffb28-7589-44fc-8e54-b040ec239496.png" width="40%" align="center" style="padding:1px;border:1px solid black;" >
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</p>
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### trends
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<br>
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* we can't trade from patterns all the time, they are quite rare
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* trends patterns will guide us more often
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<br>
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##### asceding wedge - higher lows
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### how to trade with trends
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<br>
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1. Identify the market trends
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2. Ask where are the main areas of trade
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- where is support and resistance?
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@ -246,13 +273,3 @@
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<br>
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---
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### resources
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* [tradingview](https://www.tradingview.com/)
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* [tokenmetrics](https://tokenmetrics.com/)
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@ -1,9 +1,11 @@
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## Types of trading
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## trading types
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<br>
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### Swing trading
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### swing trading
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<br>
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* short-medium term trades
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* open trades for days-weeks
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@ -19,7 +21,9 @@
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---
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### Breakout trading
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### breakout trading
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<br>
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* short term trades
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* oepn trades for hours-days
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|
@ -60,6 +64,8 @@
|
|||
|
||||
### dollar cost averaging
|
||||
|
||||
<br>
|
||||
|
||||
* long-term strategy
|
||||
* price agnostic
|
||||
* fundamental analysis
|
||||
44
MEV_and_trading/derivatives/README.md
Normal file
44
MEV_and_trading/derivatives/README.md
Normal file
|
|
@ -0,0 +1,44 @@
|
|||
## derivatives
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
* **derivatives** are financial contracts that derive their values from underlying assets.
|
||||
* **[futures](futures.md)**:
|
||||
- contracts are proxy tools to speculate on the future prices of cryptocurrencies or to be used to hedge against their price changes.
|
||||
* **[perpetuals](perpetuals)**:
|
||||
- derivative contracts with no expiration date.
|
||||
* **[options](options.md)**:
|
||||
- derivatives that give the buyer the right to buy or sell the underlying asset at a stated price within a specified period.
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### theory
|
||||
|
||||
<br>
|
||||
|
||||
* [bsm](bsm.md)
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### links
|
||||
|
||||
<br>
|
||||
|
||||
* [defi derivative landscape](https://github.com/0xperp/defi-derivatives)
|
||||
* [put-call parity](https://www.investopedia.com/terms/p/putcallparity.asp)
|
||||
* [spin.fi, on near](https://trade.spin.fi/)
|
||||
* [orderly, on near](https://orderly.network/)
|
||||
* [metronome risk assessment](https://cryptorisks.substack.com/p/risk-assessment-metronome)
|
||||
* [what's open interest, by perpetual protocol](https://perpprotocol.mirror.xyz/ntYaYXMFJJQ2Fr8QFXBX1P16w76q1Nd-eBHn_1-AAV0)
|
||||
|
||||
|
||||
19
MEV_and_trading/derivatives/bsm.md
Normal file
19
MEV_and_trading/derivatives/bsm.md
Normal file
|
|
@ -0,0 +1,19 @@
|
|||
## black-sholes model
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* mathematical equations that estimates the theoretical value of derivatives based on other investiment instruments
|
||||
* widely used to price options contracts
|
||||
* requires five input variables: the strike price of an option, the current stock price, the time to expiration, the risk-free rate, and the volatility
|
||||
* it posits that these instruments will have a lognormal distribution of prices following a random walk with constant drift and volatility
|
||||
* it derives the price of a european-style call option
|
||||
* assumptions: no dividents are paid out during the life of the options, markets are random, no transaction costs in buying the option, risk-free rate and volatility of the underlying assets are known and constant, the returns of the underlying assets are normally distributed.
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
<img width="437" src="https://user-images.githubusercontent.com/1130416/219771677-36198efd-55b3-4729-b7f3-e7660a984140.png">
|
||||
3
MEV_and_trading/derivatives/futures.md
Normal file
3
MEV_and_trading/derivatives/futures.md
Normal file
|
|
@ -0,0 +1,3 @@
|
|||
## futures
|
||||
|
||||
<br>
|
||||
93
MEV_and_trading/derivatives/options.md
Normal file
93
MEV_and_trading/derivatives/options.md
Normal file
|
|
@ -0,0 +1,93 @@
|
|||
## options
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* **options can be used to speculate on the future price and volatility of an asset, and to manage risks in a portfolio.**
|
||||
* options can be thought of as "insurance-like" contracts where one pays a premium upfront. profits come from "disaster events", with **capped losses** and **unlimited upsides**.
|
||||
* purchasers of options receive the **right** to buy or sell the underlying asset at a predetermined **strike price**. **option chains** list **calls** (ability to buy the asset) and **puts** (ability to sell the asset) for a given expiration across a variety of **strikes**.
|
||||
* options also gives leverage by chasing cheaper premiums (e.g. shortening expirations).
|
||||
* options contracts contain the following information:
|
||||
- nature of the right: from the option buyers’ perspective, to buy (call) or sell (put) the asset.
|
||||
- specification and quantity of underlying asset (e.g., 1 BTC).
|
||||
- strike (or exercise) price: the price paid or received for the asset if the option is exercised.
|
||||
- expiration date: the last date the option can be exercised.
|
||||
- rules for exercise and settlement.
|
||||
|
||||
<br>
|
||||
<img width="400" src="https://user-images.githubusercontent.com/126520850/227076376-c6f147e9-42b5-4e37-bb18-d3fdfddc63cb.png">
|
||||
|
||||
<img width="300" src="https://user-images.githubusercontent.com/126520850/227075830-3f2b9732-e613-41a6-8381-86dff0f897ca.png">
|
||||
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### protocols
|
||||
|
||||
<br>
|
||||
|
||||
#### [thales](https://thalesmarket.io/)
|
||||
|
||||
|
||||
|
||||
* decentralized binary options protocol that a group of Synthetix community members spun in 2020.
|
||||
* if held until expiry, binary options have only two payoff possibilities: a predetermined amount of profit or nothing.
|
||||
* relies on Synthetix's sUSD stablecoin for minting its binary options tokens and as the platform's unit of account.
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
|
||||
#### [lyra.finance](https://www.lyra.finance/)
|
||||
|
||||
* chains: arbitrum, optimism, ethereum
|
||||
* decentralized options trading protocol powered by a specialized AMM system.
|
||||
* it uses synthetix's sUSD stablecoin as its exclusive quote asset, so traders pay for opening long positions or closing short positions with sUSD.
|
||||
* uses synthetix as a one-stop protocol for getting long and short exposure on its markets' base assets (delta hedging).
|
||||
* [guide to trade on lyra](https://newsletter.banklesshq.com/p/a-guide-to-options-on-lyra)
|
||||
|
||||
<br>
|
||||
|
||||
#### [hegic](https://www.hegic.co/app#/arbitrum/trade/new)
|
||||
|
||||
* chains: arbitrum, ethereum
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
#### [siren](https://siren.xyz/)
|
||||
|
||||
* chain: polygon
|
||||
|
||||
<br>
|
||||
|
||||
#### [whiteheart](https://www.whiteheart.finance/#/swap-wrap/wrap?from=WBTC&to=WHBTC)
|
||||
|
||||
* chains: ethereum
|
||||
|
||||
<br>
|
||||
|
||||
#### [premia](https://app.premia.finance/options)
|
||||
|
||||
* chains: ethereum, arbitrum, fantom, optimism
|
||||
|
||||
<br>
|
||||
|
||||
#### [kwenta](https://mirror.xyz/kwenta.eth/nPp4epdHb1OZlta1YXfPVeBNL89P_jpQGgruC9daOdc)
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### external resources
|
||||
|
||||
<br>
|
||||
|
||||
* [options for beginners, by defi educations](https://defieducation.substack.com/p/options-for-beginners)
|
||||
20
MEV_and_trading/derivatives/perpetuals/README.md
Normal file
20
MEV_and_trading/derivatives/perpetuals/README.md
Normal file
|
|
@ -0,0 +1,20 @@
|
|||
## perpetuals
|
||||
|
||||
<br>
|
||||
|
||||
### protocols
|
||||
|
||||
<br>
|
||||
|
||||
* [perpetual swap](perpetual_swap.md)
|
||||
* [synthetix](synthetix.md)
|
||||
* [vela](vela.md)
|
||||
|
||||
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
----
|
||||
|
||||
### resources
|
||||
20
MEV_and_trading/derivatives/perpetuals/perpetual_swap.md
Normal file
20
MEV_and_trading/derivatives/perpetuals/perpetual_swap.md
Normal file
|
|
@ -0,0 +1,20 @@
|
|||
## [perpetual swap](https://app.laevitas.ch/altsderivs/GMX/perpetualswaps)
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* trading product first introduced in 2016 by bitmex
|
||||
* has become popular with trading volumes of over $180 mi
|
||||
* offer traders a chance to take on large positions with little money down
|
||||
* like other types of derivatives such as futures and options, perpetual swaps provide a means to speculate on the value of the assets while the contract is held
|
||||
* unlike future contracts, perpetual swaps do not have expiration dates
|
||||
* [hot tub by perpetual swap](https://perpprotocol.mirror.xyz/8C0shiFg0YbhkGOF3i9jFVmyCumKncdsgviDE4qQtjQ)
|
||||
|
||||
<br>
|
||||
|
||||
----
|
||||
|
||||
### resources
|
||||
18
MEV_and_trading/derivatives/perpetuals/synthetix.md
Normal file
18
MEV_and_trading/derivatives/perpetuals/synthetix.md
Normal file
|
|
@ -0,0 +1,18 @@
|
|||
## [synthetix](https://synthetix.io/)
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* one of ethereum's ecosystem's leading derivatives projects.
|
||||
* a derivative liquidity protocol that powers the creation of "synths" (synthetic assets) that can be traded in a decentralized and permissionless manner.
|
||||
* synths let traders capitalize on exposure to assets without having to directly own the assets in question.
|
||||
* some of Synthetix's most popular synths are its forex synths: sUDS and sEUR.
|
||||
* a foundational element of Synthetix is SNX staking, which is used for collateralizing the derivatives protocol and for creating deep liquidity for synths.
|
||||
* SNX stakers earn inflationary SNX rewards and a cut of sUSD fees generated by protocols that work on top of Synthetix.
|
||||
* [kwenta perp trading platform on synthetix](https://mirror.xyz/kwenta.eth)
|
||||
* The primary DEX in the Synthetix ecosystem.
|
||||
* Designed to facilitate zero-slippage synth trading.
|
||||
* it does not rely on an orderbook or liquidity pool model, but instead the DEX employs a peer-to-contract system in which synths are traded against a smart contract informed by Chainlink price feeds.
|
||||
16
MEV_and_trading/derivatives/perpetuals/vela.md
Normal file
16
MEV_and_trading/derivatives/perpetuals/vela.md
Normal file
|
|
@ -0,0 +1,16 @@
|
|||
## vela
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* vela is a decentralized exchange with advanced perpetuals trading capabilities, community-focused incentives, and scalable infrastructure.
|
||||
* vela exchange is supported by a robust token infrastructure, $VELA, which is the primary utility token, and $VLP, the liquidity provider token that provides holders and stakers with rewards and incentives.
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resourcesi
|
||||
35
MEV_and_trading/high_frequency/README.md
Normal file
35
MEV_and_trading/high_frequency/README.md
Normal file
|
|
@ -0,0 +1,35 @@
|
|||
## high frequency trading (HFT)
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* algorithmic financial trading with high speeds, turnover rates, order-to-trade rates, leveraging high-frequency financial data and tools.
|
||||
* this strategy was first made popular by renaissance technologies (from Jim Simons, "father of quant), who use both HFT and quantitative aspects in their trading.
|
||||
|
||||
<br>
|
||||
|
||||
##### the efficient market hypothesis.
|
||||
|
||||
<br>
|
||||
|
||||
* the efficient-market hypothesis (EMH) is a hypothesis in financial economics that states that asset prices reflect all available information.
|
||||
* an implication is that it is impossible to "beat the market" consistently on a risk-adjusted basis since market prices should only react to new information.
|
||||
* however, the market may take months, years or decades to adjust 😉
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### references
|
||||
|
||||
<br>
|
||||
|
||||
* [this repo on stat arb for searchers](https://github.com/go-outside-labs/mev-toolkit/tree/main/MEV_strategies/stat_arbs)
|
||||
* [go-ouside-labs on htf-autonomous-agents](https://github.com/go-outside-labs/ml-htf-autonomous-agents)
|
||||
* [building a scalable event scanner for ethereum, by dr. m. steinkirch](https://mirror.xyz/steinkirch.eth/vSF18xcLyfXLIWwxjreRa3I_XskwgnjSc6pScegNJWI)
|
||||
* [latency wars and mev, by blocknative](https://www.youtube.com/watch?v=xp6EIvSbDSs)
|
||||
|
||||
<br>
|
||||
35
MEV_and_trading/lending/README.md
Normal file
35
MEV_and_trading/lending/README.md
Normal file
|
|
@ -0,0 +1,35 @@
|
|||
## lending
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* alice and bob deposit funds into a lending contract (e.g., aave, maker, compound). while bob leaves his original collateral locked in the protocol, he can withdraw ~50% or more (depending on the protocol and asset) at some algorithmic rate that gets paid to alice (for providing the funds).
|
||||
* bob can then create a short position, reinvest for a levered long position, or withdraw money (without selling the underlying and being taxed). alice, on the other hand, generates a return on her capital.
|
||||
* liquidation is paid to the address that flags loans that crossed collateralization threshold (anyone monitoring the mempool and external oracles).
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### in this dir
|
||||
|
||||
<br>
|
||||
|
||||
* [protocols](protocols)
|
||||
* [collateralized](collateralized.md)
|
||||
* [uncollateralized](uncollateralized.md)
|
||||
* [composable leverage](composable.md)
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [survey of defi lending](https://timroughgarden.github.io/fob21/reports/r5.pdf)
|
||||
* [leveraged lending, by defillama](https://defillama.com/yields/loop)
|
||||
15
MEV_and_trading/lending/collateralized.md
Normal file
15
MEV_and_trading/lending/collateralized.md
Normal file
|
|
@ -0,0 +1,15 @@
|
|||
## uncollateralized lending
|
||||
|
||||
<br>
|
||||
|
||||
### tl;dr
|
||||
|
||||
<br>
|
||||
|
||||
-
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
17
MEV_and_trading/lending/composable.md
Normal file
17
MEV_and_trading/lending/composable.md
Normal file
|
|
@ -0,0 +1,17 @@
|
|||
## composable leverage
|
||||
|
||||
<br>
|
||||
|
||||
### tl;dr
|
||||
|
||||
<br>
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [gearbox protocol](https://gearbox.fi/)
|
||||
17
MEV_and_trading/lending/protocols/README.md
Normal file
17
MEV_and_trading/lending/protocols/README.md
Normal file
|
|
@ -0,0 +1,17 @@
|
|||
## protocols
|
||||
|
||||
<br>
|
||||
|
||||
* [aave](https://github.com/go-outside-labs/mev-toolkit/blob/main/MEV_strategies/liquidations/aave.md)
|
||||
* [compound](https://github.com/go-outside-labs/mev-toolkit/blob/main/MEV_strategies/liquidations/compound.md)
|
||||
* [silo](silo.md)
|
||||
|
||||
<br>
|
||||
|
||||
----
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [comparisons of flashloans on ethereum](https://github.com/go-outside-labs/blockchain-science-rs/tree/main/foundry-flashloans)
|
||||
11
MEV_and_trading/lending/protocols/silo.md
Normal file
11
MEV_and_trading/lending/protocols/silo.md
Normal file
|
|
@ -0,0 +1,11 @@
|
|||
## silo
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* as opposed to shared-pool protocols such as aave or compound, silo uses an isolated-pool approach where every token asset has its own lending market and is paired against the bridge assets ETH and silo's overcollaterized stablecoin XAI.
|
||||
* lenders in all protocols are exposed to the risk of eth and xai. since all tokens are paired with eth or xai, there is only a single market for every token asset, preventing fractured liquidity and allowing protocol efficiency.
|
||||
*
|
||||
15
MEV_and_trading/lending/uncollateralized.md
Normal file
15
MEV_and_trading/lending/uncollateralized.md
Normal file
|
|
@ -0,0 +1,15 @@
|
|||
## uncollateralized lending
|
||||
|
||||
<br>
|
||||
|
||||
### tl;dr
|
||||
|
||||
<br>
|
||||
|
||||
-
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
29
MEV_and_trading/liquidity/README.md
Normal file
29
MEV_and_trading/liquidity/README.md
Normal file
|
|
@ -0,0 +1,29 @@
|
|||
## liquidity
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### in this dir
|
||||
|
||||
<br>
|
||||
|
||||
* [balancer](balancer.md)
|
||||
* [tokemak](tokemak.md)
|
||||
|
||||
<br>
|
||||
|
||||
----
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [probabilistic liquidity attacks, by t. chitra et al](https://drive.google.com/file/d/1kCsmC52Jbhj8bpQMMo3-Z92P6L5E5hxl/view)
|
||||
34
MEV_and_trading/liquidity/balancer.md
Normal file
34
MEV_and_trading/liquidity/balancer.md
Normal file
|
|
@ -0,0 +1,34 @@
|
|||
## balancer
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
* liquidity infrastructure
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
|
||||
### composable stable pools
|
||||
|
||||
* contribute more than $640M to balancer's tvl
|
||||
* one of the many technical components of balancer's flexible amm framework and essential for token like stables or lsds
|
||||
* these pools are designed for assets that are either expected to consistently trade at near parity, or at a known exchange rate
|
||||
* pools use stable math, based on stableswap (populatized by curve finance)
|
||||
* reinforced by balancer's nested pool v2 infrastructure, metastable pools have a myriad of benefits compared to a standard pool 2: correlated token liquidity utilization, reduced liquidity fragmentation of like-assets, capital efficiency.
|
||||
* use cases include: bb-g-USD, wstETH, and bb-i-USD.
|
||||
* protocols like gearbox, lido, and idle continue to expand on the capabilities of metastable pools.
|
||||
* best assets are either pegged or correlated (e.g rETH and boosted pools like bb-g-USD).
|
||||
* token swaps can occur between any and all nested pools within balancer (e.g. aave boosted pools and rocket pool lsd eth).
|
||||
* each pool has a function known as a rate provider that updates tokens to the correct ratio any time a trade takes place. this function means that liquid staked yield flows to liquidity providers rather than arbers.
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
## resources
|
||||
|
||||
|
||||
* [balancer $veBAL halving](https://twitter.com/Balancer/status/1640716383939104770)
|
||||
34
MEV_and_trading/liquidity/tokemak.md
Normal file
34
MEV_and_trading/liquidity/tokemak.md
Normal file
|
|
@ -0,0 +1,34 @@
|
|||
## [tokemak](https://www.tokemak.xyz/)
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
* decentralized market making platform that allows liquidity flow, designed to generate liquidity for defi and future tokenized dapps.
|
||||
* reactors are 2 pools: host staked assets on each side of the pools, one reactor is the pair reactor, the other is the token reactor. participants are LP (providing assets), liquidity directors (direct assets), and pricers (third party pricers for non-AMM venues).
|
||||
* tokemak locks up $ETH and $USDC which are base tokens that any pool could be built on, users deposit these base assets for APR paid out in $TOKE.
|
||||
* tokemak protocol is called C.o.R.E (Collateralization of Reactors Event) secure token reactors on the platform by placing bribes using a bribe marketplace called hidden hand. $TOKE holders secure their share of the bribes by using their voting power to vote on particular reactors. $TOKE can be thought of as tokenized liquidity.
|
||||
* impermanent loss protection through a mitigation waterfall: the protocol pulls the required asset from its reserve and ensures 1:1 withdrawals for the asset and the asset's t token. in the pair reactors, the protocol pulls the asset from their "treasure" from either fees or swapping.
|
||||
|
||||
<br>
|
||||
|
||||
### tokenomics
|
||||
|
||||
<br>
|
||||
|
||||
<img width="700" src="https://user-images.githubusercontent.com/1130416/217617207-02d68dbe-c5ec-4dc7-94fc-bf11cdc6561d.png">
|
||||
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [hidden hand docs](https://hiddenhand.finance/)
|
||||
19
MEV_and_trading/macroeconomy/README.md
Normal file
19
MEV_and_trading/macroeconomy/README.md
Normal file
|
|
@ -0,0 +1,19 @@
|
|||
## macroeconomy
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
##### 👉🏼 [macroeconomy concepts](concepts.md)
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
||||
* [2023 crypto market outlook, by coinbase](https://malleable-viola-235.notion.site/2023-Crypto-Market-Outlook-38f55249c1464496b1ee30b60f76c040)
|
||||
* [euridollar academy, by jeff snider](https://www.eurodollar.university/)
|
||||
* [investiment strategy, by lyn alden](https://www.lynalden.com/)
|
||||
136
MEV_and_trading/macroeconomy/concepts.md
Normal file
136
MEV_and_trading/macroeconomy/concepts.md
Normal file
|
|
@ -0,0 +1,136 @@
|
|||
## macroeconomy concepts
|
||||
|
||||
<br>
|
||||
|
||||
#### unrealized losses
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
Unrealized losses refer to losses that an investor or trader is currently holding on an investment but has not yet sold or realized. These losses are based on the current market value of the investment and can fluctuate as the market value changes.
|
||||
|
||||
For example, if an investor purchased a stock for $50 per share and it is currently trading at $40 per share, the investor would have an unrealized loss of $10 per share. However, if the investor continues to hold onto the stock and the price eventually goes back up to $50 per share or higher, the unrealized loss would be eliminated, and the investor would not have actually realized a loss.
|
||||
|
||||
Unrealized losses are important to consider when making investment decisions because they can impact an investor's overall portfolio performance and risk level.
|
||||
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
#### bonds
|
||||
|
||||
<br>
|
||||
|
||||
Bonds are debt securities issued by companies, municipalities, or governments to raise capital. When an investor buys a bond, they are essentially loaning money to the issuer of the bond, who agrees to pay the investor interest on the borrowed funds for a specified period of time, usually until the bond matures.
|
||||
|
||||
Bonds typically have a fixed interest rate, also known as the coupon rate, which is paid out to the bondholder periodically (usually semi-annually). At maturity, the issuer pays back the face value of the bond to the bondholder.
|
||||
|
||||
Bonds are a popular investment choice for investors who seek a fixed-income stream and want to diversify their portfolio. Bonds are generally considered less risky than stocks, but they still carry some level of risk depending on the issuer's creditworthiness and the overall economic and market conditions. Bonds are also traded in the financial markets and their prices can fluctuate based on changes in interest rates, inflation, and the issuer's credit rating.
|
||||
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
#### defaulting mean
|
||||
|
||||
<br>
|
||||
|
||||
Defaulting refers to a situation in which a borrower fails to repay a debt as per the agreed-upon terms and conditions. When a borrower defaults on a loan or bond, it means they have failed to make payments on the principal amount, interest, or both, and have violated the terms of the loan agreement.
|
||||
|
||||
Defaulting on a loan or bond can have serious consequences for the borrower, such as penalties, higher interest rates, legal action, and damage to their credit score. For bondholders, default can mean a loss of income and principal, and a decline in the value of their investment.
|
||||
|
||||
In the context of sovereign debt, default means that a country has failed to make payments on its government bonds or loans, leading to a financial crisis that can have serious economic and social implications for the country and its citizens. Default by a sovereign borrower can also trigger broader market turmoil and affect the global financial system.
|
||||
|
||||
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
#### quantitative tightening
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
Quantitative tightening is a contractionary monetary policy tool used by central banks to reduce the money supply and control inflation. It involves the sale of assets, such as government bonds, from the central bank's balance sheet, thereby decreasing the amount of money in circulation and increasing the cost of borrowing.
|
||||
|
||||
During quantitative tightening, the central bank reduces the amount of money in the economy by reversing its earlier asset purchase programs, which are part of quantitative easing. The central bank sells the bonds it purchased during quantitative easing, which reduces the amount of reserves held by banks, and thereby reduces the amount of credit available for lending.
|
||||
|
||||
Quantitative tightening is used to prevent or reduce inflation, as too much money in circulation can lead to inflationary pressures. It can also be used to stabilize the currency exchange rate and reduce the risk of asset bubbles forming in the economy.
|
||||
|
||||
However, quantitative tightening can also have negative effects on the economy, such as slowing down economic growth, reducing liquidity in the financial markets, and increasing the cost of borrowing, which can discourage investment and consumption. Therefore, central banks use quantitative tightening cautiously and only when necessary.
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
#### t-bills
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
T-bills, or Treasury bills, are short-term debt securities issued by the United States Department of the Treasury to finance the government's short-term borrowing needs. T-bills are considered to be one of the safest investments as they are backed by the full faith and credit of the U.S. government.
|
||||
|
||||
T-bills are issued with maturities of four, eight, 13, 26, or 52 weeks and are sold at a discount to their face value. For example, a $10,000 T-bill with a 13-week maturity might be sold for $9,950. At maturity, the investor receives the full face value of the bill.
|
||||
|
||||
T-bills are popular with investors who seek low-risk investments with short-term maturities. They are also used as a benchmark for other short-term interest rates, such as the prime rate, and are traded in the secondary market.
|
||||
|
||||
Because T-bills are backed by the U.S. government, they are considered to be virtually risk-free. However, they typically offer lower returns than other types of investments, such as stocks or corporate bonds, which carry more risk.
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
#### ust
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
UST stands for United States Treasury, which is the department of the U.S. government that is responsible for issuing and managing the government's debt securities. UST securities include U.S. Treasury bonds, bills, and notes, which are sold to finance the government's borrowing needs and fund its operations.
|
||||
|
||||
UST securities are considered to be one of the safest investments in the world, as they are backed by the full faith and credit of the U.S. government. This means that the government guarantees the timely payment of principal and interest on UST securities, even if it has to borrow more money to do so.
|
||||
|
||||
UST securities are also used as a benchmark for other types of investments, such as corporate bonds, and are considered a safe haven during times of economic uncertainty or market volatility. Because UST securities are considered to be virtually risk-free, they typically offer lower returns than other types of investments, such as stocks or corporate bonds.
|
||||
|
||||
UST securities are issued with different maturities, ranging from 1 month to 30 years, and are sold through public auctions and on the secondary market. They are also widely traded on global financial markets, making them an important part of the global financial system.
|
||||
|
||||
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
#### interest rates
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
Interest rates are the cost of borrowing money or the compensation for lending money. They are expressed as a percentage of the principal amount and are usually calculated on an annual basis, although they can also be calculated for shorter or longer periods.
|
||||
|
||||
When a borrower takes out a loan, they are typically required to pay interest on the amount borrowed, in addition to repaying the principal. The interest rate on a loan is determined by a number of factors, including the creditworthiness of the borrower, the duration of the loan, and prevailing market interest rates.
|
||||
|
||||
Interest rates also play an important role in monetary policy. Central banks use interest rates to control the money supply and influence economic activity. When the central bank raises interest rates, it makes borrowing more expensive, which can slow down economic growth and inflation. When the central bank lowers interest rates, it makes borrowing cheaper, which can stimulate economic activity and inflation.
|
||||
|
||||
Interest rates also affect investments, as they determine the rate of return on bonds, savings accounts, and other fixed-income investments. When interest rates are low, investors may seek higher returns by investing in riskier assets, such as stocks or real estate. When interest rates are high, fixed-income investments become more attractive, as they offer higher returns with less risk.
|
||||
|
||||
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
#### reserve repos
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
A reserve repurchase agreement (repo) is a short-term transaction in which a financial institution, such as a bank or a securities dealer, borrows money from the central bank, pledging securities as collateral. The transaction is structured as a sale of securities with an agreement to buy them back at a later date at a slightly higher price.
|
||||
|
||||
The purpose of a reserve repo is to provide liquidity to financial institutions that may have a temporary need for funds, such as to meet reserve requirements or to manage short-term cash flows. Reserve repos also allow the central bank to control the money supply and influence interest rates.
|
||||
|
||||
In a reserve repo transaction, the financial institution sells securities to the central bank and receives cash, which it can use to meet its liquidity needs. The financial institution also agrees to repurchase the securities at a later date at a slightly higher price, effectively paying interest on the loan. The difference between the sale price and the repurchase price is the interest earned by the central bank.
|
||||
|
||||
Reserve repos are usually very short-term transactions, with maturities ranging from overnight to a few weeks. They are typically used by financial institutions that need to borrow money for a very short period of time and have securities that they can use as collateral. Reserve repos are an important tool for managing the money supply and ensuring the stability of the financial system.
|
||||
|
||||
|
||||
21
MEV_and_trading/market_makers/README.md
Normal file
21
MEV_and_trading/market_makers/README.md
Normal file
|
|
@ -0,0 +1,21 @@
|
|||
## market makers
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
### in this dir
|
||||
|
||||
<br>
|
||||
|
||||
* [professional entities](professional_entities.md)
|
||||
|
||||
<br>
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [economics of money and banking](https://www.coursera.org/learn/money-banking#syllabus)
|
||||
|
|
@ -0,0 +1,17 @@
|
|||
## professional market makers entities
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* alameda
|
||||
* wintermute
|
||||
* scp
|
||||
* jane st
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
### resources
|
||||
22
MEV_and_trading/market_manipulation/README.md
Normal file
22
MEV_and_trading/market_manipulation/README.md
Normal file
|
|
@ -0,0 +1,22 @@
|
|||
## market manipulation techniques
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* market manipulation techniques are designed to deceive investors by artificially controlling or affecting the prices of assets.
|
||||
* **wash trading**: investors simultaneoulsy sell and buy the same assets to create misleading activity in the market and confuse retail investors (green candle -> read candle -> green candle -> 🤔)
|
||||
* **pump and dump**: tricky investors start spreading misleading information through social media increading buying pressure so they can sell at inflated price.
|
||||
* **bear raid**: investors take big short positions and spreadh negativity around assets.
|
||||
* **spoofing**: investors place fake orders and cancell them before execution (never rely on a single source of information!)
|
||||
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
----
|
||||
|
||||
### resources
|
||||
|
||||
24
MEV_and_trading/protocols/0x_protocol/README.md
Normal file
24
MEV_and_trading/protocols/0x_protocol/README.md
Normal file
|
|
@ -0,0 +1,24 @@
|
|||
# 0x protocol
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* DEX aggregator integrating both on- and off-chain liquidity:
|
||||
- on-chain liquidity is sourced by sampling smart contract liquidity pools, such as uniswap and curve.
|
||||
- off-chain liquidity is sourced from professional market makers via the [0x Request-for-Quote (“RFQ”) system](RFQ.md)
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
----
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [matcha.xyz](https://matcha.xyz/)
|
||||
* [RFQ orders official guide](https://protocol.0x.org/en/latest/basics/orders.html#rfq-orders)
|
||||
* [0x at mev.wtf](https://docs.google.com/presentation/d/1kde_3RPgHJP0vOP8GG92mlA7VtdGdHiGdrEGhFhx-5U/edit#slide=id.g465c39fec5_0_1309)
|
||||
21
MEV_and_trading/protocols/0x_protocol/RFQ.md
Normal file
21
MEV_and_trading/protocols/0x_protocol/RFQ.md
Normal file
|
|
@ -0,0 +1,21 @@
|
|||
## request-for-quote (RFQ)
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* rfq-based exchanges work similar to central limit order books (clobs), as users submit orders using signed messages and market makers execute them on-chain (assuming the role of both lps and searchers).
|
||||
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### links
|
||||
|
||||
<br>
|
||||
|
||||
* [hashflow](https://www.hashflow.com/)
|
||||
70
MEV_and_trading/protocols/README.md
Normal file
70
MEV_and_trading/protocols/README.md
Normal file
|
|
@ -0,0 +1,70 @@
|
|||
## trading protocols in-depth
|
||||
|
||||
<br>
|
||||
|
||||
### in this dir
|
||||
|
||||
<br>
|
||||
|
||||
* [gns](gns.md)
|
||||
* [gmx](https://github.com/go-outside-labs/mev-toolkit/tree/main/MEV_by_chains/MEV_on_Arbitrum/gmx)
|
||||
* [dydx](dydx.md)
|
||||
* [yearn](yearn.md)
|
||||
* [inverse](inverse.md)
|
||||
* [uniswap](uniswap)
|
||||
* [0x protocol](0x_protocol)
|
||||
* [primitive](primitive.md)
|
||||
|
||||
<br>
|
||||
|
||||
----
|
||||
|
||||
### basic definitions
|
||||
|
||||
<br>
|
||||
|
||||
* **protocol fees**: fees generated by users using a dapp as a form of income for the protocol
|
||||
* **supply-side fees**: the cost for the protocol (amount used for expenses)
|
||||
* **revenue**: protocol fees minus supply side fees
|
||||
* **token emissions**: value/cost of native tokens being inflated by the protocol (for instance, to attract users)
|
||||
* **earnings**: revenue minus token emissions (how much money the protocol has earned)
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
----
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [buffer.finances](https://buffer.finance/)
|
||||
* [drift.trade](https://www.drift.trade/)
|
||||
* [stader labs](https://staderlabs.com/)
|
||||
* [hop](https://app.hop.exchange/#/send?token=ETH)
|
||||
* [popsicle finance](https://popsicle.finance/)
|
||||
* [matcha](https://matcha.xyz/)
|
||||
* [maple](https://www.maple.finance/)
|
||||
* [oasis.app](https://oasis.app/)
|
||||
* [euler](https://www.euler.finance/)
|
||||
* [elementifi](https://app.element.fi/fixedrates)
|
||||
* [fodl](https://app.fodl.finance/nft)
|
||||
* [traderJoe](https://traderjoexyz.com/farm#/)
|
||||
* [vesta](https://vestafinance.xyz/)
|
||||
* [tracerDAO](https://github.com/tracer-protocol)
|
||||
* [step.finance](https://app.step.finance/#/dashboard)
|
||||
* [orca staking](https://www.orca.so/staking)
|
||||
* [solidly](https://solidly.exchange/liquidity)
|
||||
* [rose](https://app.rose.fi/#/)
|
||||
* [bancor](https://app.bancor.network/pools)
|
||||
* [augur](https://augur.net/)
|
||||
* [CREAM](https://app.cream.finance/)
|
||||
* [paraswap](https://www.paraswap.io/)
|
||||
* [arch finance](https://beta.archfinance.io/)
|
||||
* [tokensets](https://www.tokensets.com/)
|
||||
* [fracium](https://francium.io/)
|
||||
* [rotki](https://rotki.com/)
|
||||
* [crystal](https://defi.krystal.app/)
|
||||
* [hotbit](https://www.hotbit.io)
|
||||
* [slingshot](https://app.slingshot.finance/trade/m/MATIC)
|
||||
* [zapper](https://zapper.fi/invest)
|
||||
22
MEV_and_trading/protocols/dydx.md
Normal file
22
MEV_and_trading/protocols/dydx.md
Normal file
|
|
@ -0,0 +1,22 @@
|
|||
## dydx
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
* founded in 2017, dydx is the most popular dex for trading perps and utilizes a central limit orderbook model (rather amm).
|
||||
* the oracle price is an aggregate price calculated using on-chain price oracles. collateralization and liquidations on dydx are determined using the oracle prices of each asset.
|
||||
* the index price is an aggregate price based on price data from multiple exchanges and is used to trigger stop orders.
|
||||
* the mid-market price is determined by the orderbook as tge midpoint or average between the lowest ask (sell price) and the highest bid (buy price).
|
||||
* funding rate is the fee paid between longs and shorts for each perpetual market. longs pay shorts if the funding rate is positive and vice versa.
|
||||
* it on starkware's L2 (migrated from ethereum in 2021) and soon moving to their own standalone cosmos chain (dydx v4).
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
20
MEV_and_trading/protocols/gns.md
Normal file
20
MEV_and_trading/protocols/gns.md
Normal file
|
|
@ -0,0 +1,20 @@
|
|||
## [gains network](https://gainsnetwork.io/)
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* gtrade exchange gives users the ability to take up to 30-150x leverage on alts, blueships, stocks, and 1000x leverage on forex pairs, on polygon and arbitrum
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [arbitrum trading context](https://gains.trade/contest)
|
||||
27
MEV_and_trading/protocols/inverse.md
Normal file
27
MEV_and_trading/protocols/inverse.md
Normal file
|
|
@ -0,0 +1,27 @@
|
|||
## inverse finance
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
### tl; dr
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
* [inverse finance](https://www.inverse.finance/) is building a suite of DeFi tools that are governed by the inverse finance dao.
|
||||
* the first product was DCA (dollar cost average) vaults, but the DAO decided to put all resources toward anchor and their synthetic stablecoin DOLA. xDOLA has liquidity pools on curve, balancer, velodrome (optimism), and Sushi. curve and balancer amms are the most significant “stability mechanisms”, as there is almost no exogenous collateral backing the stablecoin.
|
||||
* anchor (later renamed to Frontier) is a lending market (mostly a fork of Compound).
|
||||
* now, fixed-rate money market (FiRM) is an improved version of frontier with additional features, increased security, and a new primitive to facilitate fixed-rate borrowing of DOLA.
|
||||
* inverse suffered from two exploits in 2022 (~$15.6M and ~$5.8M) 2022, due to oracle price manipulation.
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [inverse finance, by cryptorisks](https://cryptorisks.substack.com/p/asset-risk-assessment-dola)
|
||||
* [inverse finance oracle hack](https://twitter.com/peckshield/status/1510234162183041024)
|
||||
5
MEV_and_trading/protocols/primitive.md
Normal file
5
MEV_and_trading/protocols/primitive.md
Normal file
|
|
@ -0,0 +1,5 @@
|
|||
## primitive finance
|
||||
|
||||
<br>
|
||||
|
||||
* [financial virtual machine paper](https://www.primitive.xyz/papers/yellow.pdf)
|
||||
48
MEV_and_trading/protocols/uniswap/README.md
Normal file
48
MEV_and_trading/protocols/uniswap/README.md
Normal file
|
|
@ -0,0 +1,48 @@
|
|||
## [uniswap](https://uniswap.org/)
|
||||
|
||||
<br>
|
||||
|
||||
### tl,dr
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
* **AMMs** replace the buy and sell orders in an order book market with a liquidity pool of two assets, both valued relative to each other. as one asset is trader for the other, the relative prices of the two assets shift, and the new market rate for both is determined.
|
||||
* uniswwap is a peer-to-peer system designed for exchanging ERC20 tokens on the ethereum blockchain.
|
||||
* the protocol is implemented as a set of persistent, non-upgradable smart contracts; designed to prioritize censorship, resistance, security, self-custody.
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### in this dir
|
||||
|
||||
<br>
|
||||
|
||||
* [uniswap v2](uniswap-v2)
|
||||
* [uniswap v3](uniswap-v3)
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
* [what's an amm, by coindesk](https://www.coindesk.com/learn/what-is-an-automated-market-maker/)
|
||||
* [uniswap docs](https://docs.uniswap.org/protocol)
|
||||
* [uniswap arb analysis](https://github.com/ccyanxyz/uniswap-arbitrage-analysis)
|
||||
* [uniswap extractooor](https://www.uniswap.shippooor.xyz/)
|
||||
* [dune for total uniswap users over time](https://dune.com/queries/2740)
|
||||
* [understanding amms by hasu](https://www.paradigm.xyz/2021/04/understanding-automated-market-makers-part-1-price-impact)
|
||||
* [mev's impact on uniswap](https://eigenphi.io/report/mev-impact-on-uniswap)
|
||||
* [quantifying the cost of providing liquidity to amms, by a16z](https://a16zcrypto.com/lvr-quantifying-the-cost-of-providing-liquidity-to-automated-market-makers/)
|
||||
* [automated market making and loss-versus-balancing, by j. milionis et al](https://arxiv.org/abs/2208.06046)
|
||||
* [sushiguardrouterv01 with manifold](https://snapshot.org/#/sushigov.eth/proposal/bafkreigjjhjx2j2b526d3poeg23w2xan4rcgnzvcxinsssv7n37lu5p7s4)
|
||||
* [the value of nontoxic orderflow to the uniswap protocol, by m. holloway](https://xenophonlabs.com/papers/uniswap_valuing_orderflow.pdf)
|
||||
* [dune board on mev on uniswap](https://dune.com/jhackworth/mevmevmev)
|
||||
|
||||
51
MEV_and_trading/protocols/uniswap/uniswap-v3/README.md
Normal file
51
MEV_and_trading/protocols/uniswap/uniswap-v3/README.md
Normal file
|
|
@ -0,0 +1,51 @@
|
|||
## uniswap v3
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
- uniswap v3 introduced:
|
||||
|
||||
* **concentrated liquidity** and **non-fungible liquidity**:
|
||||
* replacing fungible ERC20 liquidity positions with non-fungible ERC-721 liquidity positions.
|
||||
* individual LPs get granular control over what price ranges their capital is allocated to.
|
||||
* individual positions are aggregated together into a single pool, forming one combined curve for users to trade against.
|
||||
* **multiple fee tiers**: allowing LPs to be appropriately compensated for taking on varying degrees of risk.
|
||||
* **range orders**: lps can deposit a single token in a custom price range, above or below the current price.
|
||||
* **improvements to the TWAP oracle**: possible to calculate any recent TWAP within ~9 days in a single on-call chain.
|
||||
|
||||
- new strategies:
|
||||
* creating and closing LP positions can be a form of trading. range orders can be used as either buy-limit or take-profit orders.
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### in this dir
|
||||
|
||||
<br>
|
||||
|
||||
* [just in time liquidity mev](just-in-time.md)
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
* [uniswap v3 whitepaper](https://uniswap.org/whitepaper-v3.pdf)
|
||||
* [jit liquidity, by chainsight](https://twitter.com/ChainsightLabs/status/1457958811243778052)
|
||||
* [uniswap v3 book, by jeiwan](https://github.com/Jeiwan/uniswapv3-book)
|
||||
* [liquidity mining on uniswap v3, by paradigm](https://www.paradigm.xyz/2021/05/liquidity-mining-on-uniswap-v3)
|
||||
* [uniswap v3 twap oracle simulator, by euler](https://oracle.euler.finance/)
|
||||
* [conceptualizing uniswap v3 lp profit and loss](https://atise.medium.com/conceptualizing-uniswap-v3-lp-profit-and-loss-ecbae6e09644)
|
||||
* [on why lp-ing on uniswap is a losing game](https://twitter.com/thiccythot_/status/1589022227437039616)
|
||||
* [usage of markout to calculate LP profitability in uniswap v3, by crocswap](https://crocswap.medium.com/usage-of-markout-to-calculate-lp-profitability-in-uniswap-v3-e32773b1a88e)
|
||||
* [ETH USDC retroactive data Aaalysis, by flipside](https://science.flipsidecrypto.xyz/ethusdc_results/eth_usdc_analysis.html)
|
||||
* [markouts and stat analysis in uniswap v3](https://github.com/go-outside-labs/mev-toolkit/blob/main/MEV_strategies/stat_arbs/README.md)
|
||||
42
MEV_and_trading/protocols/uniswap/uniswap-v3/just-in-time.md
Normal file
42
MEV_and_trading/protocols/uniswap/uniswap-v3/just-in-time.md
Normal file
|
|
@ -0,0 +1,42 @@
|
|||
## just-in-time (jit) liquidity
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* **uniswap v3** comes with just-in-time (jit) liquidity, allowing LPs to provide concentrated liquidity within smaller price ranges, i.e., to specify a range of prices their liquidity is active for. this allows capital efficiency for correlated tokens.
|
||||
|
||||
* the **liquidity range** determines the share of fees. however, the tighter the tick range, the greater the risk of impermanence loss (the greater the likelihood that the price of the asset pair will move out of the tick range to volatility), which would generate no fees).
|
||||
|
||||
* a **strategy** is to scan the mempool for substantial pending trades, provide liquidity where a LP mints and burns a concentrated position immediately before and after a swap. no impermanent loss happens because everything happens within the same block.
|
||||
|
||||
* because provision has **high costs**, it's usually only used against very large swaps (i.e., it's a non-atomic strategy).
|
||||
|
||||
* [*"their strategies mainly allocate liquidity in a narrow range and adjust the tick intervals to track market price based on quantitative indicators such as bollinger bands"*](https://mirror.xyz/0xc19565163aFdEe3783FC970E4Bd0275B11848d34/wr9JWZ_MIroWnXeze_tXG1R7nSsoTkp7IvqK5BsWYhA)
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### in this dir
|
||||
|
||||
<br>
|
||||
|
||||
* [tricks](tricks.md)
|
||||
|
||||
<br>
|
||||
|
||||
----
|
||||
|
||||
<br>
|
||||
|
||||
### links
|
||||
|
||||
<br>
|
||||
|
||||
* [uniswap on jit liquidity](https://uniswap.org/blog/jit-liquidity)
|
||||
* [just-in-time mev dune board](https://dune.com/ChainsightAnalytics/Uniswap-v3-Just-in-Time-(JIT)-Liquidity-MEV)
|
||||
* [uniswap v3 lp by rekt](https://rekt.news/uniswap-v3-lp-rekt/)
|
||||
16
MEV_and_trading/protocols/uniswap/uniswap-v3/tricks.md
Normal file
16
MEV_and_trading/protocols/uniswap/uniswap-v3/tricks.md
Normal file
|
|
@ -0,0 +1,16 @@
|
|||
## tricks
|
||||
|
||||
<br>
|
||||
|
||||
### example cex + dex
|
||||
|
||||
<br>
|
||||
|
||||
1. consider a JIT LP that has ETH and USDC both in a wallet and in a CEX.
|
||||
2. when the LP observes a large ETH -> USDC swap in the mempool, they deploy a LP position on Uniswap, and at the same time submit an ETH buy order on the CEX.
|
||||
3. after both trades, the LP has the same total amount of ETH and USDC as before.
|
||||
4. assuming that the following holds, the LP are also profitable:
|
||||
|
||||
```
|
||||
fees_DEX + price_impact_DEX > fees_CEX + price_impact_CEX
|
||||
```
|
||||
7
MEV_and_trading/protocols/yearn.md
Normal file
7
MEV_and_trading/protocols/yearn.md
Normal file
|
|
@ -0,0 +1,7 @@
|
|||
## yearn finance
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
* [yearn finance](https://yearn.finance/#/portfolio)
|
||||
* [permissionless yearn vaults](https://medium.com/iearn/permissionless-yearn-vaults-dd4880116022)
|
||||
17
MEV_and_trading/stablecoins/DAI.md
Normal file
17
MEV_and_trading/stablecoins/DAI.md
Normal file
|
|
@ -0,0 +1,17 @@
|
|||
## dai
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [markerdao technical docs](https://docs.makerdao.com/)
|
||||
19
MEV_and_trading/stablecoins/DINERO.md
Normal file
19
MEV_and_trading/stablecoins/DINERO.md
Normal file
|
|
@ -0,0 +1,19 @@
|
|||
## dinero
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
* [Redacted] Cartel started as an OHM-fork, generating +$100MM in treasure, and then creating an ecosystem of products.
|
||||
* $DINERO is their upcoming stablecoin with collateralized debit position (cdp) and peg stability module (psm).
|
||||
* this means you can deposit $ETH or $pxETH (ther LSD) to take out loans in $DINERO (ie, CDP). with PSM, the protocol will always sell or buy $DINERO for $1 and arbitrageurs will maintain the peg.
|
||||
* redacted cartel is building their own relayer with 2 features: protect from mev and accept $DINERO as gas payment.
|
||||
* the relayers can be validated by dinero protocol validators (where their lsd strategy comes in).
|
||||
|
||||
<br>
|
||||
|
||||
----
|
||||
|
||||
### resources
|
||||
|
||||
* [whitepaper](https://github.com/redacted-cartel/dinero-litepaper/blob/master/Dinero%20Protocol%20litepaper%20-%2020230406%20-%20v1.0.pdf)
|
||||
25
MEV_and_trading/stablecoins/GHO.md
Normal file
25
MEV_and_trading/stablecoins/GHO.md
Normal file
|
|
@ -0,0 +1,25 @@
|
|||
## aave's gho
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* GHO is a decentralized stablecoin issued by aave.
|
||||
* it's overcollaterized as it's backed by deposits in aave v3 (users mint directly into the money market)
|
||||
* rather than having interest rates determined algorithmically like other assets in aave, its borrow rate will be manually set by governance, giving aave total control over the cost to mint/borrow gho.
|
||||
|
||||
<br>
|
||||
|
||||
<img width="500" src="https://user-images.githubusercontent.com/126520850/227068689-d7559192-5e50-49c5-aa10-b82db7f55fde.png">
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
29
MEV_and_trading/stablecoins/LUSD.md
Normal file
29
MEV_and_trading/stablecoins/LUSD.md
Normal file
|
|
@ -0,0 +1,29 @@
|
|||
## LUSD
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
* issued by [liquity protocol](https://twitter.com/LiquityProtocol), $LUSD has zero governance, fully decentralized collateral, instant liquidation, lower liquidity level than $DAI, and no loss to holders since launch.
|
||||
* **redemption**: $LUSD uses CDP model where 1 $LUSD is minted via deposit of at least $1.1 worth of $ETH, so that 1 $LUSD is always backed by > $$1.1 worth of $ETH
|
||||
- during arbs, $LUSD received will pay back the debt of troves with the lowest collateral ratio (CR)
|
||||
- troves with low CR's are incentivized to improve CR (either top-up their collateral or repay loans)
|
||||
- redemption reduces debtors' $ETH exposure, and the fee makes it unattractive for arb
|
||||
* **stability pool**: pooling a $LUSD reservoir for instant liquidation of troves with low CR. those depositing $LUSD into it become liquidators, and profit from liquation is ~10%.
|
||||
- $LUSD premium in times of market turmoil.
|
||||
- like DCA into $ETH at prices lower than usual by buying liquidations. e.g., provide $LUSD into the stability pool.
|
||||
* **redistribution**: in case there is 0 $LUSD left in the stability pool, the system redistributes both the debt and collateral from liquidated troves to all other existing troves, based on a portion of collateral of each trove vs. total collateral of all troves.
|
||||
- retribution causes individual troves' CR to decrease and be more prone to liquidation (but for each 1 $LUSD they can get > $1 $ETH).
|
||||
- buy the dip of $ETH: deposit $ETH into the stability pool when 1) $ETH market price is ~ prices troves are liquidated, or 2) when TCR is almost < 150%.
|
||||
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [thread on chicken bonds](https://twitter.com/korpi87/status/1575899279071186944)
|
||||
15
MEV_and_trading/stablecoins/RAI.md
Normal file
15
MEV_and_trading/stablecoins/RAI.md
Normal file
|
|
@ -0,0 +1,15 @@
|
|||
## rai
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* decentralized and non-pegged stable asset by [reflexer.finance](https://reflexer.finance/)
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
34
MEV_and_trading/stablecoins/README.md
Normal file
34
MEV_and_trading/stablecoins/README.md
Normal file
|
|
@ -0,0 +1,34 @@
|
|||
## stablecoins
|
||||
|
||||
<br>
|
||||
|
||||
* **[101](stablecoins_101.md)**
|
||||
* **[$CURVE](curve)**
|
||||
* **[$DAI](DAI.md)**
|
||||
* **[$RAI](RAI.md)**
|
||||
* **[$GHO](GHO.md)**
|
||||
* **[$USDD](USDD.md)**
|
||||
* **[$LUSD](LUSD.md)**
|
||||
* **[$DINERO](DINERO.md)**
|
||||
* **[(rip) $UST](UST.md)**
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
<br>
|
||||
|
||||
<img width="500" src="https://user-images.githubusercontent.com/1130416/194648266-bb67eca3-dc70-4321-b9d6-25246b4156af.png">
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* **[stablecoins, by the ef](https://ethereum.org/en/stablecoins/)**
|
||||
* **[a money view of stablecoins, by aldasoro et al.](https://www.bis.org/publ/work1146.pdf)**
|
||||
* **[the rising of protocol native stablecoins, by easonwu](https://easonwu.substack.com/p/the-rise-of-protocol-native-stablecoins?utm_source=tldrnewsletter)**
|
||||
|
||||
13
MEV_and_trading/stablecoins/USDD.md
Normal file
13
MEV_and_trading/stablecoins/USDD.md
Normal file
|
|
@ -0,0 +1,13 @@
|
|||
## usdd stablecoin
|
||||
|
||||
<br>
|
||||
|
||||
* usdd is an over-collaterized stablecoin issued on the tron blokchain
|
||||
* initially a copycat of ust, pivoted to an over-collateralization model after terra's crash
|
||||
* it's not permissionless or decentralized
|
||||
* it can only enter circulation via a 5-of-7 multsig controlled by members of the tron dao reserve (tdr)
|
||||
* circulation supply ($725M) hasn't changed since july 2022
|
||||
* trx backing the circulating usdd accounts for 85% of its value, and it has added reserves in btc, usdt, and usdc
|
||||
* usdd has two stability mechanisms: a peg stability module (psm) and four monetary policy instruments (mpi)
|
||||
* the team behind usdd is anonymous
|
||||
* for cross-chain transactions, usdd uses the BitTorrent network, a cross-chain bridge protocol (bought by justin sun in 2018)
|
||||
|
|
@ -1,4 +1,4 @@
|
|||
## LUNA, UST, and The Terra Blockchain
|
||||
## [RIP] LUNA, UST, and The Terra Blockchain
|
||||
|
||||
<br>
|
||||
|
||||
42
MEV_and_trading/stablecoins/curve/README.md
Normal file
42
MEV_and_trading/stablecoins/curve/README.md
Normal file
|
|
@ -0,0 +1,42 @@
|
|||
## curve
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* curve is a decentralised exchange for stablecoins, with low slippage in swapping, and featuring a 3-token pool.
|
||||
* curve supports 3 categories of exchanges: stablecoins, stable pegged assets, and non-stable pegged assets.
|
||||
* CRV is the native token, whose main utility is governance. veCRV is locked to vote decisions and rewards. monthly CRV unlocks from the release schedule and the trading fees generated on the platform are distributed to each pool's liquidity provider.
|
||||
* a new stablecoin design called lending-liquidation amm algorithm (LLAMMA) is being [github-ed](https://github.com/curvefi/curve-stablecoin-js).
|
||||
* for mev, volume is the key factor in influencing price slippage due to the slippage design of curve
|
||||
* curve pools serve as sources of deep liquidity for stablecoins, as they are attractive to LPs due to the low risk of impairment loss in like-asset pools and the ability to earn CRV emissions (and if pools become imbalanced, it can indicate what assets LPs view as more or
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
----
|
||||
|
||||
### in this dir
|
||||
|
||||
<br>
|
||||
|
||||
* [curve wars](curve_wars.md)
|
||||
* [historical analysis](historical.md)
|
||||
* [crvUSD](crvusd.md)
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
* [curve whitepaper](https://github.com/curvefi/curve-stablecoin/blob/master/doc/curve-stablecoin.pdf)
|
||||
* [curve mev report](https://mirror.xyz/0xc19565163aFdEe3783FC970E4Bd0275B11848d34/iyBEOpngdSrVzlWjWf6eHVwOBuj2pEVxtbwyCNqlAyA)
|
||||
* [cleaning up of the battlefield of avi and curve](https://mirror.xyz/0xc19565163aFdEe3783FC970E4Bd0275B11848d34/MVIdkzGOWx70ap0uA9Nuh7GHXtO1jGopEaIeAK2coC8)
|
||||
|
||||
25
MEV_and_trading/stablecoins/curve/crvusd.md
Normal file
25
MEV_and_trading/stablecoins/curve/crvusd.md
Normal file
|
|
@ -0,0 +1,25 @@
|
|||
## crvUSD
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* decentralized stablecoin issued by curve, with a novel mechanism known as lending-liquidating amm algorithm (llama)
|
||||
* llama employs a kinder liquidation design that swaps a user's collateral into crvUSD as its value decreases (rather than fully liquidating a user's position in one fell swoop)
|
||||
|
||||
<br>
|
||||
|
||||
<img width="500" src="https://user-images.githubusercontent.com/126520850/227069090-b40c9400-0610-4304-b0f8-7c8ad6827ae4.png">
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
----
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [curve stablecoin whitepaper](https://github.com/curvefi/curve-stablecoin/blob/master/doc/curve-stablecoin.pdf?ref=bankless.ghost.io)
|
||||
|
|
@ -1,18 +1,12 @@
|
|||
## Curve
|
||||
|
||||
### tl; dr
|
||||
|
||||
* Curve, whose unique feature is the low slippage in swapping, is a decentralised exchange (DEX) for stablecoins to swap pairs like USDT/UST or USDC/BUSD.
|
||||
* CRV is the native token, whose main utility is governance.
|
||||
* People need to lock CRV to get veCRV to vote on decisions. The most important one is voting on allocation of rewards.
|
||||
* Additionally, veCRV holders can vote on proposals and pool parameters.
|
||||
* Monthly CRV unlocks from the release schedule and the trading fees generated on the platform are distributed to each pool's liquidity provider.
|
||||
## curve liquid wrappers war
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### curve liquid wrappers war
|
||||
### 2022
|
||||
|
||||
<br>
|
||||
|
||||
* veToken model allows users to lock CRV for up 4 years, receive admin fees (paid in stables), and allows them to vote for CRV emissions for the pool.
|
||||
* protocols seeking liquidity have the option to bribe ve CRV holders to stream CRV emissions to their pools (nother source of revenue besides admin fees).
|
||||
|
|
@ -20,8 +14,12 @@
|
|||
* liquid wrappers allow CRV holders to receive fees and/or bribes without locking it for 4 years and provide a chance to exit the position.
|
||||
* trade-offs for liquid wrappers are: protocol fees, peg maintenance, and voting power.
|
||||
|
||||
<br>
|
||||
|
||||
##### cvxCRV
|
||||
|
||||
<br>
|
||||
|
||||
* by stacking cvxCRV, holders earn 3crv fees plus a share of 10% of the Convex LPs' boosted CRV earnings, plus CVX tokens.
|
||||
* the bribe revenue (voting power which can be sold) is distributed among vote-locked CVX.
|
||||
* the normal revenue from veCRV (fees + bribes) is split between cvxCRV and CVX.
|
||||
|
|
@ -33,6 +31,8 @@
|
|||
|
||||
##### sdCRV
|
||||
|
||||
<br>
|
||||
|
||||
* sdCRV is distributing 3crv fees and keeping voting powers with stakers.
|
||||
* voting power can be delegated to the StakeDAO, it combines market and OTC bribes in order to get the best return.
|
||||
* users can access the bribes from palarding and votium.
|
||||
|
|
@ -60,9 +60,3 @@
|
|||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
||||
* [10M Revenue Drain in 5 Months: MEV impact on Curve](https://medium.com/@eigenphi/10m-revenue-drain-in-5-months-mev-impact-on-curve-fd5214a0667)
|
||||
11
MEV_and_trading/stablecoins/curve/historical.md
Normal file
11
MEV_and_trading/stablecoins/curve/historical.md
Normal file
|
|
@ -0,0 +1,11 @@
|
|||
## notes on historical performance for curve
|
||||
|
||||
<br>
|
||||
|
||||
#### march'23 USDC crisis
|
||||
|
||||
<br>
|
||||
|
||||
* LPs fled to USDT during the height of the panic, seeking to reduce their exposure to USDC and DAI:
|
||||
|
||||
<img width="535" src="https://user-images.githubusercontent.com/126520850/225120576-45a91ea3-c5c8-439a-8012-bea6e22fa283.png">
|
||||
33
MEV_and_trading/stablecoins/stablecoins_101.md
Normal file
33
MEV_and_trading/stablecoins/stablecoins_101.md
Normal file
|
|
@ -0,0 +1,33 @@
|
|||
## stablecoins 101
|
||||
|
||||
<br>
|
||||
|
||||
#### fiat-collateralized stablecoins
|
||||
|
||||
<br>
|
||||
|
||||
* fiat-collateralized stablecoins are stablecoins that are backed by fiat currencies like the US dollar.
|
||||
* their reserves are held by a central entity. The most popular fiat-backed stablecoins at this time are USDC, USDT, and BUSD.
|
||||
* their main weakness is centralization as the collateral of a fiat-collateralized stablecoin is held by one independent party.
|
||||
* e.g., Circle's USDC, iFinex's USDT, and Binances BUSD
|
||||
|
||||
<br>
|
||||
|
||||
#### cryptocurrency-backed stablecoins
|
||||
|
||||
<br>
|
||||
|
||||
* while crypto-backed stablecoins are good for their decentralization, they are capital inefficient (overcollaterized)
|
||||
* eg: MakerDAO's DAI, Synthetix's sUSD, and Liquity's LUSD
|
||||
|
||||
<br>
|
||||
|
||||
#### decentralized (algorithmic) stablecoins
|
||||
|
||||
<br>
|
||||
|
||||
* they maintain their peg without having to directly collateralize the issuance.
|
||||
* they rely on supply-and-demand algorithms to maintain price stability 😬.
|
||||
* e.g., FRAX, RAI and rip FEI and UST
|
||||
|
||||
<br>
|
||||
18
MEV_and_trading/staking/Frax.md
Normal file
18
MEV_and_trading/staking/Frax.md
Normal file
|
|
@ -0,0 +1,18 @@
|
|||
## [frax finance]()
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* total eth staked ~128k
|
||||
* q1/23 stats: inflow of 82k eth, market share gone to 1.6%, fees generated: $1.7m, $FXSUSD +122%
|
||||
* frax offes the highest staking apr via their dual token model with frxETH and srfxETH
|
||||
* frax v3 is about making $FRAX safe, being pegged directly to USD (rather than stablecoins)
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
|
@ -1,4 +1,8 @@
|
|||
## Notes on Lido Finance
|
||||
## lido
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
|
|
@ -8,6 +12,7 @@
|
|||
* Lido uses a single token model, stETH that represents users' staking deposits. stETH is minted at 1:1 ratio of ether deposited into the Lido platform.
|
||||
* Staking rewards accrue to the stETH token through a daily rebasing mechanism.
|
||||
* 10% fee on accrued staking rewards that is evenly split between the Lido DAO and node operators.
|
||||
* q1/23 stats: inflow of 1.09mil eth staked, market share to 72.3%, fees generated: $117mil, $LDOUSD + 152% (second largest fee generating protocol after uniswap)
|
||||
|
||||
<br>
|
||||
|
||||
|
|
@ -15,3 +20,6 @@
|
|||
|
||||
<br>
|
||||
|
||||
----
|
||||
|
||||
### resources
|
||||
34
MEV_and_trading/staking/README.md
Normal file
34
MEV_and_trading/staking/README.md
Normal file
|
|
@ -0,0 +1,34 @@
|
|||
## staking
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
### in this repo
|
||||
|
||||
<br>
|
||||
|
||||
* **[lido](Lido.md)**
|
||||
* **[stakewise](Stakewise.md)**
|
||||
* **[rocket pool](RocketPool.md)**
|
||||
* **[stater labs](Stader.md)**
|
||||
* **[frax finance](Frax.md)**
|
||||
* **[manifold's mevETH](mevETH.md)**
|
||||
* **[lsds and mev](lsds_and_mev.md)**
|
||||
* **[distributed validator technology](dvt)**
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### external resources
|
||||
|
||||
<br>
|
||||
|
||||
* **[ether.fi](https://ether.fi/)**
|
||||
* **[stakeus](https://staked.us/)**
|
||||
* **[staking rewards](https://www.stakingrewards.com/)**
|
||||
* **[bitcoin suisse](https://www.bitcoinsuisse.com/staking)**
|
||||
* **[dune dashboard for staking as a service](https://dune.com/subinium/staking-as-a-service)**
|
||||
* **[proof of stake economic security via MEV redistribution, by t. chitra et al](http://people.eecs.berkeley.edu/~ksk/files/MEV_Redistribution.pdf)**
|
||||
* **[awesome staking resources](https://hackmd.io/qSzUlW7qQ-WD95H7bbmMcw)**
|
||||
17
MEV_and_trading/staking/RocketPool.md
Normal file
17
MEV_and_trading/staking/RocketPool.md
Normal file
|
|
@ -0,0 +1,17 @@
|
|||
## [rocket pool](https://rocketpool.net/)
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* total ETH staked ~441k
|
||||
* q1/23: inflow of 90k ETH, market share of 5.3%, $RPLUSD +137%
|
||||
* when running a node/minipool, users must lock between 10%-150% of the staked ETH in $RPL as a collateral (protocol insurance).
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
16
MEV_and_trading/staking/Stader.md
Normal file
16
MEV_and_trading/staking/Stader.md
Normal file
|
|
@ -0,0 +1,16 @@
|
|||
## stader
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* q1 stats: $120m in TVL staked accross multiple chains (polygon, fantom, bnb)
|
||||
* one of the core features is the ability to run a node with just 4 eth
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
|
@ -1,14 +1,19 @@
|
|||
## Stakewise
|
||||
## stakewise
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
* Liquid ETH2 platform.
|
||||
* You don't need 32 ETH so anyone can benefit from the beacon chain.
|
||||
* Deposits into the staking pool are tokenised so users can participate in the wider ETH landscape.
|
||||
* q1/23 stats: inflow of 10k eth staked, market share to 1.18%, fees generated: $1.68m, $SWISEUSD +128%
|
||||
|
||||
<br>
|
||||
|
||||
### Tokenomics
|
||||
----
|
||||
|
||||
### tokenomics
|
||||
|
||||
<br>
|
||||
|
||||
|
|
@ -16,3 +21,10 @@
|
|||
* The other token, sETH2. represents the ETH deposit and acts as an interest-bearinng wrapped ETH.
|
||||
* Holders of sETH2 tokens earn daily rETH2 rewards.
|
||||
* Stakewise has a flat fee of 10% on rewards earned by their pools.
|
||||
|
||||
<br>
|
||||
|
||||
----
|
||||
|
||||
### resources
|
||||
|
||||
20
MEV_and_trading/staking/dvt/README.md
Normal file
20
MEV_and_trading/staking/dvt/README.md
Normal file
|
|
@ -0,0 +1,20 @@
|
|||
## distributed validator technology
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* enables a group stacking through multi-part computation (mpc), letting a group of individuals share one private key (like a multisig) and run a "distributed validator" together.
|
||||
* it makes node validation an overall more robust process.
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [obol](https://obol.tech/)
|
||||
17
MEV_and_trading/staking/lsds_and_mev.md
Normal file
17
MEV_and_trading/staking/lsds_and_mev.md
Normal file
|
|
@ -0,0 +1,17 @@
|
|||
## LSDs and MEV
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* with the shapella update, LSDs can be withdrawn, creating trading volume and MEV opportunities. most staking protocols will allow users to trade LSD tokens at a higher ETH price than the market, thus creating the opportunity for the market to arbitrage.
|
||||
* according to eigeinphi, the total revenue from MEV (arb, liquidation, sandwich attacks) surpassed $4.84 mil (most coming from arb, with a rising frequency of arb trades and decline of average arb revenue).
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
18
MEV_and_trading/staking/mevETH.md
Normal file
18
MEV_and_trading/staking/mevETH.md
Normal file
|
|
@ -0,0 +1,18 @@
|
|||
## fold finance
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* manifold finance offers defi middleware solutions with mev optimization and block building for ursers & validators
|
||||
* they have just announced their own liquid staking protocol
|
||||
* mevETH will be an omnichain token using layerzero tech and aims to offer high staking yield by increasing revenue through mev opportunities
|
||||
* they have securred 25k eth from cream finance
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
72
MEV_and_trading/strategy_metrics/README.md
Normal file
72
MEV_and_trading/strategy_metrics/README.md
Normal file
|
|
@ -0,0 +1,72 @@
|
|||
## trading strategy metrics
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
* metrics to optimize when developing trading algorithms
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### net profit and loss (net PnL)
|
||||
|
||||
<br>
|
||||
|
||||
* how much money an algorithm makes and loses over a period, minus trading free.
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### alpha and beta
|
||||
|
||||
<br>
|
||||
|
||||
* **alpha**: how much better, in terms of profit, is the strategy compared to an alternative risk-free investment.
|
||||
* **beta**: how volatile the strategy is compared to the market.
|
||||
|
||||
<br>
|
||||
|
||||
----
|
||||
|
||||
### sharpe ratio
|
||||
|
||||
<br>
|
||||
|
||||
* measure the excess return per unit of risk you are taking.
|
||||
* it's the return on capital over the standard deviation adjusted for risk.
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### maximum drawdown
|
||||
|
||||
<br>
|
||||
|
||||
* maximum difference between a local maximum and the subsequent local minimum as a measure of risk.
|
||||
|
||||
<br>
|
||||
|
||||
----
|
||||
|
||||
### value at risk (VaR)
|
||||
|
||||
<br>
|
||||
|
||||
* risk metric that qualifies how much capital is at a loss over a given time frame with some probability (assuming normal market conditions).
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
|
@ -1,4 +1,6 @@
|
|||
## Vaults
|
||||
## vaults
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
|
|
@ -11,9 +13,12 @@
|
|||
|
||||
|
||||
* [ERC-4626](ERC-4626.md)
|
||||
* [openeden, smart contract t-bills vault](openeden.md)
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
17
MEV_and_trading/vaults/openeden.md
Normal file
17
MEV_and_trading/vaults/openeden.md
Normal file
|
|
@ -0,0 +1,17 @@
|
|||
## open eden
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* TBILL vault: first smart contract vault managed by a regulated financial instituion, offering 24/7 direct access to us tresuries
|
||||
* why t-bills: aaa-rated soverign debt backed by full faith and credit of the us goverment; subdued defi yields, sticky inflation, fed terminal rate ~5%, ~130B of outstanding coin supply
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
35
MEV_and_trading/whales/README.md
Normal file
35
MEV_and_trading/whales/README.md
Normal file
|
|
@ -0,0 +1,35 @@
|
|||
## whale watching
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### list of whale wallets
|
||||
|
||||
<br>
|
||||
|
||||
* [50+ whale wallets, by thorHhrtvigsen](https://twitter.com/ThorHartvigsen/status/1622632955939287043)
|
||||
* [list of whale wallets, by debank](https://debank.com/whales)
|
||||
* [smart money watchlist, by nansen](https://pro.nansen.ai/smart-money)
|
||||
* [coingator whale wallets, by go outside labs](https://github.com/go-outside-labs/searcher-coingator-rs/blob/main/data/whales.txt)
|
||||
* [token analyzoor, by mochi](https://dune.com/defimochi/token-god-mode)
|
||||
* [lsd whale watcher-shangai update](https://github.com/go-outside-labs/mev-toolkit/tree/main/MEV_and_trading/whales)
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
----
|
||||
|
||||
### links
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
* [return analysis, by defi_mochi](https://twitter.com/defi_mochi/status/1616649547350151169)
|
||||
43
MEV_by_chains/MEV_on_Arbitrum/README.md
Normal file
43
MEV_by_chains/MEV_on_Arbitrum/README.md
Normal file
|
|
@ -0,0 +1,43 @@
|
|||
## mev on arbitrum
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* remember that optimistic rollups publish batches of txs in the calldata on ethereum, but it needs to wait for a dispute period to pass to ensure the sequencer is not publishing invalid txs before withdrawing.
|
||||
* avm architecture: arbitrum is fully compatible with the evm, but it also has its vm called arbitrum virtual machine:
|
||||
* execution flow and structure: arbitrum has an operating system and its core called arbos, which ensures the solitary existence, optimal performance and efficient analytics of smart contracts.
|
||||
* dispute settlement speed: the avm has a custom protocol for dispute management, so that it can be acquired out on a standard vm.
|
||||
* natives tuples: the avm uses tuples to define and references types in its merkle tree. the tuples can be referenced in looking up the merkle root of any tx on the evm merkle tree.
|
||||
* optimistic rollup, with no mempool for bots to frontrun, but searchers can listen the queue through websockets and backrun, etc...
|
||||
* currently has a centralized sequencer and whitelisted proof validation while having upgradable contracts
|
||||
* faster tx processing: ethereum is operating under 15-20 tps, while the arbitrum network can process ~40 tps
|
||||
* lower tx fees: in ethereum, a significant percentage of validators need to confirm the genuineness of a tx; arbitrum average fee is $~.2 compared to $6.5 (source: [nansen](https://pro.nansen.ai/multichain/eth-vs-arbitrum))
|
||||
|
||||
<br>
|
||||
|
||||
----
|
||||
|
||||
### in this dir
|
||||
|
||||
<br>
|
||||
|
||||
* [gmx and glp vaults](gmx)
|
||||
* [fair order sequencing](fair_ordering_sequencing)
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [transaction ordering policy](https://research.arbitrum.io/t/transaction-ordering-policy/127)
|
||||
* [arbitrum bridge tutorial](https://arbitrum.io/bridge-tutorial/)
|
||||
* [arbitrum gas fee, by dune](https://dune.com/blog/fueling-gas-spells-arbitrum)
|
||||
* [time boost: a new tx ordering policy proposal](https://research.arbitrum.io/t/time-boost-a-new-transaction-ordering-policy-proposal/8173)
|
||||
* [a closer look at the sequencer's role and mev, by p. mccorry](https://docs.google.com/presentation/d/1bU01VT7YyLXT0Bzxo0dRNYSEohmuKxY8ziErTviIsng/edit#slide=id.g1255a01e809_0_0)
|
||||
* [arbtrium latency war drama, feb/23](https://twitter.com/snoopy_mev/status/1629283898453811200?s=20)
|
||||
|
|
@ -0,0 +1,19 @@
|
|||
## fair ordering sequencing
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* users pay for the right to extract MEV over a period through the opportunity cost per block times the number of blocks staked
|
||||
|
||||
<br>
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [fair sequencing and chaninlink](https://github.com/go-outside-labs/mev-toolkit/blob/main/MEV_strategies/oracles/chainlink.md)
|
||||
* [can first come first served tx ordering prevent frontrunning, by robert annessi](https://collective.flashbots.net/t/can-first-come-first-served-based-transaction-ordering-prevent-front-running/892)
|
||||
* [why fair ordering is fatally flawed, by t. chitra](https://docs.google.com/presentation/d/1nw-mjr8u4xEGX3HGhWtw44MOFJOd8VMolTZ1BSOSL3E/edit#slide=id.p)
|
||||
62
MEV_by_chains/MEV_on_Arbitrum/gmx/README.md
Normal file
62
MEV_by_chains/MEV_on_Arbitrum/gmx/README.md
Normal file
|
|
@ -0,0 +1,62 @@
|
|||
## gmx
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
|
||||
* gmx is a decentralized spot and perpetual futures exchange built on arbitrum and avalanche chains. it exploded after the ftx fall, and just this week it seems to have become the top defi project on fee profit, and one of the top projects by fee and revenue in defillama. they are winning by offering perks such as no slippage, low swap fees, and zero price impact trades (i.e., large trades are set at the mark price).
|
||||
|
||||
* gmx offers zero slippage on trades via an oracle price update system (chainlink + aggregate of prices from leading volume exchanges), while amms rely on arb bots to balance prices in the pools.
|
||||
|
||||
* gmx’s swap trades are performed based on a combination of two oracles:
|
||||
- the primary oracle is fed by chainlink, and it takes the last three samples (picking the worst price for the user).
|
||||
- the secondary oracle is the “fast price feed”, which overrides the price whenever it is within 2.5% of the primary oracle price value.
|
||||
|
||||
* gmx enables traders to open up to 50x leverage swaps for long or short positions by borrowing from glp, a multi-asset pool containing $btc, $eth, $uni, $link, and stablecoins. the vault allows swapping of the tokens it holds. funds are deposited into the vault by minting glp tokens and can be withdrawn by burning these tokens. glp works as the counterparty in the protocol, as it accrues values when traders loses, and devalues when traders win. glp is also emerging as a form of collateral, with lending protocols integrating this liquidity provider token into their product offerings (e.g., rage, unami, sentiment).
|
||||
|
||||
* gmx’s native token, $gmx, functions as a governance, utility, and value-accrual token. glp accrues 70% of all trading fees, while stakers of gmx earn 30%. a floor price fund helps ensure liquidity in the glp pool, plus a reliable stream of $eth rewards for $gmx stakers.
|
||||
|
||||
* the protocol's revenues come from swap fees, trading fees, execution fees, liquidation fees, and borrow fees.
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
----
|
||||
|
||||
### in this dir
|
||||
|
||||
<br>
|
||||
|
||||
* [tokenomics](tokenomics.md)
|
||||
* [oracle abuse](oracle_abuse.md)
|
||||
* [delta neutral and vaults](glp_vaults.md)
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [gmx docs](https://gmxio.gitbook.io/gmx/)
|
||||
* [gmx stats](https://stats.gmx.io/)
|
||||
* [gmx hedge](https://www.gmxhedge.com/)
|
||||
* [building gmx and synths, by coinflipcanada](https://alphapls.substack.com/p/the-buildooooooor-coinflipcanada)
|
||||
* [gmx general dune board](https://dune.com/gmxtrader/gmx-dashboard-insights)
|
||||
* [post on x4 protocol](https://medium.com/@gmx.io/x4-protocol-controlled-exchange-c931cd9a1ae9)
|
||||
* [gmx in-depth dune board](https://dune.com/lako/lako-labs-gmx)
|
||||
* [gmx trader bias dune board](https://dune.com/steinkirch/gmx-trading-bias)
|
||||
* [synapse bridge](https://synapseprotocol.com/)
|
||||
* [contracts](https://gmxio.gitbook.io/gmx/contracts)
|
||||
* [gmx, by flood capital](https://twitter.com/FloodCapital/status/1562856005259902976)
|
||||
* [gmx oracle, by pressiemoomboy](https://twitter.com/PressieMoonBoy/status/1562905337723748352)
|
||||
* [gmx transfer account](https://app.gmx.io/#/begin_account_transfer)
|
||||
* [pirex gmx, by redacted](https://mirror.xyz/0xE90c74145245B498fef924fAdC7bb34253c7cF90/H15743T6tNvIW1xzOcL5_JBkQilZLdWgdqhD5AZPryI)
|
||||
* [magicglp, by abracadaba](https://mirror.xyz/0x5744b051845B62D6f5B6Db095cc428bCbBBAc6F9/EUr60EjAX6h4muLqUxeygljMWTmi5b9pxJWlX7Qt3yc)
|
||||
|
||||
59
MEV_by_chains/MEV_on_Arbitrum/gmx/glp_vaults.md
Normal file
59
MEV_by_chains/MEV_on_Arbitrum/gmx/glp_vaults.md
Normal file
|
|
@ -0,0 +1,59 @@
|
|||
## delta neutral strategies and glp vaults
|
||||
|
||||
<br>
|
||||
|
||||
### vaults
|
||||
|
||||
<br>
|
||||
|
||||
* vaults are suites of trustless defi strategies to generate delta-minimized returns on $GLP assets (gmx's lp token, which receives 70% of gmx's fee revenue).
|
||||
* vaults can provide liquidity on gmx to collect yield from $GLP. they are also the counterparty to margin traders (benefiting from trader losses).
|
||||
* vault should be backtested against months of real-world market data (including edge cases), usually with a baseline such as a standalone usdc vault
|
||||
* hedges are algorithmically rebalanced at regular intervals. hedging on gmx incurs fees for minting and burning of $GLP, opening and closing positions, and funding for open interest.
|
||||
|
||||
<br>
|
||||
|
||||
### delta neutral strategies
|
||||
|
||||
<br>
|
||||
|
||||
* delta neutral strategies offset volatility so that GLP owners win yields while also not having to worry about price changes.
|
||||
* this is usally achieved with shorting its underlying assets or hedging the positions, and the positions must be constantly changed based on the weight of the assets.
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
### pool exposures
|
||||
|
||||
<br>
|
||||
|
||||
* the first component of a pool are the available assets, which are the vault assets minus reserved assets (assets set aside to cover longs).
|
||||
* by covering longs, a reserved $BTC that would move with $BTC is used to cover a long position by surrendering all the upside gains to the counterparty (but also taking all collaterals of the counterparty when the price of $BTC goes down).
|
||||
* conversely, a short against the pool becomes a synthetic long as its credit gains to the pool when the price goes up (but takes money from the pool when the price goes down).
|
||||
* hedging $GLP means taking short positions, either on GMX or on a CEX. The short pays when the directional asset goes down, and loses when the opposite happens.
|
||||
* the spread of hedged $GLP over $ETH is a good measure of $GLP's performance, and why a hedged strategy might be a better holding strategy that minimises volatility.
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [rage-gmx vaults](https://mirror.xyz/0x507c7777837B85EDe1e67f5A4554dDD7e58b1F87/KztyQ37Nfq7QT1BWrLz30jfqdtV23TtilJK1cbyXpxk0)
|
||||
* [sentiment.xyz](https://www.sentiment.xyz/)
|
||||
* [stfx](https://twitter.com/STFX_IO)
|
||||
* [gmd protocol](https://twitter.com/GMDprotocol)
|
||||
* [yield yak](https://twitter.com/yieldyak_)
|
||||
* [vesta finance](https://twitter.com/vestafinance)
|
||||
* [jones dao](https://twitter.com/DAOJonesOptions)
|
||||
* [dopex](https://twitter.com/dopex_io)
|
||||
* [olive app](https://oliveapp.finance/trade/options/zero-capital-risk/glp-glp?chainID=42161)
|
||||
* [vovo finance](https://twitter.com/VovoFinance)
|
||||
* [perpy finance](https://twitter.com/PerpyFinance)
|
||||
* [lyra finance](https://twitter.com/lyrafinance)
|
||||
* [neutra finance](https://twitter.com/Neutrafinance)
|
||||
* [tender.fi](https://twitter.com/tender_fi)
|
||||
* [gml vault tech overview](https://gmx-io.notion.site/gmx-io/GMX-Technical-Overview-47fc5ed832e243afb9e97e8a4a036353)
|
||||
* [dune board on protocol strategies on top of $GLP](https://dune.com/dbustos20/protocol-strategies-on-top-of-glp)
|
||||
25
MEV_by_chains/MEV_on_Arbitrum/gmx/oracle_abuse.md
Normal file
25
MEV_by_chains/MEV_on_Arbitrum/gmx/oracle_abuse.md
Normal file
|
|
@ -0,0 +1,25 @@
|
|||
## gmx oracle abuse
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
* october'22 oracle abuse: [the thesis](https://twitter.com/joshua_j_lim/status/1571554171395923968) was that while the gmx team runs bots to update prices by making calls to SetPriceWithBit(), mev operators can observe these price updates in the mempool before they are on-chain.
|
||||
* also in october'22, a [new oracle was deployed (XGET)](https://twitter.com/Kalcrypto1/status/1576977723016085505), allowing for information to be verified on-chain while providing frontrunning resistance (by having nodes sign a combination of blockhashes and values).
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [chainsight twitter](https://twitter.com/ChainsightLabs/status/1580208615654584321?s=20&t=-FG5kQ_7kAKhLnbuk05wSg)
|
||||
* [another twitter](https://twitter.com/wilburforce_/status/1571891338097860608)
|
||||
* [a gmx oracle manipulator bot](https://mirror.xyz/steinkirch.eth/e-gsChe2GxfadHeBnMDsWe_4eQar9JJHJKlWqIE-jKY)
|
||||
39
MEV_by_chains/MEV_on_Arbitrum/gmx/tokenomics.md
Normal file
39
MEV_by_chains/MEV_on_Arbitrum/gmx/tokenomics.md
Normal file
|
|
@ -0,0 +1,39 @@
|
|||
### tokenomics
|
||||
|
||||
<br>
|
||||
|
||||
* $GMX:
|
||||
* participate in 30% of protocol fees
|
||||
* earn escrowed $GMX ($esGMX)
|
||||
* earn multiple points that boost yields
|
||||
|
||||
|
||||
* $esGMX
|
||||
* escrowed tokens are earned by staking $GMX or $GLP and can be vested
|
||||
* participate in 30% of protocol fees
|
||||
* earn escrowed $GMX ($esGMX)
|
||||
* earn multiple points that boost yields
|
||||
|
||||
* $GLP
|
||||
* community-owned multi-asset liquidity pool
|
||||
* the amm uses the pool to serve the decentralized spot exchange (swap) and perpetual contract services
|
||||
* no impermanent loss
|
||||
* earn 70% of protocol fees
|
||||
* earn escrowed $GMX ($esGMX)
|
||||
* close positions (withdraw of collateral) triggers $GLP burn mechanism
|
||||
|
||||
<br>
|
||||
|
||||
##### initial token distribution
|
||||
|
||||
* 45.28% (6.000.000 $GMX) allocated to XVIX and Gambit migration
|
||||
* 15.09% (2.000.000 $GMX) allocated to the Floor Price Fund
|
||||
* 15.09% (2.000.000 $GMX) allocated to reserve (for vesting from esGMX rewards)
|
||||
* 15.09% (2.000.000 $GMX) allocated to liquidity (paired with ETH for liquidity on Uniswap)
|
||||
* 7.55% (1.000.000 $GMX) allocated to the presale round
|
||||
* 1.89% (250.000 $GMX) allocated to marketing & partnership (distributed to contributors linearly over two years)
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
<img width="739" src="https://user-images.githubusercontent.com/1130416/217584094-7d12706a-527c-4642-babd-0c554946c229.png">
|
||||
26
MEV_by_chains/MEV_on_Avalanche/README.md
Normal file
26
MEV_by_chains/MEV_on_Avalanche/README.md
Normal file
|
|
@ -0,0 +1,26 @@
|
|||
## mev on avalanche
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [gmx resources](https://github.com/go-outside-labs/mev-toolkit/tree/main/MEV_by_chains/MEV_on_Arbitrum/gmx)
|
||||
* [chainsight on avax mev](https://avax.chainsight.dev/)
|
||||
* [all fair in arb and mev on avalanche](https://www.ddmckinnon.com/2022/11/27/all-is-fair-in-arb-and-mev-on-avalanche-c-chain/)
|
||||
* [avalanche blockchain consensus](https://docs.avax.network/overview/getting-started/avalanche-consensus)
|
||||
|
||||
15
MEV_by_chains/MEV_on_BSC/README.md
Normal file
15
MEV_by_chains/MEV_on_BSC/README.md
Normal file
|
|
@ -0,0 +1,15 @@
|
|||
## mev on bsc chain
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
### resources
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
* [sandwich attack on bsc chain](https://mirror.xyz/0xc19565163aFdEe3783FC970E4Bd0275B11848d34/CIUNKP5rXRG2MTydySxjoAMml7txySxVEzAhTHwdfB8)
|
||||
* [mev-bsc bot](https://github.com/0x2mev/mev-bsc)
|
||||
5
MEV_by_chains/MEV_on_Bitcoin/README.md
Normal file
5
MEV_by_chains/MEV_on_Bitcoin/README.md
Normal file
|
|
@ -0,0 +1,5 @@
|
|||
## MEV on Bitcoin
|
||||
|
||||
<br>
|
||||
|
||||
* [The Spectre of MEV on Bitcoin, by blockspace.media](https://blockspace.media/insight/the-spectre-of-mev-on-bitcoin/)
|
||||
35
MEV_by_chains/MEV_on_Cosmos/README.md
Normal file
35
MEV_by_chains/MEV_on_Cosmos/README.md
Normal file
|
|
@ -0,0 +1,35 @@
|
|||
## mev on cosmos
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* tendermint clients using fifo ordering by default.
|
||||
* mekatek:
|
||||
* zenith creates an open market for block building within the cosmos.
|
||||
* skip:
|
||||
* mev-tenderminr is a modified version of tendermint to allow validators to accept tx bundles and introduces a seal bid auction for inclusion at the top of the block.
|
||||
* skip secure is a version of flashbots protect (private tx RPC).
|
||||
* proto-rev are custom-built modules for enshrining certain mev preferences into the core protocol. the first implementation was proposed to help Osmosis capture arbitrage-based mev rewards.
|
||||
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
----
|
||||
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [meka.tech](https://meka.tech/thesis)
|
||||
* [skip.money](https://skip.money)
|
||||
* [thyborg twitter thread](https://twitter.com/Thyborg_/status/1547898785933639684)
|
||||
* [l3 as real competitors to cosmos](https://malleable-viola-235.notion.site/2023-Crypto-Thesis-3d945fb15c8648be9983ec505cd2459b)
|
||||
* [satellite mev dashboard on cosmos](https://satellite.skip.money/)
|
||||
* [cosmos and tendermint, by maven11](https://maven11.substack.com/p/the-application-specific-chain-thesis)
|
||||
* [osmosis protorev by skip protocol](https://osmosis.zone/blog/osmosis-protorev-by-skip-protocol-on-chain-app-directed-arbitrage)
|
||||
* [fairblock, frontrunning protection](https://github.com/pememoni/FairBlock)
|
||||
131
MEV_by_chains/MEV_on_Ethereum/README.md
Normal file
131
MEV_by_chains/MEV_on_Ethereum/README.md
Normal file
|
|
@ -0,0 +1,131 @@
|
|||
## mev and proof-of-state ethereum
|
||||
|
||||
<br>
|
||||
|
||||
<p align="center">
|
||||
<img src="https://user-images.githubusercontent.com/1130416/204161522-07e49b61-5163-42a1-ba5d-7ba45db4b3dd.png" width="45%" align="center" style="padding:1px;border:1px solid black;"/></p>
|
||||
|
||||
<br>
|
||||
<br>
|
||||
|
||||
|
||||
* **[running nodes and validators](running-a-node.md)**
|
||||
* **[advanced resources on running nodes and validators](running-a-node-advanced.md)**
|
||||
* **[searcher builder validator/sequencer](searcher-builder-validator-sequencer/)**
|
||||
* **[pos consensus mechanisms](pos_consensus_mechanisms.md)**
|
||||
* **[dets and specs for relays](relays.md)**
|
||||
* **[geth on kubernetes](geth_and_k8s)**
|
||||
* **[account abstraction](account_abstraction)**
|
||||
* **[blockspaces](blockspace.md)**
|
||||
* **[basic evm](evm-knowledge.md)**
|
||||
* **[the mempool](the_mempool.md)**
|
||||
* **[eip-1559](eip-1559.md)**
|
||||
* **[glossary](glossary.md)**
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### nodes and validators stats
|
||||
|
||||
<br>
|
||||
|
||||
* **[ethereum.org launchpad](https://launchpad.ethereum.org/en/)**
|
||||
* **[official beacon chain explorer](https://beaconscan.com/)**
|
||||
* **[another beacon chain explorer](https://beaconcha.in/)**
|
||||
* **[prater/goerli beacon chain explorer](https://prater.beaconcha.in/)**
|
||||
* **[beacon chain validator ratings](https://www.rated.network/)**
|
||||
* **[list of nodes as a service](https://ethereumnodes.com/)**
|
||||
* **[node watch](https://www.nodewatch.io/)**
|
||||
* **[archive node access](https://archivenode.io/)**
|
||||
* **[list of nodes as a service](https://ethereum.org/en/developers/docs/nodes-and-clients/nodes-as-a-service/)**
|
||||
* **[economics post-merge](https://docs.google.com/spreadsheets/d/15tmPOvOgi3wKxJw7KQJKoUe-uonbYR6HF7u83LR5Mj4/edit#gid=1018097491)**
|
||||
* **[the first 1k epochs of eth](https://ethereum.github.io/rig/posdata/notebooks/mainnet_explore.html)**
|
||||
* **[mev panda: data for mev-boost ecosystem](https://www.mevpanda.com/)**
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
#### consensus layer
|
||||
|
||||
* **[client diversity vs. prysm usage](https://pools.invis.cloud/)**
|
||||
* **[consensus clients comparisons](https://www.slashed.info/)**
|
||||
|
||||
<br>
|
||||
|
||||
#### execution layer
|
||||
|
||||
* **[ethereum mainnet stats](https://ethernodes.org/)**
|
||||
* **[execution clients tracker](https://etherscan.io/nodetracker)**
|
||||
|
||||
<br>
|
||||
|
||||
#### both layers
|
||||
|
||||
* **[project sunshine](https://ethsunshine.com/)**
|
||||
* **[clients diversity](https://clientdiversity.org/)**
|
||||
|
||||
<br>
|
||||
|
||||
----
|
||||
|
||||
### clients
|
||||
|
||||
<br>
|
||||
|
||||
#### execution layer
|
||||
|
||||
* **[geth](https://geth.ethereum.org/)**
|
||||
* **[nethermind](https://nethermind.io/)**
|
||||
* **[besu](https://besu.hyperledger.org/en/stable/)**
|
||||
* **[erigon](https://github.com/ledgerwatch/erigon)**
|
||||
* **[akula](https://akula.app/)**
|
||||
* **[execution api specification](https://github.com/ethereum/execution-apis)**
|
||||
|
||||
<br>
|
||||
|
||||
#### consensus layer
|
||||
|
||||
* **[prysm](https://github.com/prysmaticlabs/prysm)**
|
||||
* **[lighthouse](https://github.com/sigp/lighthouse)**
|
||||
* **[teku](https://github.com/ConsenSys/teku)**
|
||||
* **[nimbus](https://nimbus.team/)**
|
||||
* **[lodestar](https://lodestar.chainsafe.io/)**
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
#### engine api
|
||||
|
||||
* **[engine api docs](https://github.com/ethereum/execution-apis/blob/main/src/engine/specification.md)**
|
||||
* **[ethereum json-rpc api](https://ethereum.org/en/developers/docs/apis/json-rpc/)**
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* **[multidimensional gas pricing, by vitalik](https://vitalik.eth.limo/general/2024/05/09/multidim.html)**
|
||||
* **[resources on private order flows](https://github.com/go-outside-labs/mev-toolkit/tree/main/private_order_flows)**
|
||||
* **[proposer/block builder separation-friendly fee market designs](https://ethresear.ch/t/proposer-block-builder-separation-friendly-fee-market-designs/9725)**
|
||||
* **[mev on eth2 talk by vitalik](https://www.youtube.com/watch?v=OD54WfVuDWw&list=PLRHMe0bxkuel3w3C7P_WVvp9ShLi3HKRI&index=30)**
|
||||
* **[updates on pbs video by barnabe monnot](https://archive.devcon.org/archive/watch/6/updates-on-proposer-builder-separation/?tab=YouTube)**
|
||||
* **[Ethereum Proof-of-Stake Consensus Specifications](https://github.com/ethereum/consensus-specs/tree/dev/specs)**
|
||||
* **[Increasing censorship resistance of transactions under proposer/builder separation (PBS), by Vitalik et al](https://notes.ethereum.org/@vbuterin/pbs_censorship_resistance)**
|
||||
* **[Weak Subjectivity in Eth2.0](https://notes.ethereum.org/@adiasg/weak-subjectvity-eth2)**
|
||||
* **[Ethereum Proof-of-Stake Consensus Specifications](https://github.com/ethereum/consensus-specs)**
|
||||
* **[order flow, auctions, and centralization (flashbots)](https://collective.flashbots.net/t/order-flow-auctions-and-centralisation-i-a-warning/258)**
|
||||
* **[awesome rpc endpoints](https://github.com/arddluma/awesome-list-rpc-nodes-providers)**
|
||||
* **[seeing like a protocol, by barnabe](https://barnabe.substack.com/p/seeing-like-a-protocol)**
|
||||
* **[pbs links, by domothy, ef](https://notes.ethereum.org/@domothy/pbs_links)**
|
||||
* **[local bundle simulation with anvil](https://www.degencode.com/p/local-bundle-simulation-with-anvil)**
|
||||
* **[ethereum dashboards](https://github.com/superphiz/dashboards)**
|
||||
* **[lib.mev](https://libmev.com/dashboard)**
|
||||
* **[we are all building the same thing, by dba](https://dba.xyz/were-all-building-the-same-thing/)**
|
||||
43
MEV_by_chains/MEV_on_Ethereum/account_abstraction/README.md
Normal file
43
MEV_by_chains/MEV_on_Ethereum/account_abstraction/README.md
Normal file
|
|
@ -0,0 +1,43 @@
|
|||
## ERC-4337: account abstraction
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* this change implements censorship-resistant account abstraction without making any changes to the consensus layer of ethereum, by creating a new mempool, a smart contract wallet standard, and a shared entry point contract for managing user operations.
|
||||
* this enables wallets to have multi-sigs, social recovery, hardware enclaves, etc.
|
||||
* **UserOperations** are pseudo-transactions objects that represent a user's intent.
|
||||
* **Bundlers** are new actors that are either block builders, or users that can send transactions to block builders through a bundle marketplace. they package up a set of objects into a tx making a call to a special contract and sending objects to a separate mempool.
|
||||
* the **EntryPoint** is a smart contract that receives **UserOperations** from **Bundlers**.
|
||||
* Aggregators combines multiple signatures into a single signature, to validate multiple **UserOperatons** in one step.
|
||||
* **Smart contract account** are the target of the **UserOperation** and will validate and execute the **UserOperation**.
|
||||
* **Paymaster** create flexibility for how gas is paid and by whom.
|
||||
|
||||
<br>
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* **[erc-4337 is on mainnet](https://twitter.com/erc4337/status/1631087958949531648)**
|
||||
* **[account abstraction, by safe](https://safe.mirror.xyz/9KmZjEbFkmI79s28d9xar6JWYrE50F5AHpa5CR12YGI)**
|
||||
* **[erc-4337 contract deployment](https://etherscan.io/address/0x0576a174D229E3cFA37253523E645A78A0C91B57#code)**
|
||||
* **[unpacking erc-4337, by a. chiplunkar](https://frontier.tech/unpacking-erc-4337)**
|
||||
* **[account abstraction series, by alchemy](https://www.alchemy.com/blog/account-abstraction)**
|
||||
* **[erc-4337 bundler implementation in rust](https://github.com/Vid201/aa-bundler)**
|
||||
* **[erc-4337: account abstraction using alt mempool](https://eips.ethereum.org/EIPS/eip-4337)**
|
||||
* **[account abstraction gas benchmakrs, by eth-infinitism](https://github.com/eth-infinitism/account-abstraction/blob/develop/reports/gas-checker.txt)**
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
###### protocols that don't use erc-4337
|
||||
|
||||
<br>
|
||||
|
||||
* [gnosis safe](https://safe.global/)
|
||||
* [argent]()
|
||||
|
||||
|
||||
48
MEV_by_chains/MEV_on_Ethereum/block_builders.md
Normal file
48
MEV_by_chains/MEV_on_Ethereum/block_builders.md
Normal file
|
|
@ -0,0 +1,48 @@
|
|||
## block builders on ethereum
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* block builders have the same 3 sources of tx as validators did before the merge. they can:
|
||||
1. act as searchers and include their own MEV-extracting transactions.
|
||||
2. include txs submitted to them privately, including those submitted by external searchers (through a "bribe" through either coinbase payments or `txsFees`).
|
||||
3. include pending tx broadcasted in the public mempool
|
||||
* `blockValue` = `txFees` + MEV
|
||||
* builders will aggregate txs from users, MEV searchers, and own private order flow to make the highest value blocks possible
|
||||
* builders having its blocks included consistently incentivizes more private order flow (searchers want their tx included)
|
||||
* builder can be selling future blockspace upfront so market makers or protocols can secure block space for their transactions or users
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
<img width="530" src="https://user-images.githubusercontent.com/1130416/217417346-50916961-aaa2-49ef-ad10-2f623a959fa6.png">
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
----
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
|
||||
* [builder specs, by the ef](https://github.com/ethereum/builder-specs)
|
||||
* [builder opens source, by flashbots](https://github.com/flashbots/builder)
|
||||
* [flashbots block building algorithm](https://writings.flashbots.net/searching-post-merge#blockbuilding-algorithm)
|
||||
* [etherscan blocks](https://etherscan.io/blocks), [mev blocks](https://etherscan.io/blocks/label/mev-block), and [mev builders](https://etherscan.io/accounts/label/mev-builder)
|
||||
* [builder69.io endpoint for searchers (bundle/tx)](https://builder0x69.io)
|
||||
* [mev-rs - gateway to a network of block builders](https://github.com/ralexstokes/mev-rs)
|
||||
* [mev order flow, the king of block builders](https://coinyuppie.com/mev-order-flow-the-king-of-block-builders/)
|
||||
* [fat stats for builders through mev-boost](https://www.mevpanda.com/)
|
||||
* [decentralizing the builder role, by vitalik](https://hackmd.io/@vbuterin/distributed_builders#/)
|
||||
* [mev and the rise of builders, by galaxy](https://www.galaxy.com/research/whitepapers/mev-the-rise-of-the-builders/)
|
||||
* [block builder decentralization is coming, but maybe not so soon, by ballsyalchemist](https://bittokoin.substack.com/p/block-builder-decentralization-is)
|
||||
* [the role of block building in the future of ethereum, by d. der werff](https://frontier.tech/beyond-extraction)
|
||||
* [running geth within sgx, by flashbots](https://writings.flashbots.net/geth-inside-sgx)
|
||||
* [rated.network's builders dashboard](https://www.rated.network/builders?network=mainnet&timeWindow=1d&page=1)
|
||||
|
||||
|
|
@ -22,3 +22,4 @@
|
|||
- [ethereum blockspace by alkimiya](https://www.aniccaresearch.tech/blog/ethereum-blockspace-who-gets-what-and-why)
|
||||
- [structuring blockspace derivatives by julian ma](https://mirror.xyz/0x03c29504CEcCa30B93FF5774183a1358D41fbeB1/WKa3GFC03uY34d2MufTyD0c595xVRUEZi9RNG-dHNKs)
|
||||
- [slot space vc. blockspace](https://mirror.xyz/0x03c29504CEcCa30B93FF5774183a1358D41fbeB1/CPYI91s98cp9zKFkanKs_qotYzw09kWvouaAa9GXBrQ)
|
||||
- [builders buying empty blocks and relaying through flashbots](https://twitter.com/MevRefund/status/1573416023998578703)
|
||||
27
MEV_by_chains/MEV_on_Ethereum/ethereum_2.0/shapella.md
Normal file
27
MEV_by_chains/MEV_on_Ethereum/ethereum_2.0/shapella.md
Normal file
|
|
@ -0,0 +1,27 @@
|
|||
## shangai updates
|
||||
|
||||
<br>
|
||||
|
||||
### tl; dr
|
||||
|
||||
<br>
|
||||
|
||||
* the [shapella upgrade](https://blog.ethereum.org/2023/03/28/shapella-mainnet-announcement) is a hard fork that happened on april/12/2023 and added changed to the execution layer (shanghai), consensus layer (capella), and the engine API, being the last piece of the puzzle that marks the completion of ethereum’s transition to pos.
|
||||
* To make it possible to unlock their staked ETH, shapella introduces `BLSToExecutionChange` (BTEC) message to the consensus layer, which allows validators to set the execution address for withdrawals. the beacon chain can only process a maximum of 16 withdrawals per block, with the limit in place to maintain network security.
|
||||
* EIPS: EIP-3651, EIP-3855, EIP-3860, EIP-4895, EIP-6049
|
||||
* Boards: [nansen](https://twitter.com/nansen_ai/status/1645696820348321793), [dune by 21 shares](https://dune.com/21shares_research/shanghai-upgrade-coundown), [token unlocks](https://token.unlocks.app/ethereum-shanghai)
|
||||
|
||||
|
||||
|
||||
<br>
|
||||
|
||||
---
|
||||
|
||||
### resources
|
||||
|
||||
<br>
|
||||
|
||||
* [staking rewards](https://www.stakingrewards.com/)
|
||||
* [the ultimate guide for shapella, by perpetual](https://perpprotocol.mirror.xyz/Ng0NmBHmMgOKfrZhtR_lDv1JG-Out79NUB5b0OfLDB8)
|
||||
* [shangai updates and warm fees, by min](https://www.livemint.com/market/cryptocurrency/ethereum-insiders-to-get-fee-cuts-that-others-won-t-in-upgrade-11667749979740.html)
|
||||
|
||||
|
|
@ -102,7 +102,9 @@ Chain ID: 137
|
|||
|
||||
<br>
|
||||
|
||||
### references
|
||||
### rsources
|
||||
|
||||
* [geth commands](https://geth.ethereum.org/docs/interface/command-line-options)
|
||||
* [geth with mev seacher additions, by code0x2)
|
||||
* [graphql server on geth node](https://twitter.com/libevm/status/1467376978697211904)
|
||||
|
||||
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