8 published posts.
Perpetual futures took over crypto trading; on-chain options have died several times over. The reason is structural: an option is not one product but a grid of strikes, expiries, sides and sizes, and pooled designs split that grid into thin markets and sell to better-informed traders. What the numbers show, where options actually trade, and the request-for-quote design I am building instead.
Ten months apart, two collateralised debt positions took my coins without a hack. On Sui, a redemption halved my position and raised my collateral ratio; on IOTA, I was liquidated within minutes while trying to leave. The arithmetic of both, and the order of operations I now follow.
FTX is about to pay my claim, nearly three years after the collapse: in dollars, at the price of ETH on the day it went bankrupt. A Sui protocol exploited this month is doing the same. Why a recovery of 100% or more in dollars is a short position on the coin you held, with the arithmetic.
I never held much on FTX, so I thought the collapse would pass me by. Then I learned that the ETH in my Solana options vault was soETH, a token backed by FTX and Alameda. What happened this week, what a wrapped token really is, how to read its price as a recovery estimate, and the rules I am keeping.
Working through impermanent loss with SOL at $30, I realised I had seen that payoff before, in the covered-call vault holding my ETH. The maths: where a liquidity pool and a covered call are the same trade, where they are not, and why concentrated liquidity makes the resemblance stronger.
Three weeks of moving onto Solana in the spring of 2021: a farm migration on Raydium, a wallet that had to be abandoned, one secret that opened three different addresses, and the constant-product formula behind my first liquidity position.
This summer DeFi went from a niche to a mania: COMP, YFI, CRV and now UNI. I watched it from a student-sized wallet, where a fixed fee per transaction turns the headline yields upside down. The arithmetic of who can afford to farm, and what I'm taking from the summer.
In early March I bought my first crypto, moved it into a wallet I control and made my first swap on a decentralised exchange, all in one afternoon. Three months later I own a sliver of a rented house near Detroit and have learned what gas costs. What the first quarter on Ethereum taught me, with the screenshots.
