He created a site to buy and sell Bitcoins.
On his site, he priced Bitcoin on electricity.
The price went up, the price went down.
Let me indulge in a story...
Once upon a time there was a genius called Satoshi, this anonymous character laid down a block, it was called the Genius Block, but we we spell it wrong to this day.
He created a site to buy and sell Bitcoins.
On his site, he priced Bitcoin on electricity.
The price went up, the price went down.
BTC was no longer priced at the cost of mining.
He priced it by DEMAND and SUPPLY.
Geeks and legendary futurists, bought and sold the rarest commodity on the Internet for pennies.
Price teleported upwards.
It became the first widely used BTC exchange.
The whole world sent this kid money to buy BTC.
A new market had unlocked. Price teleported.
Many of the story details remain unknown to me, though I see their impact on the blockchain.
But let me bring you to the year 2017 and save you lots of reading...
The SEC said "nope".
The Wall St Journal covered the whole story.
Rich people wondered "It's not drug money and used only by bad bad bad people?"
Rich people bought in.
New market unlocked. Price teleported.
He starts a business which makes candy. Turns out all businesses are out for candy. His friends own businesses too.
The sailor says "Found a new kind of candy, it's called Bitcoin."
New market unlocked. Price teleports.
More from Crypto
I'm sure someone else has explained this, but it is just so cool and I want to explain how this works.
So Curve is awesome for swaps between similar assets, right? The fact that they trade very close to each other is a key part about how Curve works, using it's custom swap invariant function.
That's step 1
Step 2 is that Synthetix is awesome for creating "synthetic assets" (aka synths) which are assets that trade like other assets, that are backed by another, entirely different asset. Basically, a plastic banana that I can buy and sell like a real banana.
Synthetix has a feature that lets you swap between any two synths with zero slippage and a flat fee. That's because it is simply converting the sythentic asset into another synthetic asset, the backing for the synth doesn't change it just uses a different price oracle now.
This is important. Absolutely no slippage, at any size
Swap $1m sUSD for $1m sBTC? flat 0.3% fee
Swap $10m sUSD for $10m sBTC? flat 0.3% fee
swap $100m sUSD for $100m sBTC? Well, there isn't that many synths in Curve, yet but you get the point. The only limit is the pool depth
— Andre Cronje (@AndreCronjeTech) January 15, 2021
So Curve is awesome for swaps between similar assets, right? The fact that they trade very close to each other is a key part about how Curve works, using it's custom swap invariant function.
That's step 1
Step 2 is that Synthetix is awesome for creating "synthetic assets" (aka synths) which are assets that trade like other assets, that are backed by another, entirely different asset. Basically, a plastic banana that I can buy and sell like a real banana.
Synthetix has a feature that lets you swap between any two synths with zero slippage and a flat fee. That's because it is simply converting the sythentic asset into another synthetic asset, the backing for the synth doesn't change it just uses a different price oracle now.
This is important. Absolutely no slippage, at any size
Swap $1m sUSD for $1m sBTC? flat 0.3% fee
Swap $10m sUSD for $10m sBTC? flat 0.3% fee
swap $100m sUSD for $100m sBTC? Well, there isn't that many synths in Curve, yet but you get the point. The only limit is the pool depth
