and even more importantly, not clothing advice
1) The Ecosystem, Part 1:
Getting Dressed
By now pretty much everyone knows the story:
The meteoric rise, the sudden crash, the dormant period, and the recovery.
This story starts at the lowest point: right after the migration.
But of course there was negative sentiment then! That was expected.
The brutal part for the project was after the fires were put out--the dev funds returned, the migration successful.
But instead, Sushiswap endured a month of the most negative sentiment I've ever seen a project have.
There was a chat, as the major builders and multisig holders got things off their chest.
"desert Sushiswap or I'll pressure your company to fire you".
It was a perfect storm of coordinated attack, disorganized sadness, and all around frustration.
just as some were thinking of quitting, because they didn't want to take it anymore-
there came an outpouring of solidarity.
Sushiswap wasn't perfect, and in some cases it wasn't even good. But it didn't deserve what it was getting.
"Fuck the h8ters"
SUSHI was up 6x from its nadir.
All of a sudden, it's popular again.
Why? What happened?
Partially people got bored of shitting on Sushi.
But more than even of those, right at the lowest point, Sushiswap made a decision.
https://t.co/tcvJXJTrNY
But at its lowest point, Sushiswap found itself naked.
So it did what you do there: it ignored the noise and got dressed.
'Fuck the h8ters. Just build.'
1) Yield Farming, Sushi, and Collective Imagination:
— SBF (@SBF_Alameda) September 2, 2020
The Emperor Has no Clothes
It rolled out more than almost any other project in DeFi did. Frankly, it left most in the dust.
https://t.co/NAqLxTsK6g
-------------
So what does this have to do with @bonfida?
Serum was never in the doghouse the same way Sushiswap was.
But for all its promise, it started with nothing.
What do you do what there's no good Solana wallet?
You build one.
And then you help others build more.
Those six months are nothing on a cosmic scale, but they feel like an eternity. What have they brought to the ecosystem?
Well, of course, there's the world's only high performance on-chain DEX: https://t.co/16Vp8zPjV4
Because, for a few months, there wasn't a huge marketing barrage or persuasion campaign. In the end actions speak louder than words.
So first you get dressed.
But Bonfida alone as built a shocking amount in less than half a year.
b) Oh, right, also one of the world's only fully on-chain matching engines: https://t.co/VILVwF0IpQ
c) And TradingView Charts!
That's a lot for a few months!
e) Oh also it has on-chain Pools??? https://t.co/xVWs5deto2
g) And an API serving tens of millions of calls per day to CoinGecko, CoinMarketcap, apps, and more! https://t.co/69pje01OMg
So it's an analytics sweet for Serum.
i) ...and a tool to mint your own brand new token! https://t.co/ZI8GeBWvMW
j) plus a bit of free SOL to get started: https://t.co/QQcrI4AKd7
A token management suite for Solana built in a few months. Not bad!
Now it didn't build all of this from scratch--many of these products are composed with primitives that others have been building out on Serum this year.
And that's totally fine.
And on top of that, it's composed, wrapped, and GUI-ified even more.
None of this takes away from the incredibly intricate work from @blocks_go_brr, @armaniferrante, @seb_alameda, and more.
Bonfida has built a ton. And on top of that, it helps each app be its best self.
It's just getting started.
The action starts in 3 hours:
https://t.co/7rUsDYybK8
https://t.co/16Vp8zPjV4
More from Trading
You May Also Like
I’m torn on how to approach the idea of luck. I’m the first to admit that I am one of the luckiest people on the planet. To be born into a prosperous American family in 1960 with smart parents is to start life on third base. The odds against my very existence are astronomical.
I’ve always felt that the luckiest people I know had a talent for recognizing circumstances, not of their own making, that were conducive to a favorable outcome and their ability to quickly take advantage of them.
In other words, dumb luck was just that, it required no awareness on the person’s part, whereas “smart” luck involved awareness followed by action before the circumstances changed.
So, was I “lucky” to be born when I was—nothing I had any control over—and that I came of age just as huge databases and computers were advancing to the point where I could use those tools to write “What Works on Wall Street?” Absolutely.
Was I lucky to start my stock market investments near the peak of interest rates which allowed me to spend the majority of my adult life in a falling rate environment? Yup.
Ironies of Luck https://t.co/5BPWGbAxFi
— Morgan Housel (@morganhousel) March 14, 2018
"Luck is the flip side of risk. They are mirrored cousins, driven by the same thing: You are one person in a 7 billion player game, and the accidental impact of other people\u2019s actions can be more consequential than your own."
I’ve always felt that the luckiest people I know had a talent for recognizing circumstances, not of their own making, that were conducive to a favorable outcome and their ability to quickly take advantage of them.
In other words, dumb luck was just that, it required no awareness on the person’s part, whereas “smart” luck involved awareness followed by action before the circumstances changed.
So, was I “lucky” to be born when I was—nothing I had any control over—and that I came of age just as huge databases and computers were advancing to the point where I could use those tools to write “What Works on Wall Street?” Absolutely.
Was I lucky to start my stock market investments near the peak of interest rates which allowed me to spend the majority of my adult life in a falling rate environment? Yup.
MDZS is laden with buddhist references. As a South Asian person, and history buff, it is so interesting to see how Buddhism, which originated from India, migrated, flourished & changed in the context of China. Here's some research (🙏🏼 @starkjeon for CN insight + citations)
1. LWJ’s sword Bichen ‘is likely an abbreviation for the term 躲避红尘 (duǒ bì hóng chén), which can be translated as such: 躲避: shunning or hiding away from 红尘 (worldly affairs; which is a buddhist teaching.) (https://t.co/zF65W3roJe) (abbrev. TWX)
2. Sandu (三 毒), Jiang Cheng’s sword, refers to the three poisons (triviṣa) in Buddhism; desire (kāma-taṇhā), delusion (bhava-taṇhā) and hatred (vibhava-taṇhā).
These 3 poisons represent the roots of craving (tanha) and are the cause of Dukkha (suffering, pain) and thus result in rebirth.
Interesting that MXTX used this name for one of the characters who suffers, arguably, the worst of these three emotions.
3. The Qian kun purse “乾坤袋 (qián kūn dài) – can be called “Heaven and Earth” Pouch. In Buddhism, Maitreya (मैत्रेय) owns this to store items. It was believed that there was a mythical space inside the bag that could absorb the world.” (TWX)
1. LWJ’s sword Bichen ‘is likely an abbreviation for the term 躲避红尘 (duǒ bì hóng chén), which can be translated as such: 躲避: shunning or hiding away from 红尘 (worldly affairs; which is a buddhist teaching.) (https://t.co/zF65W3roJe) (abbrev. TWX)
2. Sandu (三 毒), Jiang Cheng’s sword, refers to the three poisons (triviṣa) in Buddhism; desire (kāma-taṇhā), delusion (bhava-taṇhā) and hatred (vibhava-taṇhā).
These 3 poisons represent the roots of craving (tanha) and are the cause of Dukkha (suffering, pain) and thus result in rebirth.
Interesting that MXTX used this name for one of the characters who suffers, arguably, the worst of these three emotions.
3. The Qian kun purse “乾坤袋 (qián kūn dài) – can be called “Heaven and Earth” Pouch. In Buddhism, Maitreya (मैत्रेय) owns this to store items. It was believed that there was a mythical space inside the bag that could absorb the world.” (TWX)
