Couldn’t agree more for startup, quant and investment banking They require an endless treadmill of moving the needle. Can be done on very little rest. Operationally critical, event-specific and safety roles such as air-traffic control, surgery and body guarding are obviously stupid to do on zero sleep. There are a subsection of society that seem to conflate these roles citing diminished returns, whilst neglecting the absolute output, which is higher.

Another decetralised breakthrough! No more need for AMMs and DEXs for RWAs [un]wind exited for only 30bps on 75day duration This is only possible because it's fully non custodial and there is no need for an external liquidity provider.

After reading this post, I asked my agent to create a geopolitical sketch of the world today in the style of “Punch” relating to things that would affect US rates. For a bull steepening mentioned by @andyyy we need to really see a parallel downward shift in the USD curve with cuts. I asked about the challenges to a parallel downwards shift. It said these challenges were trust / stability (demand) and spending (supply). I asked it to draw a sketch after grabbing a load of relevant headlines and this is what it came up with. The level of detail is fantastic. I don’t know if it’s deliberate but it looks like if the venture thrusters fail, Uncle Sam crashes into Ukraine! So many layers in this image to unpack.

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I spent about 6 months on creating an implementation of @ISDA's SIMM for DeFi. I hope this represents a step forwards in providing an open-source guide to removing the risks around arbitrary leverage in DeFi. As a lender, you can use an AI model to audit collateral LTV limits for safety. This gives you minimum safety bounds, derived from cross-industry quants and experts to rely on. For risk managers, structurers and lending protocols this gives you a benchmark on how to set parameters with a full methodology. Now caveats, I'm really not happy with putting this out there today as I feel like it's not finished and I keep finding errors here and there. But it's at the point, where my errors seem to just be grammatical or bad phrasing, or some random slop that snuck in. Whilst, I remain unable to say this is a final version I think it's well past the 80/20 principle and needs to just get out there. Contributors ... 1) As mentioned, this isn't finished (arg). There are a number of sloppy parts in the back components in particular. 2) We need to extend this to a new crypto risk class - btc, eth, sol, avax etc. - bridges (wBTC, BTC.b etc) - wrappers / staking (wstETH, weETH, wETH etc.) 3) I'll be working on some edits over the next few weeks into FX, Equities, Comm etc as they're a LOT easier than tokenised funds. Link in comments ...

Leverage is what blows up DeFi. Everytime. Incentives for lending markets are messed up: markets take a performance fee on borrowing so more leverage means more profit (until it blows up!) What if all the top financial institutions and their quants sat down and figured out how to calculate margins for clearing purposes? Turns out they did. Many times. They even created a DAO called @ISDA. And the methodology works for DeFi. We have adopted @ISDA's SIMM standard in combination with Basel III's FRTB liquidity horizons to underpin our risk methodology at @KeyringNetwork for margining (setting LTV) in decentralised lending and borrowing. In our markets there is almost no discretion. No negotiation for favourable terms. No flow-driven parameters. No re-inventing the wheel. Verify. Don't Trust. Full methodology of D-SIMM coming very shortly ... a teaser snippet below.

"If there is a protocol with transparent risk methodology, you can be pretty sure somebody's gone through and tried to dig some dirt on it." @flipdazed of @KeyringNetwork on stage at Pragma Lisbon.

11am thought: I suspect urinal / bathroom stall usage is distributed like a wave function with a de Broglie wavelength Next time you go to the bathroom: are you a a wave or are you a particle? I like to make the gut instinct choice first and then deliberately go for the one that seems most unnatural just to stick it to “the man”

The whole crypto security problem is inherited from maximalist bitcoin-brainlets that demanded fully decentralised, instant settlement, instant finality and sit at home in the midwest with 1000 guns, a bible and a tin foil hat convinced the CIA is poisoning them with chemtrails. I think we need a pragmatic realisation that when you create stablecoins pegged to fiat you immediately lose sovereignty. You give the state issuer the right to freeze and revert transactions of the currency. The very fact that we have this arbitrary freezing/reverting ability but that it's not programmatically and fairly distributed down the value-chain is insane. and unfair. Settlement is practically instant in fiat (SEPA) and thieves can force you to withdraw funds instantly. Why do they not? It's because you cannot do cross-boarder transactions outside of strong legal protections instantly and there are limits to the "instant" nature. Settlements will be held until you can explain the source/origin/intention of funds. You must transfer funds to another bank with which you have strong KYC/AML checks that cause the would-be thieves real-world violence from the legal system should they attempt a theft. These are the protections of a sane retail system. This is a system that can easily be instant and IS for most countries. We need a stablecoin that embeds these protections at the contract level to interact with off-chain systems: - freeze suspicious transactions - require source of funds - revert thefts prorata impacting downstream users - require large cross-boarder transfers to do more checks or pre-approve specific counterparties to move size Unchecked stablecoins still have their value but I don't see them being the vehicle of mass adoption. They will be the tool of temporary and specific actions, users that want some specific use case. DeFi power users or hedgefunds that don't want the risk of SARs holding their funds up. Remittances that will temporarily move into the stablecoins to cross-boarders before moving back to a safe store of value.

I'll come on if you'll have me! Talking about this topic at Pragma this Sat in Lisbon. I can approach from a TradFi risk quant perspective having written risk methodology models in TradFi and created "vault" products in fixed income in an investment bank before moving into DeFi where I've published liquidation quant models on arxiv quant-fin/risk-management section I am pretty loose on a podcast so if you want something entertaining hmu

Want to lend or borrow stablecoins? Compare market-size weighted base rates across the EVM. Today: → Supply: 3.23%, highest = USDC @ 4.06% → Borrow: 4.06%, lowest = USDE @ 2.56% We track 10 stablecoin majors across 8 blue-chip protocols here:

peak at some of the work we do for our lending / borrowing cluster coming on @eulerfinance ... imo data analytics is conquered but AI is miles from doing any decent quant finance. I've been writing a paper recently using fable and it required huge rafts of edits. What is was really good for was finding holes in logic and filling out the blanks but in most cases as you can see from the first two pages it’s just a pile of slop that needs almost a total rewrite. The way in which it words things makes it sound arrogant and annoying and frankly confusing to read. The logic had some major flaws I had to correct in a few places too. The edits are dense throughout all 25 pages.

What's going on with my github account? What happened in the middle of March? I am now in a position, for the first time in my career where there is no advantage to me coding. The way we used to work was doing prototypes instead of PRDs. Having such a strong developer team, and a founder/coder it was quickest to agree on code. Given that I had all the context, and a python dev with 15 years experience in coding, I would code day and night often doing all nighters pushing POCs to ensure @KeyringNetwork kept tacking towards the the ever elusive product market fit with pace. This has totally changed with the internal launch of "keyring-context". AI made all our developers all equally good at Python. Keyring context made equally informed. The timing couldn't be better. As we hurtle towards a large product launch / gtm there has been a huge flood of legal, bd and partner coordination requirements. I am so glad we prioritised such high quality developers early on and yolo'd into LLM context graphs. Keyring context seems to be a genuinely cutting edge product and we're extending it to our close partners to coordinate with us. Developers. Developers. Developers. Developers. Developers. Developers. Developers. Developers. Developers. Developers. Developers. Developers. Developers. Developers. Developers. Developers. Developers. Developers. Developers. Developers. Developers. Developers. Developers. Developers.