Zama Testnet v2 已正式上线！ 本次采用的是 FHEVM v0.9，官方定位为 主网候选版本（Mainnet Candidate）。 按照节奏推算，FHEVM v1.0 基本就是主网版本了。 如果继续按路线图推进，主网 12 月上线大概率不会变， 而 TGE 也几乎板上钉钉，跑不掉了。 ------------------------------------------------------------ Zama Testnet v2 is now live! The network is running on FHEVM v0.9, which the team is treating as a mainnet-ready release candidate. Assuming everything goes smoothly, v1.0 should be the version that ships with mainnet. Based on the current timeline, the December mainnet launch is still on track, and at this point, a TGE in that window feels pretty much inevitable. @zama #ZamaCreatorProgram#

和Quant Alex @StochAlex07 讨论： SABR Theta与Spot Theta+Vol Theta+Cross Theta的异同与应用，以及SABR模型自洽性分析。 **English Summary of the Chat** **SABR Theta vs Spot Theta + Vol Theta + Cross Theta** The conversation between **Alex Wu** (white bubbles) and **Jeff Liang** (green bubbles) is a technical discussion focused on **SABR Theta versus Total Theta** (i.e., Spot Theta + Cross Theta + Vol Theta), model self-consistency, PDE residual, and the correct definition of SABR Greeks. ### Key Points Discussed: 1. **SABR Gamma = Spot Gamma** (first major question, raised by Jeff) Jeff asked whether SABR Gamma (\(\partial^2 P / \partial F^2\)) is identical to Spot Gamma and whether it includes the dependence of \(\sigma_B\) on \(F\). He also provided the full chain-rule expansion of SABR Gamma in terms of Black-76 Greeks. Alex confirmed the understanding and **later affirmed in code** that this is exactly how SABR Gamma is implemented in their system. 2. **SABR Theta vs Total Theta and Model Self-Consistency** (main topic, led by Jeff) Jeff shared a clear 3-point understanding: - SABR Theta is computed directly via the SABR approximation formula to obtain \(\sigma_B\), then applying the Black-76 chain rule: \(\partial P/\partial t =\) BS_Theta(\(\sigma_B\)) + BS_Vega \(\cdot \partial\sigma_B/\partial t\). - Total Theta is the exact decomposition from the SABR PDE (Spot Theta + Cross Theta + Vol Theta). - When the model is **fully self-consistent** (Residual = \(\partial P/\partial t + \mathcal{L}P = 0\)), SABR Theta = Total Theta; otherwise the difference is the unexplained PnL caused by the approximation error in the Hagan formula (especially pronounced in long-dated, high vol-of-vol, or high-skew options). 3. **Practical Implication – Theta Decomposition Decision** (comment by Alex) Alex noted that whether to perform Theta decomposition depends on the risk-management approach: - Without decomposition → use SABR Gamma vs. dP/dt. - With decomposition → SABR Gamma maps to Spot Theta, Vanna to Cross Theta, and Volga to Vol Theta. **Overall Tone**: The discussion is highly technical and collaborative. Jeff drives the conversation by asking clarifying questions and presenting a well-structured 3-point summary of his recent study. Alex provides confirmations, practical insights, and code-level validation. Both participants demonstrate a strong command of SABR model nuances, particularly the relationship between approximation error, PDE residual, and real-world risk management.

"把附带的图片重新画一遍，要画得尽可能笨拙、潦草、烂得离谱。用白色背景，画出那种用鼠标在 MS Paint 里画出来的感觉。要和原图有点像但又不太像，似是而非、别别扭扭的那种，带着一像素一像素拼出来的低画质感，把那种烂得可笑的味道整出来。算了，随便吧，你想怎么画就怎么画。"

我真服了，大清早起来很痛苦，就想到pain了 搜了下群聊，都说不打。私信过去，全都打了... 结束了以后，全都跳出来说自己打了。都这么会玩狼人杀？

昨天晚上看到我跟踪的一个聪明钱，在BetBoom Team vs paiN对战中买了paiN，怎么想都有点不对，他也是彩票逻辑。 看完我的数据模型后，显示我该买入的是Sinners vs Astralis的Under2.5，我就该跟着我数据模型，严格执行。

⚔️ BetBoom Team vs Natus Vincere ⏰ AM May 17 💵我的选择 : Over 2.5 、BetBoom +1.5 （保守正EV最高） BetBoom最近状态火爆，连爆Vitality和paiN，地图池（Dust2/Nuke/Anubis）很硬，BO3方差下有爆冷潜力。但NaVi整体实力+经验碾压，H2H空白+排名差距大，市场给NaVi 72%+偏高。 #CS2# #IEMAtlanta# #Polymarket# #BettingTips#