That's step 1
I'm sure someone else has explained this, but it is just so cool and I want to explain how this works.
— Andre Cronje (@AndreCronjeTech) January 15, 2021
That's step 1
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
1. Curve lets you swap like-assets with extremely low slippage and a low fee
2. Synthetix lets you convert synths to other synths, with no slippage and a low fee
What happens if we just... combine them?
1. I swap my "real asset" (e.g. USDC) for a "synthetic" one (e.g. sUSD)
2. I exchange one synthetic asset for another (e.g. sUSD -> sBTC)
3. I swap my new synthetic asset to a "real" asset again (e.g. wBTC)
It is. It's not cheap either, at over 1m gas to execute. And to make matters worse, due to how a Synthetix swap works, you actually have to wait a few minutes between the swap, so it isn't even full atomic!
The answer is capital efficiency. AMMs with a curve that allows trading assets that are dissimilar are inefficient with larger and larger swaps.
For example, a $10m USDC -> wBTC swap on Uniswap right now has >13% slippage!
Of course you would pick this option now!
But on principle, this will be the best way to perform a high-value swap!
I think as we have seen, gas fees are just going up and up and up. Optimism soft-launched their L2 today, but Ethereum's success means that block space will always be at a premium.
The gas costs will not be coming down as much as you'd think!
This more efficient means of large-value swaps will see a lot of use on base layer Ethereum, as gas prices continue to grow.
Hobbyist/frequent traders will move to Layer 2, where smaller value trades will be economically more efficient.
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👨💻 Last resume I sent to a startup one year ago, sharing with you to get ideas:
- Forget what you don't have, make your strength bold
- Pick one work experience and explain what you did in detail w/ bullet points
- Write it towards the role you apply
- Give social proof
/thread
"But I got no work experience..."
Make a open source lib, make a small side project for yourself, do freelance work, ask friends to work with them, no friends? Find friends on Github, and Twitter.
Bonus points:
- Show you care about the company: I used the company's brand font and gradient for in the resume for my name and "Thank You" note.
- Don't list 15 things and libraries you worked with, pick the most related ones to the role you're applying.
-🙅♂️"copy cover letter"
"I got no firends, no work"
One practical way is to reach out to conferences and offer to make their website for free. But make sure to do it good. You'll get:
- a project for portfolio
- new friends
- work experience
- learnt new stuff
- new thing for Twitter bio
If you don't even have the skills yet, why not try your chance for @LambdaSchool? No? @freeCodeCamp. Still not? Pick something from here and learn https://t.co/7NPS1zbLTi
You'll feel very overwhelmed, no escape, just acknowledge it and keep pushing.
- Forget what you don't have, make your strength bold
- Pick one work experience and explain what you did in detail w/ bullet points
- Write it towards the role you apply
- Give social proof
/thread
"But I got no work experience..."
Make a open source lib, make a small side project for yourself, do freelance work, ask friends to work with them, no friends? Find friends on Github, and Twitter.
Bonus points:
- Show you care about the company: I used the company's brand font and gradient for in the resume for my name and "Thank You" note.
- Don't list 15 things and libraries you worked with, pick the most related ones to the role you're applying.
-🙅♂️"copy cover letter"
"I got no firends, no work"
One practical way is to reach out to conferences and offer to make their website for free. But make sure to do it good. You'll get:
- a project for portfolio
- new friends
- work experience
- learnt new stuff
- new thing for Twitter bio
If you don't even have the skills yet, why not try your chance for @LambdaSchool? No? @freeCodeCamp. Still not? Pick something from here and learn https://t.co/7NPS1zbLTi
You'll feel very overwhelmed, no escape, just acknowledge it and keep pushing.