Jarry Xiao
@jarxiao
co-founder @ellipsis_labs
I don't like "crypto", "blockchain", or "web3" The innovation of this industry is hard to explain because: - It bundles too many abstract concepts with buzzwords - The technology is overshadowed by token scams - Too many science projects, too few practical financial products…
The Gavel smart contract has a simple premise: take the token distribution pie charts that teams blast online as marketing fuel and enforce them programmatically. There's no fancy financial engineering, it's just transparent accounting.
To be clear, the goal of @gavelxyz has never been to "fix" memecoins. The point is to provide a credible path to on-chain capital formation and liquidity bootstrapping for quality products. It's embarrassing that on-chain products launch off-chain tokens.
TL;DW • The blockchain read layer should be a set of programmable read replicas. • Exclusive bandwidth ensures that spam won’t block important state updates. • A verifiable state hash makes it easy to ensure consistency across replicas.
If you missed @jarxiao at Accelerate last week, here he is explaining how we’re scaling verifiable finance. He breaks it into: Scaling reads—web2 vs crypto solutions Scaling writes—through opinionated sequencing Scaling replication—via real time state root calculation
If you missed @jarxiao at Accelerate last week, here he is explaining how we’re scaling verifiable finance. He breaks it into: Scaling reads—web2 vs crypto solutions Scaling writes—through opinionated sequencing Scaling replication—via real time state root calculation
I was helping one of the @ellipsis_labs engineers debug some code, but I couldn’t figure out how to use his keyboard. It turns out that he uses Vim bindings with a Dvorak layout. You’re not bullish enough on this team, anon.
Crypto can enable capital formation for credible enterprises while minimizing friction, but today's mechanisms are extractive and broken. Enter @gavelxyz : - Sniper-resistant auctions for sourcing capital - Day 1 price discovery without frontrunning Internet Capital Markets
On-chain token distribution is broken. Many teams want to raise capital efficiently and distribute tokens to real users, not to snipers and sandwichers. Gavel is a platform for equitable on-chain token distribution and liquidity bootstrapping. It is live today on Solana!
One underrated feature of Solana's programming model is that it fully decouples authorization logic from business logic. All auth flows can be defined in an independent smart contract. This enables: - Multisigs (app-level) - Timelocks - Generalized smart contract wallets
It’s wild that AI can get a gold medal on the IMO but can’t resolve my Rust lifetime issues without relentlessly gaslighting
I become more bullish on crypto every time I have to deal with a traditional bank. Even if crypto doesn't replace traditional finance, the existence of a credible alternative should encourage incumbents to improve their UX and reduce friction.
The biggest advantage of CLOBs is that they are easily interpretable. Every price level has a fixed supply: removing lots by crossing is similar to buying items from a vending machine. You can reasonably explain the mechanics to a sharp high school student. This simplicity is…
Designing a perp DEX requires the implementer to have a thorough understanding of (1): - Matching engine microstructure - On-chain programming semantics - Computational limitations - Leverage and risk (price risk, market design risk, oracle risk, administrative/operational risk,…
It’s the apex predator of smart contracts
One helpful mental model for almost all software is that a complex backend needs all of the following: - ConfigParser: Bespoke configuration for the system - Runtime: Control over compute resources (OS/green threads) - Channels: Message passing between components - Telemetry:…
The CT conversation about designing infrastructure for orderbooks is eerily similar to the AMM discourse in 2021. These are complex systems with tons of emergent properties that are difficult to predict from first principles. Winners test in prod to tighten feedback loops and…
The next phase of Gavel's burn mechanism has begun ✅ Gavel's AMM is for transient liquidity—good for early price discovery, but outcompeted on efficiency by more mature on-chain liquidity like @PhoenixTrade or @SolFiAMM. So liquidity is withdrawn and used to buy-and-burn the…
Both displayed (public) and hidden (private) liquidity play important roles in market structure. Displayed liquidity allows prices to converge. When market makers compete, a reasonable matching engine will ensure that users get filled at similar, fair prices. Public information…
In the past year, @solana has had less downtime than the platform you’re reading this on
We're very proud to have done the final audit on the @gavelxyz sandwich-resistant AMM by @ellipsis_labs. If you're a Solana dev, we strongly recommend to take a look at this code. It's using just solana_program instead of anchor and unlike many other non-anchor programs its very…
The Gavel AMM is audited 3 times, source-available, and verifiably built. Source code and SDK are available here: github.com/Ellipsis-Labs/…
if this works as advertised, this is huge. huge alpha in the first high profile token launches that use this snipe-resistant AMM design.
Last year, we designed and implemented a new DEX that could protect users from atomic frontrunning. I was disappointed that the only thing we shipped was a blog post. Today, we finally shipped the world's first sandwich-resistant AMM to production! 🚫🥪
Last year, we designed and implemented a new DEX that could protect users from atomic frontrunning. I was disappointed that the only thing we shipped was a blog post. Today, we finally shipped the world's first sandwich-resistant AMM to production! 🚫🥪
Gavel's first sniper-resistant public sale is complete. 2480 participants contributed 30,747 SOL in total, receiving a pro-rata share of the test token. Now trading is available on Gavel's sandwich-resistant AMM.