January 6th, 2022

Ribbon has grown the adoption of on-chain option markets almost entirely by themselves, using the assumption that set-and-forget strategies which rely on sustainable yield (theta) will capture more users than the prospect of active participation in these option markets.

Perpetual-izing time-based option strategies has made the Theta vaults a competitive place for capital, even when compared against massive apy (misleading...) yield farms.

This ethos and strategy is certainly the best way to grow adoption of crypto structured products, so how can we make it even better?

December 19th, 2021
tags: alex-blog

As the year ends, I spend my weekends writing long romantic letters to my accountant explaining the process of minting an NFT, fractionalizing it into a million tokens, and market making it across multiple AMMs.

One of the more nuanced interactions is how liquidity providing is treated from a tax perspective, and how it impacts a trader's profit.

All regimes may treat it differently, but notably in the U.S. and Germany, adding and removing liquidity is equivalent to buying and selling a token. The implications are far reaching, as they directly impact the overall return of liquidity positions on AMMs.