Insights from @naval

Intent-based systems don’t scale markets. They rely on requests. Liquidity stays hidden until someone asks. Prices aren’t visible. This breaks composability. It blocks coordination. And it limits price discovery, since there’s no shared view of supply and demand. Markets scale when liquidity is continuous, pricing is public, and anyone can build on top of it. Intent-based or RFQ designs don’t allow that. They slow things down instead of opening them up. Order books make that possible.

"What managing multiple relationships taught me about managing Apache Airflow"

a core piece of insight here is that all of these researchers feel comfortable starting afresh and plausibly competing with incumbents tells you a lot about the leads the incumbents have, doesn't it?

.@ellipsis_labs is hiring a product designer to build the next generation of on-chain financial applications. Above-market salary and equity. NYC only. DM me directly with proof of competency.

finance is a full-cycle product if one aspect of finance cannot be done well onchain, it'll be immensely hard for users to onramp into a useful onchain product and offramp for other use-cases this is why onchain finance either wins everything or just becomes fringe tech

people say there are no dumb questions it is true that most people don't ask enough questions out of fear of sounding dumb but also there is tremendous skill in asking good questions, and most questions are very dumb

Downtime caused by me forgetting a database index Please direct all complaints to myself

Make it exist first, you can make it good later

Aspiring DeFi BD people should be all solidly technical if they want to succeed. Use claude ffs. You don't have an excuse anymore