Alex McFarlane (@flipdazed) header
Alex McFarlane (@flipdazed) profile picture

Alex McFarlane

@flipdazed

Founder of @KeyringNetwork Interests: quant, theoretical physics, snowboarding, skateboarding, surfing

 London
Joined November 2014
  • Tweets1.6K
  • Following474
  • Followers1.3K
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Photo by Alex McFarlane (@flipdazed)Photo by Alex McFarlane (@flipdazed)Photo by Alex McFarlane (@flipdazed)Photo by Alex McFarlane (@flipdazed)Photo by Alex McFarlane (@flipdazed)Photo by Alex McFarlane (@flipdazed)Photo by Alex McFarlane (@flipdazed)Photo by Alex McFarlane (@flipdazed)Photo by Alex McFarlane (@flipdazed)Photo by Alex McFarlane (@flipdazed)
We decentralised crypto-basis using equities.
Keyring Network (@KeyringNetwork) profile pictureKeyring Network
@KeyringNetworkOct 28
Smart contracts and DeFi were built to decentralise. Somehow we got lost along the way. This changes now. The first ever decentralised basis trade.
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Bait.
Image from Alex McFarlane (@flipdazed)
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Alex McFarlane retweeted
Laser Digital (@LaserDigital_) profile picture
Laser Digital
@LaserDigital_Nov 9
From the room at the Frontier Capital Summit in London. Steve Ashley and Dr Jez Mohideen (@Jez_Laser) opened the programme. Session 1, vault curation and distribution, moderated by @adamduritza: Milko Pavlov, Houlihan Lokey David Vatchev, @FasanaraCapital Abdul Rafay Gadit (@ARafayGadit), @ZIGFinance Session 2, vault strategies and liquidity, moderated by Alex McFarlane (@flipdazed), @KeyringNetwork: Darren Camas (@DarrenCamas), @ipor_io Alexandra Kugusheva (@kugusha), @Morpho Ethan Luc (@consensus128), @upshift_fi Anthony Fernandez, @kamino Next: proof of reserve, then regulation. laserdigital.com/frontier-ca… Professional and institutional investors only. Capital at risk. laserdigital.com/marketing-d…
Image from Laser Digital (@LaserDigital_)
Image from Laser Digital (@LaserDigital_)
Image from Laser Digital (@LaserDigital_)
Image from Laser Digital (@LaserDigital_)
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I find it bizarre that funds lump crypto, especially DeFi, into a “Nasdaq bucket” Fundamentals are nothing to do with Nasdaq … Investors: Asia Devs & protocols: Europe
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Python Code in a World of Slop

Python Code in a World of Slop

Article · @flipdazed
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Couldn’t agree more for startup, quant and investment banking They require an endless treadmill of moving the needle. Can be done on very little rest. Operationally critical, event-specific and safety roles such as air-traffic control, surgery and body guarding are obviously stupid to do on zero sleep. There are a subsection of society that seem to conflate these roles citing diminished returns, whilst neglecting the absolute output, which is higher.
jeff.hl (@chameleon_jeff) profile picturejeff.hl
@chameleon_jeff4 Mar 2023
1/ Controversial take: hard work is more important than smart work. It's a myth that we only have a few hours of good creative work per day. Train yourself to grind long hours first. You will surprise yourself. The work naturally become higher quality, less distracted.
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goodbye "trust-me-bro" managers.
Bitget (@bitget) profile pictureBitget
@bitgetOct 30
What could decentralised equity basis mean for institutions and pro traders? • rToken exposure paired with offsetting perps • rTokens as collateral in lending markets • Rules-based allocation and execution • Programmable risk and portfolio monitoring Swipe right to know more.
Image from Bitget (@bitget)
Image from Bitget (@bitget)
Image from Bitget (@bitget)
Image from Bitget (@bitget)
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"Do you sleep?" - a question I often get asked. 1/ I reconstructed my working hours from Telegram, code history*, google-drive and calendar / call records. I joined activity less than 2 hours apart. The chart shows a trailing 4-week average. In general, it seems that I work a lot. This is unsurprising, particularly to my wife who takes up the slack on childcare. Where it gets interesting isn't the hours per week, but how they're distributed ... * I swapped from github to codex+claude when that became the primary drive to track active work instead of agent coding.
Image from Alex McFarlane (@flipdazed)
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3/ When I do finally sleep, I sleep well. I'll almost always get 7+ hours and I get extremely good quality sleep according to my fitness tracker. I find that the most destructive thing is to continually sleep poorly. If that happens it feels worse to me than staying up all night.
Image from Alex McFarlane (@flipdazed)
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4/ Something wierd I notice now I'm in my 30s I get like sleep DOMs. If I don't sleep one night I feel fine the next day but really tired 2 days later. I find sauna, steam room and gym sort it out well though.
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Another decetralised breakthrough! No more need for AMMs and DEXs for RWAs [un]wind exited for only 30bps on 75day duration This is only possible because it's fully non custodial and there is no need for an external liquidity provider. etherscan.io/tx/0x4fded6026a…
Ethereum Transaction Hash: 0x4fded6026a... | Etherscan

Ethereum Transaction Hash: 0x4fded6026a... | Etherscan

0x6CC60A0b...7DDf3C4bD Burn 2 of mGLOBAL receipt NFT to 0x69cC425B...EC5186364 | Success | Oct-29-2026 05:27:11 PM (UTC)

etherscan.io
Keyring Network (@KeyringNetwork) profile pictureKeyring Network
@KeyringNetworkSep 14
Maths is cooked so our quants became voice actors instead … new [un]wind episode live! Check comments for 🇨🇳 Chinese, 🇰🇷 Korean and 🇯🇵 Japanese versions.
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There are other things that need to be sorted on in DeFi in general, not just @aave, to get to intraday repo to size: - clearing: currently assume instant buyers of last resort which isn't compatible with tradfi assets like equities (this is what @KeyringNetwork [un]wind solves) - liquidation discounts: liquidation premiums are often too low for equities. afaik @aave doesn't have a hardcoded limit like others (that hardcode at 15%) but the core issue is that liquidation discounts need to be driven by the market. - prorata'd impairments: First-out-the-door isn't compatible with liquidity stability so 2% impairments can lead to 50% AUM drops (Kelp). Freezing a prorata'd side-pocket would solve that immediately - legal: the legals need to be tightened a bit to reduce risk for borrowers who do at size. Alternatively could have a new hub/spoke that enforces a specific credit relationship between lender & borrower - permissioning: likely any tradfi market of size would need KYC / permissioning (which we do with @KeyringNetwork connect)
Luigi D'Onorio DeMeo (@luigidemeo) profile pictureLuigi D'Onorio DeMeo
@luigidemeoOct 21
Fascinating new paper out of the ECB that studied Aave rates and impacts on monetary policy! A few takeaways: 1. Aave is the reference rate. The paper defines "the DeFi rate" as the volume-weighted deposit rate for USDC, USDT and DAI on Aave v2 and v3, and calls Aave "the largest DeFi lending protocol" with a deposit base comparable to U.S. deposit-taking institutions. 2. Onchain rates are their own thing. Over 2021–2026, Aave stablecoin rates averaged ~100bp above Fed funds, peaked more than 1,000bp above it, and sat ~160bp below it during the 2022–23 hiking cycle. 3. The mechanism is now in the policy literature. The paper models two opposing forces: arbitrage capital that moves rates toward policy, and leveraged crypto demand that moves them away. It documents Aave's interest-rate model (the 92% kink, the slopes, the reserve factor) as the function that clears onchain dollar supply and demand. 4. This rate reaches real people. The ECB notes that fintechs and exchanges increasingly use DeFi lending as the yield layer for customer stablecoin balances, and that interest from DeFi protocols sits outside the scope of GENIUS and MiCA. 5. The paper closes with an interesting question, "what would be the critical size of DeFi beyond which it would represent an interest rate controllability challenge?" Link: ecb.europa.eu/pub/pdf/scpwps…
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Interest rate models xitter.twitterapi.xyz/compose/articles/edit/… Prorata sidepockets xitter.twitterapi.xyz/compose/articles/edit/… Liquidation & discounts xitter.twitterapi.xyz/KeyringResearch/status… Permissioning xitter.twitterapi.xyz/KeyringNetwork/status/… TWAP for clearing (delayed settlement) xitter.twitterapi.xyz/KeyringNetwork/status/… Legal Pending...
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Keyring Network (@KeyringNetwork) profile pictureKeyring Network
@KeyringNetworkAug 12
The future of decentralised finance is... Actually, let's start again... The future of FINANCE is DECENTRALISED! TRUSTLESS infrastructure like @KeyringNetwork's [un]wind removes middlemen, turning what was previously a trusted relationship into a piece of code that lives on the blockchain. This is not available in the UK. Geo-blocks are enforced at contract level.
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After reading this post, I asked my agent to create a geopolitical sketch of the world today in the style of “Punch” relating to things that would affect US rates. For a bull steepening mentioned by @andyyy we need to really see a parallel downward shift in the USD curve with cuts. I asked about the challenges to a parallel downwards shift. It said these challenges were trust / stability (demand) and spending (supply). I asked it to draw a sketch after grabbing a load of relevant headlines and this is what it came up with. The level of detail is fantastic. I don’t know if it’s deliberate but it looks like if the venture thrusters fail, Uncle Sam crashes into Ukraine! So many layers in this image to unpack.
Image from Alex McFarlane (@flipdazed)
Andy (@andyyy) profile pictureAndy
@andyyyOct 18
Be more bullish.
Image from Andy (@andyyy)
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🎙️ Peanut Markets Talks: Post-TOKEN2049 — What’s Hot, What’s Dead, What’s Next? The best TOKEN2049 recap? Straight from those who were there. We’re bringing together voices from across the industry to share their unfiltered takes - beyond the panels, parties, and hype. 🗓 Oct 14 | 4 PM CET 🎙 Host: @amomot86 💎 Speakers: @ShiftRWA @SpiceProtocol @GachaGalaxyHQ @web3_events @PaidXpo (Founder of @nexusprospera) @0x1nna (BD @@BingXOfficial) @KeyringResearch @gotcar_official @Quantixfinance @zerufinance 🔔 Notifs on!
Image from Peanut Trade | ✈️ London, UK | Solana Breakpoint (@PeanutTrade)
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DeFi lending / borrowing against equities that can liquidate outside regular session is suicide. Specifically and most alarming … We saw MAG7 slippage exceed 20% from a major broker at Friday 9 October at 8:31pm ET On just a $20k RFQ. Image below is mean quoted prices from some brokers. Error bars missing out of hours as they were massive.
Image from Alex McFarlane (@flipdazed)
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Clearing MUST be done in regular session or rely on centralised dealers that underwrite. DeFi-native: TWAP into regular session RFQs. CeFi: Dealers with balance sheet. The problem with CeFi is that this is a Put option and the theta decay needs to be paid by irregular liquidations. In plain speak, borrowers get wrekt.
Image from Alex McFarlane (@flipdazed)
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We build products to solve real problems for scaling DeFi [un]wind was built because we knew DeFi would have a serious clearing problem for tokenised assets. [un]wind allows delayed settlement for clearing This allows TWAP during the REGULAR session. If you want to list equities in DeFi, you need to use [un]wind xitter.twitterapi.xyz/KeyringNetwork/status/…
Keyring Network (@KeyringNetwork) profile pictureKeyring Network
@KeyringNetworkSep 14
Maths is cooked so our quants became voice actors instead … new [un]wind episode live! Check comments for 🇨🇳 Chinese, 🇰🇷 Korean and 🇯🇵 Japanese versions.
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