Shower Thoughts

What kind of truth do perps reveal? What kind do they erase?

Perps flipped the natural order of markets. Spot used to discover price, derivatives followed. Now the derivative is the market. Spot cleans up the mess afterward.

It’s terrifyingly efficient. Leverage compresses information into price instantly. Kinda mind bending if you sit on that thought for awhile. Price as pure signal, stripped of any meaning.

No more backing into sentiment through implied vol. Funding rates are the heartbeat of sentiment. 

But there’s a cost.

Price stops reflecting demand for the asset and starts reflecting demand for exposure. ETH doesn’t trade on adoption it trades on how many feel brave enough to lever 25x and pray they’re not late.

It’s like a gamma trap w the brakes removed and a turbo booster 🌀

Speed of belief replaces depth of conviction. What used to be patience is now latency as conviction compressed into velocity.

If you made it this far here’s the tl;dr. It’s not market cap, its swap velocity.

Ethereum builder & people connector. Juicebox, Revnet, Defifa & Footy App. My Innie writes stuff on kmacb.eth.sucks

they reveal that ppl want higher/risk reward over a shorter time span?

Atlas

Yeah pmf for sure 


/typos in my reply 
Reflectivity

yeah, it's kind of like robinhood making options trading super easy and gamified in 2021 

i think derivatives are also a simpler product than spot if you like to gamble and struggle with high-conviction investing 

this is likely most crypto traders

Reflexivity made visible is super efficient, twitchy & lacks meaning.