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Growth @formthefog | Intern @brentsketit | new guy in …
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In late October of 2021 a liquidation popped up on something called the unit protocol (a cronje defi farm)
It was a $26m position, the liquidation bribe was $2m in tokens and the protocol though the position was worth $5 because the team had fucked up and only set a single oracle source which got corrupted
I was like wtf this can’t be real
(I think they were slow rugging by selling into that pool and self liquidating in the process? No clue)
Anyways, I was working for a fund at the time and because of this I had the native stablecoin in the fund wallet that I was trading with, this is the only currency that liquidations could be bought in… I didn’t have any on my personal wallets
Obviously I had to be fast, this was an insane arbitrage, by % terms certainly in the largest echelon the world has ever seen
Not sure how it even lasted 10 seconds, but I tabbed out of Apex legends and hit the proper buttons and 51 seconds later there was over $2m of tokens in the wallet for a cost of $5
Now, my boss promised me half of the proceeds from the sale of those tokens, on top of the additional bonus I was getting for helping him run up his portfolio from $8-$50m
But we disagreed on what to do with the tokens. He wanted to stake them, I thought we should obviously sell them all
He said we would do half and half
Sold half, staked the other half, obviously they went to fucking zero
Then the entire market rugged (a week after I told him to start exiting everything)
His portfolio started getting crushed
He rugged my Christmas bonus, fired me, and accused me of trying to steal the remaining funds
In the meantime I had spent and given away basically all the money I had in the world because I was operating under the assumption of a multi 7 figure stimmy come EOY
In the end his company went bankrupt, he had to liquidate everything, I watched it zero in real time on chain
lol
After this every liquidation book became extremely competitive and bots started destroying any previous
there’s actually a banteg tweet about it from 4 years ago. You can go look it up
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My entire life and career were changed by a single phone call. No doubt, it was God shining His light down on me.
I went to a non-target school (LIU) for undergrad. I was completely obsessed with trading. I blew up a few hundred bucks early on in college, but eventually stumbled across a niche strategy that took me from $1,200 to $58,000. At the time, I felt like a millionaire lol.
Right out of college, I started applying to trading firms, no internships, no network, no real guidance. It was a grind. I spent months firing off emails and applications for junior trader roles. Occasionally, I’d get a call from a recruiter, but I mainly never made it to an actual interview.
It got so bad that I started standing outside trading firms with my resume and “track record” in hand. I’d wait for PMs to leave around 4:30, trying to match their face to a LinkedIn profile. If I spotted them, I’d walk up, introduce myself, and hand them my track record with my resume. Most were polite (some were not lol), said they’d pass it along to HR, but it almost always went nowhere.
Then one day, I saw a job post for a junior trader role. The listing was 10 minutes or so old. This time, it had something different: a phone number. I said, “fuck it,” and called.
An older guy picked up, kept cutting off my intro, yelling, “I can’t hear you! Where are you?!” After my third attempt, he just said, “Meet me at the Starbucks in Southampton. Wednesday. Noon.”
I showed up in a tie. And as God as my witness this interview lasted about six hours. We talked about trading, market structure, war stories, and what he was trying to build. I had no idea who this man was, but I knew I wanted to learn how to trade professionally. I wanted a real seat with real risk.
Turns out, that man was Robert Kanter, a derivatives legend from the CBOE pit. Founder and first president of the CBOE Market Maker Association. Four decades of double-digit returns. He launched and ran ETG in the ’90s. A true volatility icon, semi-retired in the Hamptons, just looking to play the game again, for the love of it.
I ended up working for Bob. It was brutally hard, but everything I know about trading options came from that experience. To this day, I’m forever grateful I picked up the phone and made that call.
If he hadn’t answered (God’s grace), my life would’ve taken a completely different path.
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Happy Sunday! I'm giving away testnet tokens but you must follow all of these accounts listed below, tag 3 people in the comments and drop your addy.
Team
@David___Mo
@00xjelly
@RobertSagurton
@0xdoug
@Michael2Powell
Ecosystem projects
@ValiantTrade
@FluxBeamDEX
@Pyronfi
@ambient_finance
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