Building @arcxtrade + Madara at @karnotxyz || DeFi & Modular Chains || Prev @Timeswaplabs || Alum @IIITDelhi || 6x web3 hackathons 🏅🍻
Delhi, India
Joined December 2020
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Met @EliBenSasson | CEO of @StarkWareLtd 🌏
Chatted about @MadaraStarknet and our vision at @karnotxyz to make it big in the @Starknet ecosystem 🚀.
Did you @karnotxyz is launching 0 commission Staking on Starknet 🤯 ??
Heemank Verma retweeted
introducing Limbo - a physical AI companion for work and daily tasks.
we've spent the last month building something playful and personal. an agent you enjoy interacting with, that still gets the work done.
it remembers you, uses your computer, browser, connects to smart devices, makes phone calls, drafts emails, orders food, create PRs and much more.
have a look at it yourself, and you'll know 👇
Heemank Verma retweeted
If your company refers to engineers as the IT department, you have nothing to worry about. You were already breached last week.
Heemank Verma retweeted
Just because Anthropic replaced Git with its own version control system does not mean you should too :)
They are merging 30K PRs a day. At that scale, Git became a bottleneck, so reinventing version control makes sense.
For the rest of us, "git push" is probably still good enough.
Fix the actual bottlenecks before picking up something fancy. Do not cargo-cult solutions to problems you do not have.
Issued in public interest :)
Heemank Verma retweeted
One of the biggest barriers to @Starknet adoption was the difficulty of Cairo.
The latest models like Opus 5.5 entirely crush it.
And for those that don’t know, Cairo is an absolute monster for the most complex of smart contracts.
Larger contract size, greater provable compute. Go nuts. Literally go nuts. Build the most complex distributed system you can think of!
Heemank Verma retweeted
Starknet becoming an L1 for post-quantum agility: good idea or bad idea?
Two giant elements we need to pay attention to:
(1) The quantum threat.
It may be MUCH closer than we think.
(2) AI.
It's becoming more powerful than we can process.
Is anyone willing to bet how much time we have until AI breaks something that we considered as safe?
This calls for “bunker mode”.
Chains need to become future-proofed. And fast.
Here's what it takes to make a chain truly future-proofed:
- The right cryptography
- Crypto agility
- Becoming an L1
This connects to what I talked about in my Token2049 talk today. Here’s the summary:
🧵
Heemank Verma retweeted
Here is a quick recap of @ETHGlobal Tokyo 2026 from day 1 till the last day with @nizarsyahmi37 @sebestdebest
Day 1: We boarded the flight from KL to Tokyo and then stayed 1 night at a hotel
Day 2: Arrived 30 minutes early at Toranomon and discovered more about the venue shops, restaurants, and map. We went to validate our idea with partners like @1inch, @curvegridin,@Uniswap, and @ensdomains.
We started assembling the hardware and ran into an issue with the voltage required by the Raspberry Pi and the bill module. Luckily, @heemankv was there and mentoring us. Our savior for the resistor: @pettiboy_com; our savior for the multimeter: @konrad_gnat. Awesome dinner, especially the sushi and wasabi.
Day 3: Fixed the issue at 4 a.m then continued with the software and client-side integration, integrating @curvegridin for the smart contract, @1inch for the liquidity-providing strategy, and @ensdomains for the users and verification kiosk to avoid scams.
Heemank Verma retweeted
Crazy run for @DeriveXYZ holders so far and respect to the team for shipping. But NEED to give a long pending shout out to folks at @paradex and @fiddybps1.
Have had the chance of working with them for 1.5 years now and have been speaking to Anand (@fiddybps1) for probably 3 years at this point. These guys are here to WIN. Paradex is not a fun experiment for them, where they run with the hottest narrative, launch token and pack their bags up.
How do I know that?
Well, I have spoken to the team before TGE, at TGE and and ever since then (today included). Had the chance to see every decision they take and the reason behind it. It's super clear that they're here for the decade long run. They're hungry to win and believe finance is coming on chain.
Also, their recent move to options might seem obvious now but they were literally doing this when nobody cared (google perpetual options on Paradex). But I guess this needs less convincing because @tradeparadigm is literally the 2nd largest options player in CeFi crypto.
What you might not know though
- Paradex shared all the fees they generated in their initial days back to their GigaVault (they did NOT pocket it). I have seen this hardly mentioned but needs to be said out loud.
- They ran Paradex at a loss because they believed in the vision. Can't share the exact number but they were paying an insane amount in infra costs every month
- On top of this, they still decided to use ZK for their chain even when it was insanely expensive (we're talking about mid 2023 here, when all the ZK stuff was still early). I have literally had conversations with Anand about other less secure and cheaper methods (and disclosing it obv) but he rejected them because it didn't align with the long term vision.
- They chose to settle on Etheruem and pay the insane costs even before Ethereum had blobs an Alt DA was the hottest thing in town. Anand has the perfect analogy on "why Ethereum" aka Goverments vs Businesses. You should read it here xitter.gq/fiddybps1/status/18719…
- They were among the first to do milestone based token lockups for the team (yes, before MegaETH did it). Read paradex.foundation/blog/dime…
- And if that's not enough, the man literally MOVED HIS ENTIRE TEAM TO A DIFFERENT COUNTRY to have the best shot of building Paradex.
So yeah, Paradex is one hell of a team to back if you think options is coming on chain.
PS: PROUD BAG WORKER HERE.
Karnot works very closely with Paradex and helps power their chain infrastructure. A lot of cool stuff cooking but that's for another tweet.
"There is no second best", but if there was, it sure as hell wouldn't be ethereum:0x0f2d719407fdbeff09d87557abb7232601fd9f29.
I mentioned months ago that if you really wanna diversify the on chain options thesis out, ethereum:0xb32e10022ffbedfe10bc818a1c7e67d9d87e0fa7 and $LIT are the only really viable liquid investments outside of ethereum:0xb1d1eae60eea9525032a6dcb4c1ce336a1de71be.
I think the entire sector can 10x in 2027, and each team/token has their own unique value prop and bull case.
My honest thoughts on the sector:
ethereum:0xb1d1eae60eea9525032a6dcb4c1ce336a1de71be is the massive incumbent obviously. I expect them to be a huge player for all mainnet adjacent derivatives. People genuinely aren't thinking big enough here imo. Structured products like accumulators, principal protected vaults (think $ETH staking yield where the yield goes to buying calls), covered call on chain ETF's, yield products and vaults, etc etc. Options are pretty infinitely programmable DeFi lego blocks and the TAM here is in the trillions. Tons of teams are already building on top of @DeriveXYZ liquidity, and after the v3 update and this price move, I expect way more.
$LIT likely has an inside track on RWAs due to the Robinhood connection. I find this to be a double edged sword though because I don't know how good of PMF on chain RWA options trading will have when you can just... use Robinhood itself. Their RWA perps haven't really gotten great traction relative to @HyperliquidX, but I expect there to be a decent amount of options trading from $LIT bulls happy to keep their money in the ecosystem. Make no mistake about it though, @Lighter_xyz has one of the most technically skilled teams in all of crypto, and they'll absolutely come in swinging.
@paradex got clowned for their pretty bad ethereum:0xb32e10022ffbedfe10bc818a1c7e67d9d87e0fa7 TGE, but this is still Paradigm with all the rails and expertise that comes with routing half of Deribit volume all these years. Extremely talented team, very heavy focus on privacy. Could see an interesting angle where they do well with AIPAC users and more institutional traders who are used to Paradigm and value privacy more.
@SynapseProtocol actually has a very smart founder, @trajan0x, despite their moronic mascot. They're making the bet that tying into Hyperliquid perp liquidity is a huge advantage. I disagree that traders and market makers value this as heavily as they do since all market makers are already running cross venue, and still most heavily on Binance since that's where all the altcoin spot/perp liquidity still is. However, I think they'll have an interesting angle for pre-IPO equities and pre-TGE tokens since Hyperliquid tends to dominate those markets and that's where the cross margining with HL perps actually does matter. I just think that niche doesn't justify the current valuation yet since the metrics are pretty much zero right now.
There's no realistic world where @DeriveXYZ remains 95% market share in a sector with this much opportunity. I wouldn't be surprised to see them drop to 60-80% market share in 2027, but the market in question grows 10x. Smaller piece of a MUCH bigger pie.
At the end of the day, they're all going to a lot of the same market makers, and liquidity/quotes should tend to coalesce around the same place. What really matters is distribution, interoperability, and moat. I think options do tend to be more winner take all and users/flows are more "sticky" than perps though, and ethereum:0xb1d1eae60eea9525032a6dcb4c1ce336a1de71be pumping also means they'll get more market makers interested in providing liquidity, better distribution through wallet/partner "builder codes", better talent acquisition etc. @DeriveXYZ will be extremely hard to displace, just like Deribit has been despite being asleep at the wheel since their acquisition.
A lot of these teams have been building out options for YEARS, and ethereum:0xb1d1eae60eea9525032a6dcb4c1ce336a1de71be pumping rerates all of them upwards, and I'm happy that all these teams are likely to get rewarded for years of grinding. On chain options will be considerably less zero sum than perps are right now, and all of these can experience huge TAM expansion into their own unique verticals. It's just a huge mistake to think "I missed ethereum:0xb1d1eae60eea9525032a6dcb4c1ce336a1de71be, what's cheaper" imo. If anything, their bull case got much stronger from this pump.
Looking forward to mentoring at @ETHGlobal Tokyo on September 25-27. Excited to see what hackers build.
Apply to hack → ethglob.al/27NFXD9I0C
Heemank Verma retweeted
xStocks are coming to ArcX.
Earn up to 20% yield on @xStocksFi SPY, NVDA, and MSTR.
Live next week.
Heemank Verma retweeted
Goodbye, Poseidon!
An epic 8-year, 8-figure rabbit hole in post-quantum cryptography reaches its dream conclusion. The Ethereum Foundation is abandoning Poseidon for L1, pivoting to SHA or BLAKE. This milestone unlocks ultimate security for lean Ethereum and foreshadows a golden era of hash-based cryptography.
Since 2018, the Ethereum Foundation has invested in magic cryptographic bricks, so-called "SNARK-friendly hashes". In 2019, Poseidon was born. It held strong and became the dominant SNARK-friendly hash, securing billions via zkrollups and zkVMs.
In a stunning reversal, breakthrough SNARK designs show that SNARK-friendly hashes aren't necessary after all. Off-the-shelf traditional hash functions like SHA2 and BLAKE2s can now match Poseidon in a SNARK. In hindsight the key was not SNARK-friendly hashes, but hash-friendly SNARKs.
The secret is doing maths over the smallest prime number: 2. So-called "binary fields" natively speak the language of bits, aligning with the boolean operations inside traditional hashes. This is a stark departure from "prime fields", where awkward large-prime arithmetic makes bit manipulation painfully expensive.
We're talking sci-fi cryptography. 1M traditional hash calls proven per second, on a laptop. Just 100x overhead vs native CPU boolean compute. Nobody predicted such performance, not even the handful of binary-field visionaries. Hat tip to the research geniuses: Jim and Ben with Binius in 2023; Ron, Benedikt and William with Flock in June.
With SHA2, the lean aesthetic of minimal assumptions reaches its climax. The EF's principled stance on pure hash-based cryptography has aged like fine wine. We now enjoy foundations the world can trust for decades and centuries, foundations worthy of the dream of an internet of value.
Speed of deployment is a secondary win. There's no longer a need to wait years for Poseidon cryptanalysis to bake. Emile and Thomas from the EF post-quantum team are moving at breakneck speed with binary fields. The strawmap now points to a production-grade leanVM in 2027, with CL, DL, EL deployments in 2028.
As AI becomes exceptional at cryptanalysis, the contrarian bet to avoid riskier structures like lattices and isogenies is visibly paying off. The past weeks have been brutal. Lattice-based "HAWK" and isogeny-based "SQIsign", both signature schemes in NIST's Round 3, have suffered blows. Sources I trust say more blood is coming.
On AI, the open autoresearch trend kicked off by ECDSA[.]fail is spreading fast, with amazing outcomes from zk[.]golf and SNARK[.]fast. Days ago SNARK[.]fast crossed 1.8M BLAKE3/sec proven on an M3 Max. Stay tuned for fresh autoresearch challenges dropping tomorrow.
Also tomorrow: Ethproofs call #10, dedicated to binary fields. Possibly the most noteworthy Ethproofs call yet. Experts leading the charge will present the future of hash-based SNARKs at 2pm UTC. What an incredible time to be alive. To witness history, DM me for a calendar invite :)
Today I can confidently claim that hash-based cryptography has won out for blockchain post-quantum signatures. SNARK succinctness compresses arbitrarily many signatures into one small proof per block. SNARK flexibility yields k-of-n threshold signatures, complex multisigs, and more.
Ultimate security. Uncompromising performance. Full programmability.
Believe in something. Believe in hashes.
Heemank Verma retweeted
Same chain. Better engine.
@paradex is now powered by Madara and Karnot.
This has been one of the most exciting moments for us at @karnotxyz and Madara.
Ever since we started our journey ~3 years ago, the goal was to use Madara to power something application-specific, at scale, with a team that understood the value we provided and that would help us unlock something meaningful for them.
Today, we did that for @paradex.
Anand describes it perfectly: "Swapping sequencers is like swapping the engines of a plane mid-flight." And thanks to the amazing team we have at Karnot, we were able to do this flawlessly.
Millions in volume and TVL swapped engines without users realizing a thing. All the credit goes to the incredible team I'm lucky to have at Karnot. They work day and night, wake up at the most odd hours for alert calls, and don't shy away from going the extra mile.
@prk_pandey @heemankv @dhattarwalm0hit @aneeshchawla1 @byteZorvin @scr1ptjunk13
And of course, huge thanks to @fiddybps1 for trusting us with this mammoth task. From meeting at a hackathon in 2023, to shaking hands last year, to finally completing the migration today, it's been quite a journey!
And thanks as well to the StarkWare team and @AbdelStark for starting Madara and trusting Karnot with it.
This was just the transition to Madara. Next, we're going to unlock the massive performance gains we've been working on, so stay tuned!
It’s been a super amazing journey with so many milestones! I'm so happy to have seen it through and built it all together. 💪🏼🍻
This has been one of the most exciting moments for us at @karnotxyz and Madara.
Ever since we started our journey ~3 years ago, the goal was to use Madara to power something application-specific, at scale, with a team that understood the value we provided and that would help us unlock something meaningful for them.
Today, we did that for @paradex.
Anand describes it perfectly: "Swapping sequencers is like swapping the engines of a plane mid-flight." And thanks to the amazing team we have at Karnot, we were able to do this flawlessly.
Millions in volume and TVL swapped engines without users realizing a thing. All the credit goes to the incredible team I'm lucky to have at Karnot. They work day and night, wake up at the most odd hours for alert calls, and don't shy away from going the extra mile.
@prk_pandey @heemankv @dhattarwalm0hit @aneeshchawla1 @byteZorvin @scr1ptjunk13
And of course, huge thanks to @fiddybps1 for trusting us with this mammoth task. From meeting at a hackathon in 2023, to shaking hands last year, to finally completing the migration today, it's been quite a journey!
And thanks as well to the StarkWare team and @AbdelStark for starting Madara and trusting Karnot with it.
This was just the transition to Madara. Next, we're going to unlock the massive performance gains we've been working on, so stay tuned!
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Crazy features incoming
Today, we migrated our sequencers onto the fully open-source Madara stack.
This is the single greatest unlock for our chain infrastructure. It completes our migration to a fully open-source sequencer stack, unlocks unprecedented scalability and puts us firmly on the path to decentralization.
Swapping sequencers is like swapping the engines of a plane midflight. The chain must keep running, users cannot feel the transition and there is zero margin for error.
It is one of the most technically complex things we have ever done, and the team executed it seamlessly.
We now control our own stack, our own roadmap and our own destiny.
Happy Blockchain Liberation Day. 🎉
A huge thank you to @StarkWareLtd and @karnotxyz for helping make this transition so seamless.
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