analyst @withAUSD // ex @nus_blockchain @KaitoAI 🦧 since '16
Joined March 2025
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jeppy retweeted
At the end of August, I said our Polymarket DeFi CLOB couldn't be saved, and we were rewriting it from scratch in Rust 🦀
Today I'm excited to announce Nex, our new exchange built from the ground up.
We've been sprinting on it since August. A Nex instance has been running in shadow mode on production traffic for the last week, side by side with the current exchange. It mirrors every order the current exchange gets, so we can measure latency, stability under load, and validate matching correctness against live production flow.
The numbers below are internal exchange timings, not e2e (those are coming soon), but we wanted to show how big the difference is.
p99 current CLOB → Nex:
- Place order: 1.55s → 3.76ms (412x faster)
- Cancel orders: 627.92ms → 3.20ms (196x faster)
- Cancel market orders: 810.16ms → 5.14ms (158x faster)
- Cancel all*:
↳ Response (current CLOB) vs complete (Nex): 35.70ms → 3.14ms (11x faster)
↳ Full cancel all: ~636ms-2.04s → 3.14ms (~200-650x faster)
p95 current CLOB → Nex:
- Place order: 341.84ms → 1.59ms (215x faster)
- Cancel orders: 78.22ms → 1.58ms (50x faster)
- Cancel market orders: 84.89ms → 2.27ms (37x faster)
- Cancel all*:
↳ Response (current CLOB) vs complete (Nex): 6.20ms → 1.58ms (4x faster)
↳ Full cancel all: ~606ms-2.01s → 1.58ms (~380-1,270x faster)
*Cancel all: the current CLOB responds immediately and cancels in the background, so when you get the response, your orders aren't cancelled yet. Nex responds only after everything is actually cancelled. Full cancel all on the current CLOB depends on how many orders you have, but it usually adds another 600ms-2s.
We also rewrote our WebSockets in Rust. This is the feed you see the market through: book changes, price moves, your fills. Fall behind it, and you're trading on old prices, and your quotes get picked off.
- Write latency p99: 44.5-88.1ms → 0.099ms (~449-889x faster)
- Slow readers/sec: 48.7-75.6 → 0.01 (~4,870-7,560x fewer, basically 0)
Scale: The current CLOB in stable state can handle 10k commands/s with 15k bursts → Nex can handle 100k commands/s with 150k bursts. 10x more, and with a few optimisations we can get to 200k commands/s with 250k bursts; with more low-level core changes, we can get to 1M commands/s over the next year. Not needed yet, but the headroom is there.
Startup time: 5 mins → 15s (20x faster)
The old CLOB had many race conditions and wasn't deterministic. Nex is deterministic by design and removes the race conditions in the old CLOB.
We also skipped some easy wins for launch to get this out faster that could make p95 and p99 another 5x faster, and we'll start work on that in Q1 next year to keep pushing these numbers down.
We wanted to build this without any breaking changes for MMs or builders; Nex has no breaking changes to requests or responses, so we just need to swap out the binary on our side and it will go live.
We want everyone to be on this journey with us, with the ability to relay feedback and test it against the existing CLOB, so we've opened a Nex Sandbox. Fill out the form and test it yourself: docs.polymarket.com/nex
We'll run 4 weeks of shadow mode on production traffic to make sure everything is perfect, then if everything is good, we will go live mid-December. We can roll out WebSocket improvements without the full exchange, so we may do that sooner.
We've been rebuilding every system around the exchange for months, and we've seen huge benefits, but the exchange is the heart of Polymarket DeFi. Nex fixes most of the pain traders have had.
Really proud of the team on this one.
Make Polymarket fast, finally. It's coming.
Honest post: the Polymarket DeFi CLOB is full of tech debt. It grew fast, got hacked together, and most of the team inherited it that way. Since joining and building out the team, we have scaled it 10x and made it 3x faster, but it’s not enough; the core foundations of how it’s been built are wrong in almost every way. You try to fix one thing, and another thing goes wrong; the conclusion now is that the codebase can’t be saved long-term.
The exchange is the heart of Polymarket; everything runs through it. If we want to be the best exchange in the world, it must be fast, stable, and scalable. We can’t keep patching the old one, where these core foundations are generally missing throughout, so we’re rewriting it from scratch in Rust.
Early numbers: 10-20x faster on p99 than today, 200,000 orders per second (15x what we have now, with room to reach 400,000+), and stability under load. This will put us faster than most exchanges, including CEXs.
Building it in Rust gives us memory safety with no garbage collector. No GC means no random pauses and no random latency spikes; the tail latency in the benchmarks is the tail latency you get in production, alongside a strict compiler that enforces correctness up front. Data races and memory corruption (the bugs that take exchanges down) can’t exist in the first place.
Polymarket has to take it seriously that we are an exchange; this is people’s money, not a joke. To succeed, we have to fix this; otherwise, we will fail. It’s as simple as that. I joined to build the best software in the world, not to maintain some of the worst, and I will do everything I can to make Polymarket a serious exchange.
We are aiming to have the exchange ready sometime in Q4 (mid to end). I'll communicate progress as we go so you all know the status. Breaking changes will be minimal for all integrators and will be communicated in advance. We will maintain the existing CLOB and keep trying to improve it as we build this side by side. We can’t wait to throw away the existing CLOB; we dislike it as much as you all do.
Make Polymarket fast, finally.
jeppy retweeted
A vulnerability (worse_query) affecting iOS 26.7.1, 27.0.1, and 27.2 allows malicious apps to read local files from other apps, putting seed phrases, private keys, and login credentials at risk across the entire ecosystem. This is an iOS-level issue, not unique to Binance.
Immediate Action Required:
- Delete any apps installed from untrusted sources (such as sideloaded or manually signed IPAs).
- Update iOS and all apps to the latest official versions.
- If you suspect a breach, transfer funds to a new wallet created on a clean device and reset all active login sessions.
Never install unauthorized packages, and keep your software up to date.
Readers added context they thought people might want to know
Binance recommends updating iOS to the latest versions against worse_query, but researchers describe it as an unpatched 0day and Apple's iOS 27.2.1 notes omit any such fix.
github.com/forcequitOS/wo…
support.apple.com/en-us/149715
x.com/0xjohnny/statu…
jeppy retweeted
A release every ~40 hours since July 2025.
And that’s just web. Mobile isn’t even in here.
app.lighter.xyz/changelog
jeppy retweeted
Introducing Higgsfield Miracle.
Our latest proprietary post-production technology vectorizes any video into layers for localized, pixel-level editing in real time, with world knowledge built in. Every frame holds the image depth needed for cinema-grade post-production.
Now in private beta with select testers. Coming soon to Higgsfield MCP.
Set up Higgsfield MCP in Claude to be the first to try it.
jeppy retweeted
cant do any m&a with current tokenized wrappers (good luck owning this SPV with zero rights). As for manipulation angle - if float is small, nobody cares for price dislocation. If float gets big, manipulation will become much harder, so there is good flywheel here
jeppy retweeted
IS THE ETHEREUM FOUNDATION SELLING $ETH?
A whale wallet associated with the Ethereum Foundation just became active again after around 7 months of inactivity.
Over the past hour, it swapped a total of:
2,784.99 $ETH → ~$6.42M USDS
Wallet:
0x5CBC6299faB3320E7758ac97fd4CA45E5B722059
The timing is worth watching as $ETH has just lost its recent support alongside BTC weakness.
However, this does not necessarily look like a full exit.
The wallet still holds roughly:
15K $ETH (~$34.6M)
So for now, this may simply be partial de-risking rather than broad distribution.
Still, after such a long period of inactivity, the wallet becoming active again is definitely worth monitoring.
jeppy retweeted
Crazy 72 hours in security. Three major incidents dropped back-to-back: eMudhra, PingCAP (TiDB Cloud), and PHP.
Here is the short version of what happened and who got hit.
1. eMudhra (Trusted CA compromise)
eMudhra generated 8 intermediate CA certificates in April 2025 (cross-signed by Sectigo). A bug in their HSM key-wrapping test script created a second set of P-384 keys where the private keys were single-byte numbers under 256. Operators picked the wrong key labels and signed them into real CA certs.
One of the intermediate CA private keys was literally the number 4.
The other seven: 56, 66, 115, 155, 156, 230, 237.
Three weeks later (May 2025), their CRL signatures started failing because the CRL signer was using the real keys instead of the weak ones. Instead of asking why the keys didn't match, someone switched the CRL signer to the weak keys and closed the ticket.
• Browsers are safe: Chrome, Firefox, Apple, and Microsoft already blocked them, and zero rogue certs hit CT logs.
• Servers are not: curl, Python (certifi), Go binaries, and Docker base images don't check CRLs. Update ca-certificates, certifi, and Go (1.27.3 / 1.26.10).
• 10-second check on any server:
curl dv-g3b-emudhra.we-have-a-pro…
(TLS error = safe. 200 OK = still vulnerable.)
2. PingCAP / TiDB Cloud (10.6 TB breach)
Attackers found GCP and Azure credentials committed inside PingCAP's own repos. They set up a replication feed of TiDB Cloud's production control plane and exported the entire database every 6 hours for 22 straight days. 88 full exports, zero alerts. 200 GB is already out on torrents.
Beyond the 413 private repos and 20.6M customer SQL queries logged from their web SQL Editor, PingCAP engineers were pasting customer secrets into Jira tickets.
Who is affected in the leaked records:
• Live credentials exposed in support tickets:
- Pinterest: AWS keys for their pingcap-logs S3 bucket
- CardX / Silverlake (NPCI-linked env): AWS admin key in a backup log with full access to 258 external S3 buckets
- DeBank: 38 presigned S3 URLs
- An unnamed AI/dev platform: a 314 MB slow-query log attached to a ticket containing 8,027 live customer secrets (an AWS root key, a GitHub admin PAT over 1,701 repos, 7,485 AWS STS tokens, and 192 OpenAI/Anthropic/Gemini keys)
• Tenants with infra metadata, VPC CIDRs, app-server IPs, or contract pricing exposed:
- Tech: Atlassian, Databricks, Airbnb, Baidu, LINE, Nylas, Persona, PatSnap
- E-comm & Travel: Booking.com, Shopee, Flipkart, Mercari, ZOZO, AEON, Delhivery, Klook
- Gaming: Capcom, Square Enix, Konami, Bandai Namco, Cygames, Colopl, DMM
- Finance: PayPay, SoftBank, SBI, SB Payment Service, Fujitsu, TOPPAN, Bank of China, China Life
- Crypto: Bitget (said only public trade logs were on it and they already left), Pionex, DigiPlus, NFTscan, Chainbase
• Developer profiles leaked (from a purchased reo.dev table in PingCAP's BigQuery):
- 24,900 personal emails + GitHub/LinkedIn profiles of engineers at Tencent (3,327), Huawei (2,726), ByteDance (2,475), AIG (2,140), Mastercard, Flipkart, and bKash.
If you use TiDB Cloud: rotate your console API keys, DB passwords, and anything you ever pasted into a support ticket.
3. PHP "PHP2Shell" (CVE-2026-109618 & CVE-2026-109619)
Two CVSS 9.2 pre-auth RCEs leaked yesterday ahead of today's 14:00 UTC patch.
Public writeups trace it to a heap Use-After-Free in PHP's native C multipart/form-data session upload-progress handler (ext/session/session.c).
Because C-level multipart parsing runs before line 1 of index.php:
• App auth, Laravel/WordPress middleware, and file_uploads = Off do not stop it.
• Only PHP 8.2–8.5 get official patches today (59% of PHP servers on Shodan are on EOL <= 8.1).
• Until you patch php-fpm: lock php_admin_flag[session.upload_progress.enabled] = off and block unexpected multipart requests at Nginx/Apache/Cloudflare.
jeppy retweeted
for any large position you take in your portfolio you should know more about that project than 99% of everyone else
This is a fairly durable edge to have in crypto because most people simply do not do the work
I take this idea of "being in the top 1%" and apply it to basically any new idea, niche, sector or project that im researching. I usually dont allocate any capital but the process of this compounds
you can imagine that after a few months (or years) of doing this you start to have an insanely good understanding of a wide variety of topics in crypto. This "map" that you build out eventually becomes your edge in the space
so my $.02 is to have a goal of becoming the top 1% in understanding any area of crypto that you are interested in. It will pay dividends forever
jeppy retweeted
Lighter EVM devnet went live today and I think people are sleeping on it. IMO, one of the most bullish things @lighter_xyz has ever shipped.
The big thing: smart contracts can actually read Lighter Core (accounts, balances, positions, orders) and place, modify and cancel orders right on the order book. And the EVM and Core settle to Ethereum together in one ZK proof, built with @axiom_xyz on OpenVM.
So what does that unlock? A lot:
- vaults that run strategies straight on the CLOB
- funding/basis trades and delta-neutral stables built on Lighter perps
- lending that actually understands your Lighter positions
- structured products on top of their binary options (also just launched)
One angle I don't see anyone talking about: if US regulators end up licensing the firms that run markets on a chain instead of the chain itself (literally what Hyperliquid is pitching rn), a programmable layer sitting on top of the book is exactly where a licensed venue would plug in.
The direction's pretty clear: Lighter doesn't just want to be a perp DEX, it wants to be the settlement layer for onchain finance.
jeppy retweeted
Wow another confirmed case in Singapore, this from a large shopping mall
Challenger in Vivo City
Ledger should do a complete recall of all devices sold through official resellers
bought from Challenger Singapore Vivo city unit, literally last week.
seems like this is compromised too.
@BenYorke @MagicalTux please confirm
jeppy retweeted
🆕Use WSL HYPE <GO> to monitor 24/7 streaming prices for select perpetuals on Hyperliquid and track market signals around the clock:
jeppy retweeted
1/ Huge respect for Dragonfly continuing to invest in the bear market.
But I'm morally obliged to call out sketchy projects gaining momentum.
As a community we must preempt large scale implosions like #FTX or #LUNA that set the industry back years
Bitget may be the next FTX 🧵
I'm thrilled to announce @dragonflyvc's investment in @BitgetGlobal.
Bitget is making crypto more accessible with its innovative derivatives products and a user-centric approach, and we're proud to support their mission and growth.
theblock.co/post/224702/drag…
jeppy retweeted
Quick thought on “life changing money” since I’m getting a lot of DMs about it (no surprise given current PA).
If you’re sitting on uPnL that’s life changing you need to sell. Full stop.
I have regretted every single time when I did not realize life changing gains in the beginning of my career. The notional amount will change as you progress but the concept will not.
You will never get the optionality back of materializing that position and improving your life circumstances forever.
If you can change your life and the lives of those around you forever by clicking SELL on a screen I strongly advise that you do.
You can always rebuy, but you cannot go back in time and resell at that level where you reach escape velocity. There will always be another trade.
The people who make it to the top understand that being liquid and booking wins is how you SURVIVE. They didn’t get there by timing every top perfectly, they got here by pulling out cash than they put it.
There is always another trade, timing tops perfectly is a fantasy and having liquidity is king.
After you’ve hit escape velocity then and only then can you start playing the game for real and going for it all.
I’m not selling because this trade is a once in a cycle trade for me but that does not mean it will be for everyone.
Stay liquid and I love you all.
jeppy retweeted
Receiving conditional approval from the OCC is a tremendous milestone in our journey.
Agora is the financial operating system for the next generation of global business: digital dollars with the operational simplicity of a bank account, faster and more capable.
Stablecoins, banking, wallets, software workflows, and the operator tools to run all of it, in one place, under one regulated entity. Enterprises shouldn’t have to assemble a collection of vendors who don’t talk to each other in order to incorporate stablecoins into their business.
We are thrilled to be coming home 🇺🇸, game on!
Agora has received preliminary conditional approval from the OCC to organize as a national trust bank. A defining early milestone on the path to a full charter for Agora and regulated stablecoin infrastructure. agora.finance/blog/occ-condi…
jeppy retweeted
Agora has received preliminary conditional approval from the OCC to organize as a national trust bank. A defining early milestone on the path to a full charter for Agora and regulated stablecoin infrastructure. agora.finance/blog/occ-condi…
jeppy retweeted
what if copy/paste was smart?
powered by @typesafeai jev
it feels like every computer interaction will get rewritten
jeppy retweeted
I resigned from Anthropic today. I spent the last three years doing pretraining research at both OpenAI and Anthropic. Neither company is acting responsibly. They are racing straight to self-improving superintelligence and gambling with our lives. More thoughts below.
jeppy retweeted
We know a little something about the U.S. securities laws and will not “DECIST.” Send your lawyers and we’ll educate them.
Seriously? What’s the concern you ask, @vladtenev? The list of concerns is almost existential.
U.S. securities laws are in place to protect investors. For good reason, we spend millions and millions of dollars every year to comply with U.S. securities laws. In good. conscience, how can Robinhood as a U.S. company set up an operation in far offshore Jersey, an island 3000 miles away, and market a security sort of posing as AMC in some shape or fashion, and not comply with U.S. securities laws. That is shocking and shameful.
Our past issuance of equity to strengthen our balance sheet was vital to our success. Your setting up some kind of fictitious synthetic equity market decouples stock token ownership from a company’s ability to control its own capital raising efforts.
Share ownership gives shareholders various rights, including the right to vote their shares. Your stock token pretend to be some form of stock ownership, but disclosures to the contrary notwithstanding, they are not ownership and they deprive investors of their rights.
This quasi-fake market you are creating on the island of Jersey sows distrust amongst the public about financial markets in general. There already is distrust in financial institutions, you are potentially making it far worse.
These are but a few of my concerns about your actions.
I hereby call on you and Robinhood to voluntarily CEASE AND DECIST the trading of AMC stock tokens. If you don’t, our high priced securities counsel has been asked to see whether we can force you to stop.
I also wonder how can the SEC possibly support your sham ignoring of U.S. securities laws. You can be sure we will be asking them.