What’s next for BIOPset?
As anyone whose been following along BIOPset v3 has followed much the path of its predecessor. In short once again degen betters have proved an excellent exploit discovery system. Over the past few days BIOPset v3 better’s have made off with almost the entire pool.
While this proves that v3 wasn’t up to snuff lots of good has come of this. First we’ve established without a doubt now that even within the degen community there are betters salivating at the thought of simple decentralized binary options. Second we’ve learned that their appetite is great and no barrier to entry (like the retrospectively terrible 20% usage cap that was supposed to protect the v3 pool).
Ok so what’s next? I considered getting demoralized by this and giving up. I really did. Thoughts of the losses I’ve helped cause through flawed mechanisms danced through my mind like savage imps.
Being upset about a loss doesn’t make things better though, getting up and trying again is what makes things better. Learning from my mistakes is the first step and the biggest lesson is that no limit will prevent betters from getting the earnings they knew were waiting for them.
The mistakes of v3 are wholly mine as most LPs are not out reading every protocol’s contracts that they invest in, who has the time.
What’s next is we build again, this time better. This time with more long term thinking, and more robust controls to protect the pool. This time, we build to last (because these deployments gas fees are getting really expensive and allow me to personally feel the loss the LPs felt much more closely).
How will we think long term?
The next version of BIOPset, which doesn’t have a official name yet, will use EIP-2535 (the Diamond Standard) to create a set of contracts which are upgradeable. That means after this the goal will be no more migrations and no more swaps. Everything will be stable making it easier to target the new version in front end apps like the initial one I’ve created at biopset.com.
What will these “robust controls” be?
After the sand hill that was supposed to protect v3 failed so quickly I can understand skepticism and suspicion to the claim of robust controls. You should be.
So I’ve had some really helpful advice given to me about how to better handle hoards of bets using advanced maths. As those who completed their math schooling call it “reversion to mean” basically we are gonna have bet ROI drop off a cliff as more open bets build up in the same direction. Example:
First call bet gets 1.9x, second 1.8, third 1.7. (this is a simplification and not the actual amounts that will be used.)
I got this idea from the wonderfully intelligent mind behind Qilin. You should check them out if your into ambitious projects that measure twice so they only have to cut once.