Thoughts from the Shipyard team


DEX Brief No. 28

The Shipyard Team

What are stablecoins used for?, Clipper expands to Base, the latest AdmiralDAO proposals, and more.

April 1, 2024

DEX Brief No. 27 - Special January & February Issue!

The Shipyard Team

A positive omen for DeFi derivatives, Clipper's new facelift, the latest AdmiralDAO proposals, and more.

February 29, 2024

The DEX User’s Guide to MEV

Ariana Fariab

Breaking down the forms of MEV that most affect DEX LPs and traders.

February 1, 2024

DEX Brief No. 26

The Shipyard Team

Shipyard LP Report results, 2024 outlook for derivatives DEXs, and more.

January 9, 2024

Types of Loss: Impermanent Loss and Its Compatriots

Ariana Fariab

Understanding various forms of loss and how they occur.

December 29, 2023

Shipyard Software's 2023 LP Report

Mark Lurie

Shipyard Software's 2023 LP Report compiles survey data and in-depth interviews with LPs, highlighting their challenges, strategies, and outlook for DeFi's

December 21, 2023

DEX Brief No. 25

The Shipyard Team

The current sentiment of LPs, what we've been building, and more.

December 1, 2023
November 10, 2023

DEX Brief No. 24

The Shipyard Team

Hot take on derivatives DEXs, Clipper adds veSAIL, and more.

November 2, 2023
October 20, 2023
October 11, 2023

The DEX Brief No. 23

The Shipyard Team

Why AMMs shouldn't stress about UniswapX, Clipper's new price study, + more.

October 2, 2023

The DEX Brief No. 22

The Shipyard Team

SAIL token has officially launched!, Clipper Adventure 4, and more.

August 31, 2023

Volumes & “The Bot Game”

Mark Lurie

DEX pool volumes can be a misleading success metric. Don't be fooled by The Bot Game.

August 18, 2023

The DEX Brief No. 21

The Shipyard Team

Clipper launches new farming program, UniswapX, + more

August 8, 2023

The DEX Brief No. 20 - Special May & June Issue!

Mark Lurie

Uniswap v4 hot take, commodity volatility harvesting, the next Clipper Adventure + more.

July 17, 2023
June 22, 2023

How to Add Your DEX to Dune

Alexey Malashkevich

A step-by-step developer guide to adding your DEX to Dune's dashboard.

May 18, 2023

A Crypto Politics Briefing

Mark Lurie

A briefing on the current landscape of crypto politics in the U.S. in preparation for the upcoming 2024 presidential election.

May 18, 2023

The Shipyard DEX Brief No. 19

Mark Lurie

DEX aggregators have evolved + more

May 9, 2023

The DEX Brief No. 18 - Special Feb & March Issue!

Mark Lurie

SVB, liquidity migration + more

March 24, 2023

The DEX Brief No. 17

Mark Lurie

Higher interest rates are coming to DeFi + more

February 21, 2023

Sweeping Crypto Regulation? First Update the Bank Secrecy Act

Mark Lurie, Coindesk

The BSA’s surveillance framework is ingrained within U.S. regulators’ compliance culture – but it doesn't work for crypto.

January 25, 2023

The DEX Brief No. 16

Mark Lurie

New concepts for DEX return benchmarking + more

January 16, 2023

The DEX Brief No. 15

Mark Lurie

What's in store for DEXs and DeFi following the FTX fiasco?

December 13, 2022

Impermanent Loss is a Choice, Not an Inevitability

Mark Lurie

DeFi liquidity providers have come to believe that impermanent loss unavoidable. That narrative is incorrect, and Clipper's empirical record proves this.

December 8, 2022

The Best DEX LP Performance Benchmark: The Daily Rebalancing Portfolio

Mark Lurie

The best way to evaluate the profit potential of a DEX pool is to compare its returns against a common benchmark. We recommend a daily rebalancing portfolio.

November 28, 2022

Centralization Caused the FTX Fiasco

Mark Lurie, WSJ

Automated market makers can obviate the need to hold customer money and the opportunity for fraud.

November 27, 2022

How Bad Tax Policy Drives DAOs Out of the US

Mark Lurie, Coindesk

Despite crypto-friendly laws in Wyoming, most DAOs are choosing to incorporate overseas.

November 18, 2022

The DEX Brief No. 14

Mark Lurie

What exactly is #RealYield and why should you care? + more.

November 10, 2022

Profit Yield: The Real LP Standard

Mark Lurie

For DeFi to reach peak capital efficiency, LP yields must be based on profit, not misleading revenue figures. Better benchmarking, better LP allocation choices.

November 4, 2022

The DEX Brief No. 13

Mark Lurie

Where's all the capital in long tail tokens coming from? The markets may finally be giving us a clue + Shipyard's new derivatives DEX is just around the corner!

October 6, 2022

The DCCPA Proposes a Better Way to Regulate Crypto

Mark Lurie

Among the US Congress' proposed bills, the Digital Commodities Consumer Protection Act takes the most practical approach to digital asset oversight.

September 29, 2022

Why Russia Isn’t Relying on Crypto to Evade Sanctions

Mark Lurie, Coindesk

Yes, crypto has limitations. But the traditional banking system is a more attractive place for money laundering regardless.

September 19, 2022

The DEX Brief No. 12

Mark Lurie

New DEXs are pushing beyond simple spot trades for common crypto assets, and Clipper users can now become a Sponsor and earn among the highest yields in DeFi!

September 13, 2022

Why Ethereum Merge won’t be able to overcome the ‘Scalability Paradox’

Mark Lurie, Forkast

Ethereum’s completion of its much anticipated ‘Merge’ this week will unlikely improve the network’s long-term speed or scalability.

September 13, 2022

Derivatives Dilemma: DeFi Must Evolve Beyond the Order Book

Mark Lurie

The possibilities for derivatives are nearly endless, but the design space for DeFi derivatives remains largely unexplored. Shipyard is working on a solution.

August 12, 2022

The DEX Brief No. 11

Mark Lurie

A breakdown of the recent Nomad attack, the future of crypto funding, and other ongoing developments within the DeFi space.

August 4, 2022

The DEX Brief No. 10

Mark Lurie

Crypto winter may have arrived, and the smart money is shifting their focus to fundamentals. But what are the fundamentals? Let's dig in.

July 6, 2022

The DEX Brief No. 9

Mark Lurie

Crypto markets are re-focusing on the fundamentals as Clipper launches a new product!

June 6, 2022

Too Many Chutes, Not Enough Ladders: Young People & Wealth Generation through Crypto

Mark Lurie, Nasdaq

While every generation has its unique economic challenges and opportunities, financial starting points often change radically across generations.

June 1, 2022

The DEX Brief No. 8

Mark Lurie

A lot has happened since the famed DeFi summer. More protocols have launched, talent is rapidly migrating, and there's a lot of movement in the space.

May 2, 2022

How Western Sanctions on Russia Could Make Crypto an International Reserve Currency

Mark Lurie, CoinDesk

If oil and gas are one day denominated in cryptocurrency, we’re likely to see other industries start pegging their goods and services to crypto.

April 29, 2022
April 4, 2022

Legally Recognized DAOs Protect DeFi Communities by Holding Leaders Accountable

Mark Lurie

Legal incorporation may represent the best path forward for many decentralized organizations, in terms of limiting personal liability and protecting users.

March 30, 2022

Solving the Decentralization Dilemma

Mark Lurie

DeFi projects that fail to achieve decentralization are unlikely to succeed in the long run. We at Shipyard have come up with a handful of guideposts.

March 9, 2022
March 2, 2022

Tech Talks: An Elegant Solution to Batched Gas Reimbursements

Hrithik Datta

Shipyard’s development team came up with an elegant solution to an issue we encountered following Clipper’s first community liquidity program.

February 25, 2022

Why We Incorporated Shipyard’s DAO in The Marshall Islands

Mark Lurie

On February 8, 2021, Shipyard became the first organization to legally incorporate a DAO in the Marshall Islands!

February 15, 2022

Mark Lurie's Keynote Presentation at DAODenver

Mark Lurie

Watch Shipyard Software's CEO, Mark Lurie, announce Admiral DAO, the first legally incorporated DAO in the Marshall Islands.

February 15, 2022

What is a Formula Market Maker (FMM)?

Abe Othman

Clipper’s Polygon deployment is a new kind of market maker, a Formula Market Maker (FMM), which combines the best qualities of an AMM and a PMM.

February 14, 2022

Are DeFi Tokens Securities? Why This Regulatory Dilemma Is Kneecapping US Growth

Mark Lurie, Yahoo Finance

As regulators in the U.S. and beyond look to control this fast-growing marketplace, DeFi projects now face an increasingly perplexing decentralization dilemma.

February 14, 2022

The DEX Brief No. 5

Mark Lurie

The latest trends within the DeFi space, including leadership transitions and a look at several up and coming protocols.

February 1, 2022

Tech Talks: Calculating Accurate DeFi Yields

Abe Othman

Clipper’s updated Polygon data dashboard now displays the net yield that Liquidity Providers are earning! Here's how it works.

January 27, 2022

Shipyard's 2022 Predictions

Mark Lurie

2021 was a thrilling year for crypto, and we expect this year to be similarly full of plot twists and cliff hangers.

January 18, 2022

The DEX Brief No.4

Mark Lurie

As we enter 2022, here's a quick refresher on how last year closed out.

January 4, 2022

The real reason El Salvador adopted Bitcoin

Mark Lurie, Cryptoslate

El Salvador’s bold decision to adopt Bitcoin as legal tender inspired countless critical headlines.

December 17, 2021

The Case for Why DAOs Should Register as Legal Entities

Mark Lurie, The Defiant

The latest explosive trend in DeFi is distributed autonomous organizations, commonly known as DAOs.

December 6, 2021

The DEX Brief No.3

Mark Lurie

The most recent trend in DEXs is a race to the bottom in fees.

December 3, 2021

The DEX Brief No.2

Mark Lurie

The exploits have been coming thick and fast recently.

November 4, 2021

Crypto Needs a New Development Paradigm

Mark Lurie, NASDAQ

Rather than doing the same thing over and over and expecting different results, the crypto industry needs a new development paradigm.

November 2, 2021

Introducing Shipyard

Mark Lurie

Shipyard Software was created with one purpose in mind – to create markets that are free and fair.

September 29, 2021

The Problem with TVL, DeFi's Favorite Metric

Mark Lurie, Decrypt

The DeFi world is obsessed with a metric called Total Value Locked (TVL). That's not always a useful thing.

September 28, 2021

The DEX Brief No.1

Mark Lurie

Ethereum's high gas prices are driving crypto traders to other environments while DeFi industry regulations loom in the horizon.

September 27, 2021

The new episode of crypto regulation: The Empire Strikes Back

Mark Lurie, Cointelegraph

A decentralized exchange reckoning is coming — and it’s bigger than the infrastructure bill — thus, the DeFi community must be ready.

August 27, 2021

Clipper Whitepaper

Abe Othman

Thiswhitepaper describes the theoretical development of Clipper's market maker and orienting it in a continuum between the CPMM and a fixed-price market maker.

March 6, 2021

How Power Laws Explain (Almost All of) Venture Capital

Abe Othman

Recording of a lecture from Abe Othman.

September 9, 2020

What AngelList Data Says About Power-Law Returns In Venture Capital

Abe Othman, AngelList

Early-stage investing is an asymmetric bet.

June 20, 2020

Automated Market Making: Theory and Practice

Abe Othman

In this thesis we present a principled theoretical framework for market making along with applications of that framework to different contexts.

May 14, 2012

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