Phase 2 ◾️
“How many times do I have to teach you: just because something works doesn’t mean it can’t be improved.”
What’s happened to crypto? Who’s making something new? When’s the last time you heard someone say: “Wait — can you really do that?”.
For us, it’s been a while.
As of late, crypto has failed us. Look at price. Look at volume. Look at sentiment. Sure, there are market cycles to assets like these, but what are builders doing to buck the trend?
In large part, they’ve been putting tradfi on-chain. Part of this is great… we need financial primitives if defi will ever scale to what it’s intended to be. However, part of this is also boring. If we’re copy-pasting tradfi on-chain, are we going to bring all the inefficient headaches with it?
And no, I’m not here to debate some minor inefficiency made better by the blockchain. I’m talking about the big stuff.
Access to complex financial tools
Access to sophisticated wealth generation products
Access to new markets with differentiated products
This is the stuff we’ve been missing. It exists across crypto in bits and pieces, but it’s not accessible. There’s a UX issue. We’re fixing that.
We’re about to go live.
If you joined the Waiting Room, you passed Phase 1. You join the Waiting Room by securing your deposit to the vault. This also reserves your spot on the Waitlist.
However, you’re not done.
Real yield hasn’t started yet. The goal is to make it to Phase 3. This is when the black box goes live. Phase 2 is a critical step in getting there. Fail Phase 2, and this was all for nothing (you restart the process).
So how do I pass Phase 2?
I’ll give you five steps:
Phase 2 begins
Go to mrgnresearch.com
Click the “Transfer To Black Box” Button (with your wallet connected)
Do this within 5 days (Phase 2 duration)
Congrats, you’re locked in for Phase 3
If you’re on the Whitelist, you did it. Do this, and you’re ready for Phase 3.
But ser, what if I’m not on the Whitelist?
Ah, yes — those on the ever-so-important Waitlist. Yes friends, I have something for you.
I’m on the Waitlist, not the Whitelist
You weren’t one of the first 45 people to be accepted to the black box. That’s ok — most Vaulters are here with you. The steps in the prior section apply to those on the Whitelist. All excess capital from those on the Whitelist (past $2.5K), and everyone not initially accepted to the Whitelist, is on the Waitlist.
For those not paying attention, that’s the majority of the current and future capital being deposited to the vault. Much of our recent work has focused here, on the Waitlist. No one likes waiting. I don’t like waiting. All my homies hate waiting. So we’ve been preparing to size up vault capacity as soon as possible.
Importantly, if you’re on the Waitlist, you’re yielding. Check your deposits — it’s already more than what you put in. However, that doesn’t satisfy us. We want you to yield more. We want you to yield so much you have to tell people about it. We want you dripping in so much yield it physically hurts.
To accomplish that, we’re about to add a few new strategies to the black box. This means more capacity. This means you get in faster. Your spot on the Waitlist still matters, but we’ll reach the back of the Waitlist quicker this way.
This work has all been happening behind the scenes. We’ve been laser focused on pushing the boundaries of defi, and we’re going to give Vaulters a real-time look at what that feels like.
Waitlisters — when new capacity opens up for the black box, our team will alert you on the mrgn research handle (@mrgntrade). Turn on post notifications… if you’re near the front of the Waitlist, this is your opportunity to enter the box.
This applies to everyone on the Waitlist. If you’re not in the vault yet, it’s because we’re still adding capacity. Every time we enable more capacity, we’ll make an announcement. It’s important to be ready to act when this happens (act = click the Phase 2 button).
So Much Structure, So Much Hype… Why
No in actuality — we received $30M of commits in the three days following launch. We’ve been able to work thru $850,000 of that thus far (deposited in the Waitlist), but there’s clearly a lot more to go.
We take product development very seriously as a team, and we’re committed to shipping something even better than advertised. Rewarding early supporters, streamlining the deposit process, and taking time to make our communication clear and effective is something we believe necessary to an innovative product.
If you’re reading this, I want you to know: you’ve refined us. You’ve made us better. We found out we need to add more, do more, do it.
We’re doing it. Before the vault, it was unheard of to productize sophisticated HFT strategies. We’re doing it. Before the vault, it was unheard of to productize best-in-class MEV. We’re doing it. Before the vault, people had no capital efficiency across these strategies. We’re enabling it (marginfi). Before the vault, people had terrible trade execution across these strategies. We’re improving it.
Yesterday we were Batman. Today we are Superman. You think Superman likes MEV? I know he does.
One last thing… What does this Phase 2 button do?
It moves deposited funds to the Vault smart-contract. That’s it.
Value is the real utility
To recap: Phase 2 is going live. First, that means if you haven’t secured a spot on the Waitlist, you should now. Second, it means the spot you have on the Waitlist becomes exponentially more valuable. You have priority to the first ever delta-neutral arbitrage vault in crypto. Third, it gives your Waitlist spot conversion. The black box is about to go live (in ~5 days).
Don’t touch the butt. Touch the Button.