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Citadel's Sharpe is Uniswap's OpportunitySeptember 22, 2020
Automated Markets Makers (AMM's) are a relatively novel concept that has been popularized primarily by Uniswap. Most discussions around the tradeoffs of AMM's are usually of two forms. The first comes from experienced traders who can’t get past the inefficiencies that arise from AMM pool trading. The second comes from crypto native's who proselytize our future of peer to contract financial…
The DeFi Prime BrokerJuly 10, 2020
In traditional finance, when you hit BUY on screen. The experience is seamless, and in a few seconds you have price exposure to a financial product. Behind the scenes an absurd amount of financial engineering and infrastructure allows for such a seamless experience. A distributed systems problem ensues between algo traders, brokers, investors, copious regulation and dozens of other intermediaries…
Open OptionalityApril 09, 2020
The crypto options market has been slow to develop, with Deribit finally breaking through and providing the first retail friendly crypto options products. As with many crypto derivatives products they are unavailable to Americans, and they are custodial. The fact that the crypto options market remains immature presents a huge opportunity for Open Finance. Options are complicated not in their…