Crypto Research
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Over the past two weeks, we have seen the bear markets bringing out the worst in digital asset markets. While 3AC exemplified the opacity of CeFi dealings, not all DeFi protocols are transparent and immutable, despite users self-custodying their own funds. We attempt to define and outline the differences and similarities of CeFi, DeFi, and the grey area in between. CRYPTO DEFI DIGEST: CEFI, DEFI, AND EVERYTHING IN BETWEEN
FIGURE: 3AC’S CONTAGION AFFECTING CEFI, DEFI, AND CEDEFI Over the past two weeks, we have seen the bear markets bringing out the worst in digital asset markets. Rumors of insolvency flew rampant in the face of volatility, affecting behemoths that were previously deemed ‘too sophisticated/large to fail.’ Celsius, which we covered in detail in The Tide Pulling Out, was one of the first to waver, fueling fears of contagion in...
Last week we noted that Three Arrows Capital (3AC), a prop shop headed by the once-beloved Su Zhu and Kyle Davies, was on the brink of exiting the industry. Well, if you have been following our daily market updates, you know by now that this did indeed happen, and 3AC unleashed chaos of leverage unwinds on its way out the door. In the past week, we witnessed yet another bout...