Part 2: A brief look into 2nd generation AMMs
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Part 2: A brief look into 2nd generation AMMs
The Ethical Long: Cycles and Capital Formation
Since August 11th/12th, I began writing thoughts to capture my mental model around identifying inefficient capital allocation in crypto assets, and the market forces that drive positioning on the margin – which I believe is under-recognized today due to what has been a prog... See more
“Lenders continued to buy the DF and sell the NDF. We see the discount of DF’s relative to NDF’s as the interest rate in hashrate-based lending markets. Buyers and sellers of the DF with upfront payment can use the NDF to lock-in a fixed yield or cost of capital instead of having exposure to the uncertain and variable returns of hashprice. In Novem
... See morerelative value trades and convergence trades.