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Haseeb Qureshi, managing partner at Dragonfly Capital, and Dan Robinson, research partner at Paradigm, discuss the explosion in decentralized exchange activity on automated market makers from $1 billion earlier this year to more than $10 billion in August. - Why trading in automated market makers has 8xed in a few months
- how automated market makers work, and how specific dexes can specialize for the assets being traded on them
- why traders would prefer to trade on a dex vs. a centralized exchange
- how incentivized pools have drawn traders and liquidity
- why trading on a dex seems can be more appealing than on a centralized exchange
- why trading on dexes now mirrors trading on Binance in 2017
- how "DeFi is the hottest coolest place where people are making a lot of money"
- the difference between the metrics of liquidity, trading volume and total value locked for a dex
- why AMMs are capital inefficient
- what it means that fees paid on Uniswap are about half of those paid on Bitcoin
- what the purpose of liquidity mining is
- why Haseeb doesn't think that dexes have network effects and that once professional market makers come in the space, Uniswap will lose market share
- whether users will use DeFi directly through the dexes or through another interface
- why Dan thinks that DeFi is now comparable to financial investment in the 1970s
- whether or not yield aggregators like yEarn make it harder for AMMs to compete
- what happened with the CRV token launch
- initial dex offerings or initial DeFi offerings, like the UMA token launch
- whether, because of the high fees on Ethereum and the how long its transition to Ethereum 2.0 will take, DeFi activity could move to another blockchain such as Solana
- where DeFi will go over the next few years
Thank you to our sponsor! Crypto.com: http://crypto.com Episode links: Haseeb Qureshi: https://twitter.com/hosseeb Dan Robinson: https://twitter.com/danrobinson Haseeb’s post on the rise of AMMs: https://medium.com/dragonfly-research/what-explains-the-rise-of-amms-7d008af1c399 Haseeb's post on how Uniswap could be un-bundled: https://medium.com/dragonfly-research/unbundling-uniswap-the-future-of-on-chain-market-making-1c7d6948d570 Dex volume: https://defiprime.com/dex-volume Trading volume on centralized exchanges: https://www.theblockcrypto.com/genesis/74539/july-by-the-numbers-a-look-at-crypto-exchange-volumes-open-interest-and-miner-revenue Incentivized pools: https://pools.fyi/#/?tag=incentivized Top dexes by trading volume: https://www.coingecko.com/en/dex Ethereum transaction fees: https://bitinfocharts.com/comparison/ethereum-transactionfees.html Uniswap website visits 15x in July: https://messari.io/article/uniswap-total-website-visits-grew-15x-in-july Website traffic to DeFi platforms explodes in July: https://www.theblockcrypto.com/post/74231/defi-platforms-web-traffic-july Fees paid to various crypto projects: https://cryptofees.info Curve reaches $1 billion in TVL: https://www.theblockcrypto.com/linked/75014/curve-becomes-third-defi-protocol-to-hit-1-billion-in-total-value-locked The Block on dex aggregators: https://www.theblockcrypto.com/genesis/69468/dex-aggregators-user-experience Delphi Digital on aggregators and why dexes will be like airlines: https://www.delphidigital.io/reports/dex-wars-and-aggregation-theory/ https://www.delphidigital.io/reports/are-amms-the-airlines-of-crypto/ https://twitter.com/ZeMariaMacedo/status/1298589417855168518?s=20 Mooniswap: https://www.theblockcrypto.com/linked/74454/1inch-launches-automated-market-maker-mooniswap Yield aggregators: https://www.theblockcrypto.com/genesis/75189/defis-yield-aggregator-dao-yearn-finance How DeFi is affecting OTC desks: https://www.theblockcrypto.com/daily/75870/defi-otc-desks-lunch Serum on Solana: https://www.theblockcrypto.com/daily/72924/ftx-dex-serum-solana-blockchain CRV launch: https://www.theblockcrypto.com/genesis/74921/the-story-of-the-botched-crv-launch UMA token launch: https://www.theblockcrypto.com/genesis/63611/uma-token-sale-retrospective Serum on Solana: https://medium.com/solana-labs/ftx-chooses-solana-for-serum-a-high-speed-non-custodial-decentralized-derivatives-exchange-c346a27c1f2b https://www.coindesk.com/uniswap-ftx-perpetual-futures Learn more about your ad choices. Visit megaphone.fm/adchoices |
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