#cryptobanking scholar - Bridging #TradFi and #DeFi
Founding Chef at @SteakFi
Working on: @makerdao - @ensdomains - @_fortunafi - @AngleProtocol - others
May 27, 2023 • 9 tweets • 4 min read
1/ Let’s discuss @B_Eichengreen last paper “Stablecoin Devaluation Risk”
Especially the fact that stablecoin have an inconvenience yield.
I'm again asking for academics to actually study real life instead of dreaming and producing misinformation.
2/ First, let’s state that I’m strongly opposed to USDT and the current monopoly of USDT is shameful for the crypto community in my view.
Regulators are sadly to blame as well.
May 26, 2023 • 10 tweets • 8 min read
1/ Let’s read the latest crypto report from the European Systemic Risk Board @ESRBofficial@ecb
There are some nuggets. 💎
@ESRBofficial@ecb 2/ Let’s start by spreading FUD on Ethereum without any source.
People abandoning permissionless blockchains? I speak with many big institution and all are moving to permissionless blockchains, they see value. @FTI_Global, SocGen, @wisdomtree, KKR, …
Feb 2, 2023 • 5 tweets • 3 min read
1/ Permissionless tokenized securities are here thanks to @BackedFi . $bCSPX is now tradable on @Uniswap (might get kicked out from the UI tho).
For more information, there is a @DuneAnalytics dashboard and a short thread 🧵 dune.com/steakhouse/bac…2/ $bCSPX is a wrapper on top of CSPX, the S&P500 ETF issued by @BlackRock (UCITS version and accumulating). You can read the hundred pages of legal docs on backedassets.fi and make an opinion for yourself.
Nov 7, 2022 • 9 tweets • 4 min read
1/ Very interesting paper on AMM introducing the Loss-Versus-Rebalancing (LVR) concept, which is way better than IL.
LVR >= 0 but I oddly enough found it is always 0. Happy to get guidance here.
cc: @jason_of_cs@ciamac@Tim_Roughgarden@AnthonyLeeZhang arxiv.org/abs/2208.060462/ Their general LP P&L formula is clean as a decomposition of market price impact (rebalancing P&L), LVR and the fees income. I will assume no fees and focus on the LVR.
Nov 6, 2022 • 11 tweets • 3 min read
1/ The analysis of @thiccythot_ shows that you are getting front-run if you LP. On a trade by trade basis you are getting rugged by arb traders no question here.
But it miss the whole point in my opinion.
🧵
2/ If we take a full-range exposure, your benchmark as an LP is a constant 50%/50% ETH/USDC exposure. that's the whole x*y=k thing.
In a world where you only get arbed by bots, each trade help you to keep the 50/50 ratio but you pay an arb fee to the bot.
