Decentralized derivatives exchanges are preparing for a new market paradigm after the collapse of FTX. realDannyNelson reports
The collapse of crypto derivatives exchange FTX is driving more attention to its on-chain competitors and prompting these so-called decentralized exchanges to double-down as an alternative.
Whether they can win the trust of the trading public is yet to be seen.Their pitches hinge on a transparent truth: it's virtually impossible to inconspicuously commingle funds when everything’s traceable on the blockchain. That’s driven reams of new interest to some early players. Dan Gunsberg, creator of Solana-based derivatives exchange Hxro, said that in recent weeks he’s seen a boom in inbounds for a trading platform that he claims cannot fall prey to the same pain points that felled FTX and Alameda.
“This was not a DeFi problem,” Gunsberg said of the latest market collapse. “FTX and Alameda as far as we know were incredibly centralized, controlled by a single person. These things metastasize because of human error.”
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Decentralized crypto exchange volumes nearly double in November amid FTX debacleCEX trading volumes rose by 23.7% in November, while DEX volumes jumped 93.2%.
Read more »
2023 CMC Crypto Playbook: Making Governance Truly Decentralized by Jump Crypto | CoinMarketCap[CMCPlaybook] jump_ believes that governance solutions should not be one-size-fits-all but instead specialized to particular protocols’ needs. Here's a proposed framework for the decentralization of protocol governance. Will 2023 be its glory year? 💪
Read more »
Sam Bankman-Fried Denies Creating FTX Backdoor in Interview with Crypto YouTuber | CoinMarketCapThe founder of the bankrupt crypto exchanges and trading firm Alameda Research blamed his staggeringly bad accounting and management for failures other allege had malicious intent.
Read more »
FTX crypto collapse: Ex-CEO Sam Bankman-Fried denies 'improper use' of customer fundsSam Bankman-Fried, the former CEO of cryptocurrency giant FTX and trading firm Alameda Research, told ABC News he was ultimately responsible for the downfall of both companies, but denied that he knew 'that there was any improper use of customer funds.'
Read more »
Podcast: SBF Claims FTX Was Minutes from Making Customers Whole, Crypto Billionaire Dies in Crash | CoinMarketCapDon't forget to listen to today's CMC's Podcast while you're on the way! 😉 Today's news includes: BlockFi reveals, SBF's denial, a crypto billionaire killed in a helicopter crash & more 👇
Read more »
BlackRock's Fink says crypto technology still relevant despite FTXBlackRock Inc Chief Executive Larry Fink said on Wednesday that there appear to have been 'misbehaviors' by the now-bankrupt FTX crypto exchange, but that the technology behind crypto is relevant for the future.
Read more »