Basis desks and market makers get the biggest boost: the article’s $200K BTC/ETH hedge drops from $4,005 to $1,234 of margin, raising gross-notional capacity from about $50 to $162 per margin dollar. That leverage piles venue risk into ρ and exit liquidity, while BULK’s published lambda process limits cascade adjustment to two rounds.

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DEX-to-CEX spot volume ratio hits record 24% as centralized exchange trading nears 12-month low

DEX-to-CEX spot volume ratio hits record 24% as centralized exchange trading nears 12-month low

The Block ·

Ondo unveiled the Ondo Network, a new execution layer delivering CEX-like trading speeds with self-custody, private execution and onchain settlement as an evolution of Ondo Chain

Ondo unveiled the Ondo Network, a new execution layer delivering CEX-like trading speeds with self-custody, private execution and onchain settlement as an evolution of Ondo Chain

The Block ·

New report by DefiLlama Research: "From Exchange to Infrastructure: How CEXs Are Reshaping Global Market Access" Ten years ago, centralized crypto exchanges were niche infrastructure for a niche asset class. Today, they process trillions of dollars in monthly volume, hold hundreds of billions in user assets, and have become the venues where the price of the world's most-traded digital assets is formed. A new map of global trading is being drawn, and centralized exchanges are leading it.

New report by DefiLlama Research: "From Exchange to Infrastructure: How CEXs Are Reshaping Global Market Access" Ten years ago, centralized crypto exchanges were niche infrastructure for a niche asset class. Today, they process trillions of dollars in monthly volume, hold hundreds of billions in user assets, and have become the venues where the price of the world's most-traded digital assets is formed. A new map of global trading is being drawn, and centralized exchanges are leading it.

Defillama ·

AscendEX ceases operations and pauses automated withdrawals, requiring manual review for all requests

AscendEX ceases operations and pauses automated withdrawals, requiring manual review for all requests

Telegram/ZachXBT ·

BIS Bulletin 125 shows CEX pay stablecoin holders using reserve returns or market income, with reserve-based yields tracking policy rates while activity-based yields are volatile, potentially shaping future macro-financial implications as stablecoins become bank deposit substitutes or funding for exchanges' risky activities.

BIS Bulletin 125 shows CEX pay stablecoin holders using reserve returns or market income, with reserve-based yields tracking policy rates while activity-based yields are volatile, potentially shaping future macro-financial implications as stablecoins become bank deposit substitutes or funding for exchanges' risky activities.

bis.org ·

Delphi Digital's "State of Token Markets" report reveals insider unlocks costing ~7% excess return per event, no value accrual to holders, and disastrous CEX listings (median down 82%) defined poor token returns, but major DeFi protocols now fix this by routing fees to holders via buybacks (Hyperliquid, Uniswap, Jupiter, Aave) and gating supply on KPIs, while institutional IBIT holdings surged 62% year-over-year, creating the strongest setup token asset class has ever had.

Delphi Digital's "State of Token Markets" report reveals insider unlocks costing ~7% excess return per event, no value accrual to holders, and disastrous CEX listings (median down 82%) defined poor token returns, but major DeFi protocols now fix this by routing fees to holders via buybacks (Hyperliquid, Uniswap, Jupiter, Aave) and gating supply on KPIs, while institutional IBIT holdings surged 62% year-over-year, creating the strongest setup token asset class has ever had.

𝕏/@Delphi_Digital ·

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