The Dealer Function in the Cryptobanking Era
The Dealer model revolutionizes DeFi, offering enhanced liquidity and capital efficiency through lending markets and just-in-time provision.
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Research
Lending and stablecoins
Where we explore the similarities between lending protocols and stablecoin issuers
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Money view of the MakerDAO/Morpho/Ethena drama
Crypto-twitter is all the rage on the MakerDAO/Morpho/Ethena combination that may result in up to $1B of MakerDAO’s balance sheet
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Open letter to “Will the real stablecoin please stand up?” authors
Open letter to “Will the real stablecoin please stand up?” authors The BIS issued a paper called “Will the real
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Singleness of money in crypto-banking
If a term is quite fashionable in central bank circles those days, it is the singleness of money. BIS papers
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Accounting primer for crypto-banks
In this paper, we will go through the basic accounting building blocks of a crypto-bank. A crypto bank is a
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Almost 50 flavors of crypto finance
We explore a nomenclature of crypto-finance projects from crypto-currencies to flavors of DeFi then CeFi.
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Stablecoins and currency boards
This article dig into currency boards and what we could apply to stablecoins. This will also lead to an improved value proposition for MakerDAO and its stablecoin DAI.
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Stablecoins: currency or credit?
We will analyze the difference between money-like credit and a currency. Then we will try to understand how such a dichotomy related to the stablecoin construct, in particular DAI, the MakerDAO stablecoin.
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How the crypto-banking system could reduce systemic risk
This article shows that liquidity pools, a basic construct of DeFi could create a more robust financial system by improving assets liquidity and, in the same time, improving passive investors performance.
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