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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Research
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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The Crypto Banking System
The foundations that are needed to build a financial system on top of decentralized finance (DeFi)
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Crypto-banking differences with traditional and shadow banking
Banking is the alchemy of bridging ultimate lenders that want safety and liquidity to ultimate borrowers that want long dated
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Capital structures for DAOs in DeFi
Decentralized finance promised a Cambrian explosion of nature of tokens. As we will see, we are still far behind TradFi.
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How money work
This article presents a simple and short case on why it is commercial banks and not the Fed that creates
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Introducing ClearingDAO: a decentralized clearinghouse for stablecoins
I have tediously insisted that the natural system of banking is that of many banks keeping their own cash reserve,
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The history of a DAI at par value
Summary The price stability of DAI was expected to be managed by rate settings and speculative arbitrage This didn’t work
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