1) FTX launched HALF tokens today: Leveraged Tokens with 1/2 exposure to the underlying.
ftx.com/trade/HALF/USDT
Why bother, if you can just do it yourself without leverage? Well, the first answer is that maybe no one cares, which is fine!
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2) But one interesting thing is the have the opposite price action from BULL/BEAR. When markets go up HALF's BTC holdings go up, so it sells some off to get back to 50/50; when markets go down, it buys back.
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3) So whereas BULL/BEAR do well under momentum and poorly under mean reversion, HALF is the opposite: it does well under mean reversion and poorly under momentum, relative to a static portfolio.
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4) This isn't the coolest thing we've ever launched, or even the coolest thing this week (help.ftx.com/hc/en-us/artic), but it's something that complements the existing products so we decided to go ahead with it.
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