1) wrote up a piece on his thoughts on the future of crypto.
Some responses to that below.
arjun.af/crypto-market-
Conversation
Thanks for the thoughtful response - you're leading here!
4/ Agree, used "reserve" to mean "#1 quote asset"
9/ I'm optimistic re: clearing. For smaller venues, the trust trade-off could be offset with benefits of pooling (i.e. like Serum 😇)
Heavy +1 re: DeFi yields and risk.
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For (9) what sort of structure are you imagining? Where is the capital?