![\"kelvin-zyteng-z5tsnuguttw-unsplash\"](\"https:\/\/static.coindesk.com\/wp-content\/uploads\/2020\/09\/kelvin-zyteng-Z5tSnuGuTTw-unsplash-710x458.jpg\")
<\/p>\n8 sept.2020 \u00e0 18:19 UTC<\/p>\n
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(Kelvin Zyteng \/ Unsplash)<\/p>\n
Kapil Rathi est PDG de CrossTower, un fournisseur d'\u00e9change cryptographique et de produits structur\u00e9s. Il a occup\u00e9 des postes de direction chez Cboe, Bats, ISE et \u00e0 la Bourse de New York. <\/p>\n
Everyone has fallen in love with decentralized finance (DeFi). We\u2019re all giddy about it. One subset of DeFi is the ever so popular decentralized exchange (DEX). DEXs, such as 0x, Uniswap and Kyber, have tried to compete with centralized exchanges by offering a peer-to-peer trading model, which theoretically requires no intermediaries and no deposits on a centralized exchange.\u00a0\u00a0 <\/p>\n
There\u2019s one big problem: liquidity or, more specifically, a lack of liquidity. In the past, there were buyers that couldn\u2019t find sellers and sellers that couldn\u2019t find buyers. With a lack of liquidity, the spreads on these platforms weren\u2019t competitive to centralized exchanges. This is precisely why centralized exchanges played a critical role bringing market makers and traders to a central limit order book. <\/p>\n
See also: Redel\/Andoni \u2013 DeFi Is Just Like the ICO Boom and Regulators Are Circling<\/em> <\/p>\n The latest breed of DEX have solved this liquidity problem by developing \u201cautomated market making\u201d (AMM) models where liquidity providers commit assets into a network (controlled through smart contracts) and the exchange generates bids and offers by using an automated mathematical formula. Partakers at these exchanges are able to generate potentially hefty returns by using techniques like \u201cliquidity mining\u201d and \u201cyield farming.\u201d\u00a0 <\/p>\n For my non-crypto friends, liquidity mining is analogous to rewarding market makers for providing liquidity with new tokens. Yield farming is an algorithmic way to lend assets into different pools to generate a return. \u201cFarmers\u201d may hop from one protocol to the next to maximize returns. Yield farmers can also be rewarded with incentives, or additional tokens. <\/p>\n Uniswap est un exemple d'\u00e9change d\u00e9centralis\u00e9 r\u00e9ussi. En fait, selon des nouvelles r\u00e9centes, Uniswap pourrait faire plus de volume de n\u00e9gociation que la plus grande bourse centralis\u00e9e am\u00e9ricaine. Et beaucoup citent les volumes de ces \u00e9changes d\u00e9centralis\u00e9s comme r\u00e9f\u00e9rence pour le succ\u00e8s.\u00a0 <\/p>\n not sure I\u2019m ready to commence celebrating high volumes in these food coins.<\/i><\/p>\n But before we make that comparison, let\u2019s dig a little deeper into an entity like Uniswap and the \u201cvolume\u201d on its platform. A large percentage of Uniswap volume is in coins that are spanking new and may not have a real use case. Anyone can create a token on Uniswap. Does high volume in coins like SUSHI, YAM and KIMCHI really mean Uniswap is better than other exchanges?\u00a0 <\/p>\n We are aware of the allegations that there may be questionable volume on crypto exchanges. Such claims have tarnished the reputation of the crypto industry and may have deterred investors from joining. Have we forgotten the initial coin offering (ICO) craze and how long it took to polish the crypto industry image? Personally, I\u2019m not sure I\u2019m ready to commence celebrating high volumes in these food coins. <\/p>\n Il est vrai que les pi\u00e8ces matures, telles que l'ETH et l'USDT, ont \u00e9galement vu beaucoup de volume sur Uniswap. Les pi\u00e8ces stables sont la rampe d'acc\u00e8s et de sortie de ces pi\u00e8ces alimentaires et ces pi\u00e8ces sont construites sur le r\u00e9seau Ethereum, donc naturellement, elles voient un pic de volume. Ce volume ne signifie pas que le DEX est un march\u00e9 efficace et efficient. <\/p>\n Les rendements de certaines de ces pi\u00e8ces alimentaires ont \u00e9t\u00e9 tr\u00e8s \u00e9lev\u00e9s. Dans certains cas, on peut empocher plus de 100% retour (ou 1000% dans certains cas) dans un court clip. Cela semble attrayant?\u00a0 <\/p>\n But there is \u201crug pulling\u201d now, otherwise known as pump and dump. A lot of suspect coins are being introduced solely for the purpose of generating fast returns for token issuers. For example, a new token, HOTDOG, keeping with the food theme, was launched on Uniswap on Sept. 2. It surged to $6,000 in a few hours. Early adopters of that token started selling it, creating a free fall. Within five minutes, HOTDOG went to less than a dollar.\u00a0 <\/p>\n Un sc\u00e9nario de tirage au sort est moins probable sur une bourse centralis\u00e9e car les bourses centralis\u00e9es ont des crit\u00e8res de cotation et des r\u00e8gles de n\u00e9gociation stricts et veillent \u00e0 ce que les traders soient trait\u00e9s de mani\u00e8re \u00e9gale.\u00a0 <\/p>\n Il peut y avoir des volumes \u00e9lev\u00e9s sur un DEX pour d'autres raisons. Serait-il possible qu'un groupe d'individus qui n'ont pas (ou ne peuvent pas) participer \u00e0 des \u00e9changes centralis\u00e9s se pr\u00e9cipitent pour profiter de l'opportunit\u00e9 d'\u00e9change d\u00e9centralis\u00e9? Certains acteurs de l'industrie soulignent le manque d'obligations de connaissance du client (KYC) sur les \u00e9changes d\u00e9centralis\u00e9s. Encore une fois, voulons-nous vraiment une industrie o\u00f9 le manque de KYC est consid\u00e9r\u00e9 comme une fonctionnalit\u00e9 plut\u00f4t qu'un bogue? <\/p>\n There are also issues with \u201cgas guzzling.\u201d Due to these non-tested coins that Uniswap is facilitating, gas prices on ETH are at an all time high. If this choking effect on the network is not stopped soon, it could have a detrimental effect on the value of the network as a whole.\u00a0 <\/p>\n Voir aussi: Qu'est-ce que l'agriculture de rendement? Le carburant de fus\u00e9e de DeFi, expliqu\u00e9<\/em> <\/p>\n We must give credit to Uniswap and other decentralized exchanges for breaking the walls between exchange order matching and market making. Traditional exchanges like CME, CBOE and Nasdaq have tried for years to provide automated market-making tools to their customers. Exchange order types such as pegging orders, discretionary orders, post-only orders and others provide automated pricing and repricing of customers\u2019 interest.\u00a0 <\/p>\n Due to the regulatory roles traditional exchanges play, they are not allowed to provide market-making services for customers on their behalf. Traditional market makers also do not feel confident ceding control to exchanges and empowering them to decide the market makers\u2019 price and size of their quotes. It is a great advancement, or at least a new development, that market makers are comfortable ceding this control to decentralized exchanges.\u00a0 <\/p>\n But market makers may still prefer centralized exchanges over decentralized exchanges because the former are not forced to use the exchange algorithm.\u00a0Market makers craft their own algorithms, advanced pricing and risk management strategies to determine their quotes, streaming them to a centralized exchange.\u00a0 <\/p>\n Les teneurs de march\u00e9 avertis peuvent en fin de compte h\u00e9siter \u00e0 se fier \u00e0 un tiers pour d\u00e9terminer la qualit\u00e9 de leur devis. Un \u00e9change centralis\u00e9 fournit aux teneurs de march\u00e9 une plate-forme sur laquelle se concurrencer efficacement, tandis qu'un \u00e9change d\u00e9centralis\u00e9 est un moyen socialis\u00e9 de traiter tous les teneurs de march\u00e9 de mani\u00e8re \u00e9gale sans donner \u00e0 aucun market maker un avantage ou un avantage. Les clients de d\u00e9tail b\u00e9n\u00e9ficient d'un march\u00e9 solide avec de multiples teneurs de march\u00e9, car cette concurrence fournit un spread bid et ask serr\u00e9, c'est-\u00e0-dire de meilleurs prix pour le client.\u00a0\u00a0 <\/p>\n Bien que nous devrions c\u00e9l\u00e9brer l'innovation et la cr\u00e9ativit\u00e9, il est important que nous garantissions, en tant qu'industrie, un environnement commercial s\u00fbr o\u00f9 il n'y a pas de pratiques de premi\u00e8re ligne, d'usurpation d'identit\u00e9 et autres manipulations de march\u00e9.\u00a0 <\/p>\n See also: William Mougayar \u2013 For DeFi to Grow, CeFi Must Embrace It<\/em> <\/p>\n Les personnes responsables de la conception et du d\u00e9veloppement d'un syst\u00e8me de trading algorithmique devraient assumer la responsabilit\u00e9 d'un march\u00e9 \u00e9quitable et juste. Sur le march\u00e9 traditionnel, la Securities and Exchange Commission a introduit l'exigence de licence de la s\u00e9rie 57 pour les concepteurs et les d\u00e9veloppeurs algorithmiques.\u00a0 <\/p>\n Je partage la vision de DeFi pour promouvoir l'interop\u00e9rabilit\u00e9, l'open source, l'accessibilit\u00e9 et l'inclusion financi\u00e8re. CeFi peut utiliser les principes DeFi sans compromettre l'int\u00e9grit\u00e9 d'un march\u00e9 s\u00fbr. DeFi offre des avantages incroyables pour att\u00e9nuer le risque de cr\u00e9dit et de r\u00e8glement o\u00f9 les parties peuvent n\u00e9gocier librement sans d\u00e9placer physiquement les actifs.\u00a0 <\/p>\n Il existe un grand potentiel pour les produits et services innovants. DeFi devrait \u00eatre en mesure d'innover dans un cadre CeFi pour faciliter davantage de transactions peer-to-peer entre les traders qui sont enti\u00e8rement contr\u00f4l\u00e9s pour garantir la protection des acteurs du march\u00e9. Nous devons nous assurer que les mauvais acteurs n'utilisent pas le DeFi comme arme pour des activit\u00e9s illicites, ce qui pourrait inhiber le potentiel de cette industrie. <\/p>\n<\/p>\n OpinionDecentralized FinanceDeFiDEXs<\/p>\n Divulgation<\/p>\n Chef de file de l'actualit\u00e9 blockchain, CoinDesk est un m\u00e9dia qui s'efforce de respecter les normes journalistiques les plus \u00e9lev\u00e9es et qui respecte un ensemble strict de politiques \u00e9ditoriales. CoinDesk est une filiale op\u00e9rationnelle ind\u00e9pendante de Digital Currency Group, qui investit dans les crypto-monnaies et les startups blockchain.<\/p>","protected":false},"excerpt":{"rendered":" 8 septembre 2020 \u00e0 18:19 UTC (Kelvin Zyteng \/ Unsplash) Kapil Rathi est PDG de CrossTower, un fournisseur d'\u00e9change de crypto et de produits structur\u00e9s. Il a occup\u00e9 la haute direction [\u2026]<\/span><\/p>","protected":false},"author":1,"featured_media":1702,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/posts\/1701"}],"collection":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/comments?post=1701"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/posts\/1701\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/media\/1702"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/media?parent=1701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/categories?post=1701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/tags?post=1701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Read more about\u2026<\/h4>\n