Transcription
On all exchanges except debit, we are number one in terms of trading volume in the world. If you look at the volume of the crypto market, it is something like 50 billion a year.
As a market, such large memes on KS memes are cool; they attract an audience. How many memes have risen and fallen? When does a flash crash happen? The market is going for liquidation. If they predict that now it will be even worse, this affects such a chain reaction. On the market, a couple of percent, and it is already going up or down.
The mythical bull spring finally came; it was going 46% sells, 54% buys. This is the price growth. Now the market has just lived since October. This is where you need to go if you want to grow.
Friends, hello! Glad to see you, new headliners. Today, my guest is Andrey Chov from DWF Labs. Andrey, here. Usually, I know I talk about the topics on which we communicate, but you have a reputation in professional circles. You are known for a slightly wider audience.
DWF Labs, what are you? Anyway, we are a big market maker. We are a fairly large investor in venture and non-venture; this is probably our main business direction. VPS, and also, we are a very large high-frequency trader.
The first topic I wanted to discuss is the huge boom in relation to meme coins. Moreover, memes are coming out to exchanges. In memes, there is an absolutely non-standard way of distribution because for market making, as I understand, you need some amount of supply. In any case, that is, in addition to money, dollars, there are shki that need to be spent.
You need an amount of supply, like market such large memes on KH, for example, like DVI, like PP. I don't know, here are the dogs. As a market maker, when you come to this market, you are forced to supply from the market at some point in time.
How is the listing of these memes prepared in general on large exchanges such as Binance, KX, Bybit? On DEX, all this can work, but on KH, it is impossible without you, figuratively speaking, as a business structure that helps the market live.
Well, I would rather talk about dogs first from the Dog project. Well, no one works because, as such, the Dogi team does not exist. But here's how it exists on Binance: Doge is included in the list of assets that any large trader, market maker, who has VIP N and market making commissions on Binance must support.
But also on other exchanges. And here's what it means that you must support; you are obliged to fulfill. You have an obligation to provide liquidity, the market share, and so on. There is a spread, the volume of trades that you made as a maker in this asset.
That is, this is a normal program; it is similar on all exchanges. On traditional markets, the same. Well, how do you enter if you physically don't have Doges? If you need Doges, you sell for your dollars. It's clear.
In order for you to become, you directly purposefully buy off some volume, which is big, of course. That is, you hold some spread; your share is in the volume of trades and everything. There are different companies. For example, on some exchanges, you must maintain high liquidity, but for this, a good incentive is given out in terms of there.
You buy good rebates. Well, conditionally for 100,000, yes, and you keep a lot of liquidity there. But a lot of it, 100,000 somewhere, that’s the spread. There’s no need to have any significant reserves for you. For a market maker, these certain reserves, if they are in various MCOs, are still risks, or is this part of a simple business model?
Yes, it is part of a business model with big risks. If we are talking about big assets like Bitcoin, Doge, yes, well, it is just trading. Then it does not carry any risk for us. I would say, well, there is a risk, but it is manageable. Yes, we understand how to work with it.
For us, it is absent, so to speak, for some small tokens. Well, of course, there are risks. That is why there are these loans from projects where we take inventory, and therefore our task is to work off our risk so that this inventory is not lost. They could return it and make some money on it.
Well, that's understandable. This is when a project is a case with memes in which there is no centralized team. This is how it happens. Well, I don't really know such memes except for Doge.
There, conditionally, a wait. That is, PP has a team that, well, everywhere there is some kind of horse leader with whom you interact and act. A, and he almost gives out his own, yes. That is, they collected from whales, for example, some volume, transferred it to the market maker.
Then all this is normal. Wow, this is cool. We went to our last podcast on the topic of liquidations. It worries everyone. I said that we are like buying off liquidations, not buying off, and there is a certain process of working with backstop liquidity.
Provine DAP, well, it was very common on KSE. Now it's somehow not enough on exchanges. How does it work on exchanges now? Well, the exchange uses its ins FN, and that's it. They don't attract market makers as such now to ensure liquidation.
Phew! Well, if I remember exactly on Binance, this is not on OX, this is not on Babita. I don't remember because now I am more focused on Lapsa, not on the high-frequency part of our business. I don't even know about small exchanges, but there probably aren't any significant volumes of liquidation on memes.
There, WiFi liquidations are in the billions. That is, billions. If there is peace of mind there, I at least look at Bons. Although in terms of regular assets, there is Bitcoin, Ethereum; they are in the hundreds or tens of millions.
That is, for me, it’s like for a person who, well, there, it indirectly concerns this. It shows that it’s as if a huge amount of retail is climbing into memes almost with their shoulders, and these algorithms work. They climb with their shoulders and are liquidated there.
Liquidation - this is a big good business. The exchange is not giving it away now. Well, why? That is, if you have assets, if you understand how the exchange is a risk, how to manage this risk. But why give it away?
Well, I'll tell you, for example, I don't remember that in that year we discussed it. No, our last experience with FTX when it was, well, many years have passed, but the essence has not changed. The business has remained the same.
Conditionally, Bitcoin minus 3%, 300,000 dollars, yes. That is, this is conditionally risk-free money. But here's how it was in the twenty-first year, plus or minus 3%. This is constantly, yes. This is a very good business.
That is, now there are liquidations; they are on the DEX, all sorts of landing platforms, and so on. But this does not have such a scale as it does on Perepechi, of course. Well, I understand. Yes, yes, the current volatility of the market for you here.
What changed? For how well now the market? I would say since October, it just came to life. It is incredibly good in terms of trading. Forgive me.
And by what metrics can you judge that it came to life? Besides that, well, here is the volume of retail trades, the volume of retail trades. How do you look at these volumes of retail trades? What is the source of this data?
You see this because you execute more transactions. That is, well, conditionally without the name of the exchanges. Yes, that is, there is a certain exchange there that has a market-making program. It bakes there conditionally.
There are five people trading there, all like us because we all farm there. Well, airdrop, conditionally, and so we trade against each other. In fact, it turns out, and the profitability is there, well, about zero.
Yes, you trade with guys who also know how to trade. Well, it's like a professional boxing match. And you, too, our PNL is growing there, but it's growing slowly.
Yes, I don't know, it's 500 dollars a day. There, it's like, yes. And now we come. Let's use this as an example. Let's take some exchange where at some point a lot of retail traders appeared, or non-retail but not high-frequency.
What do they create? They create inefficiency in the market. That is, a person comes, buys, makes the wrong decision, comes there, sells the wrong decision, or buys a large volume, conditionally, if some increases.
Yes, but a large volume is how much? Well, in your understanding. Well, it depends on the asset, yes. For Bitcoin, for example, there is a million dollars - this is a small volume, yes.
And for example, if we take a token top 300 million dollars, there may be a price shift, I don’t know, in 50%. And you know what the question is? You enter 10,000 dollars. I don’t know, there with the twentieth Daro, 200,000 right in turn as a layout.
You also execute orders for 200,000, also with some kind of leverage, or you like with your leverage, of course, with what they are great for trading. That is, I would not attribute it to the high-frequency part because the matn on perp is very rare at the request of some projects that do not have effective markets.
You lose there, yes. Rather, there is a task how to lose less because, well, it trades poorly. Well, here is one of the examples without a token name. A certain token on a certain exchange, and here everyone takes this token in long.
Here, everyone takes it long. Why? I don't know. This is the first time in our experience when there is not a single short position in 48 hours. That is, everyone predicts it, but in theory, we should short it there because we should take it.
And this is a very stupid situation. This is when we talk about market making PE for some weak assets because you just have a big short in a bull market. Everything is growing, and you can’t close it because where it is closed at a loss only.
Yes, to do in this situation, go to negotiate, conduct that look, such a situation. Let's discuss some conditions because it can't work like that.
That is, it turns out that you, as a market maker, bought yourself a huge short. Well, it's not huge, but it can become huge. It just accumulates. You know, there it is small, but in a day, what it there, 50,000 dollars grows.
But there in a month, there will be half a million short, and the market will grow twice as much. It will start to liquidate us there, yes. That is, well, such, yes, such.
You understand, yes? Normal assets, such it doesn't happen. When you ask a question, yes, yes. For example, about the Doge, when there is Tey or not retail, yes, some user just opened a big shoulder.
There is also Dean Ray, who is a comp. He essentially controls the balance, yes. That is, it is the same, the same.
Well, as a percentage, that regulates the number of shorts of longs, yes. That is, it becomes unprofitable for people to hold longs, especially with large leverage.
And accordingly, the more participants there are on the exchange, the more traders there are on the exchange who trade the same, more efficient this market, and the less risky it is for the exchange.
When there are a million people trading, they trade about 50. And when they trade like this, I gave an example on a small exchange, 10 people, they can trade all in one direction. This is a big problem, and the exchange there doesn't want to do this.
Yes, that's why they attract a market maker there. The condition is that if we list you, you must hold such and such liquidity, such and such volume. And then it's already a question of the project, how will he agree on this with whom.
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See, people are divided into two types: those who are going to do something and those who take and do it. Act. There is such a metric that they look at professional market participants when there is a number of people who open a position.
There is a volume of the position. Well, that is, figuratively speaking, there is open interest. Yes, open interest. So can you tell a little more about the structure of open interest?
Well, that's how you gave an example. I came with ten, with ten, with twenty shoulder, opened for 200,000 long, let's say, and a bunch of people all this added 200,000 open interest.
Then, I don't know, you came, opened for 200,000 short. This added another 200,000. And that's how it accumulates. Here you get such a synthetic big thing that can reach the theory of any volumes.
There is such a thing among traders, namely among duck traders, the opinion that the market goes for liquidation. Well, that is, figuratively speaking, when there is a certain corridor of trading.
Yes, usually, you know, there is the same Viv. I'll just take an example. There was, you know how it is so beautiful in Coin Eye. I don't know how Coin Eye draws data from where it stands in the corridor.
Here it is right here, accumulating such a fat yellow liquidation plum. It knocks in liquidation further. That's how you told it. Everything was just like you.
I told you because at that moment when you touch the calm voice of this yellow one, I tell you as an ordinary retail person who trades minimally, then a rollback occurs.
Because as if the market maker needs to fulfill this story, as if this discount most often, it then somehow, that is, not that a rollback. But, well, as if it touches, and then there is a sharp rebound.
You see how these processes are happening here. There is either the liquidation of these people or something else. Well, look how the liquidation is arranged. It is being liquidated into nowhere; it cannot be torn into nowhere.
It should settle with you at the market; it is not with the market maker. This settles here in this example which I attached, where no one else can settle it.
And so, as if this settling, I would say there are several options. The first option which causes such fluctuations is when it is liquidated in the market. What does this mean?
We know like a yoke, nothing here. It is somewhere; it touches, it py happens. We get it. These are shorts. Shorts, what does this mean?
So then we need to buy everything, and there is some huge amount of this here. This is a buying up of Ala longs from the market, and therefore the price jumps up a little bit.
It turns out to be a V-shaped movement, or vice versa. If everything flies up, here it is liquidated; everything needs to be sold. V-shaped movement, but in Russian, it is a shaped movement down, yes.
And the second option is when it is liquidated, for example, either in MA or in the insurance fund. But there, accordingly, nothing like that happens because the insurance fund or the market maker receives it at a discount.
And such liquidation is obtained. That is, it is also sold in the market, but not with huge orders that make it bad, but with small ones. Why do they accept either this or that model?
It is also very just if the market is big, effective Bitcoin, imagine. Yes, or is it a healthy market with a large open interest, with a large number of participants?
Then it is easiest and safest and better to do it first. Everything is liquidated in the market because the market itself trades this, and liquidity for the market is good.
When the market, maybe, let's say that from liquidation on some specific exchange dramatically spoils the whole. Well, let's imagine that liquidated some amount of this WiFi, yes, which we, for example, I don't know what caught on launch will be, yes, on some, let's say not on buy, but on a junior exchange.
But on some huge volumes, this can simply lead to the fact that, for example, the chart on this exchange, well, it will dramatically differ from the chart on buy pro bad.
Well, that is, it somehow looks bad. And this is also the responsibility of the market to equalize these non-optimalities. No, no, the exchange is working on this.
That is, they can set the market maker a task. Yes, provide liquidity, but no, to equalize because all these discrepancies are equalized organically by arbitrage traders and the market maker.
Because this is the alpha that you can take. What real volume, after all, retail can be in people? I don't know, some on Binance, on OK, I don't know, on someone.
Maybe Bitcoin and less. You can here, well, roughly estimate, damn, people, how, I don't know, transactions per day.
I'll explain to you why the question. I told you several times on the podcast. We are a fit there is an exchange, and I have my commission.
For example, if it is for, well, let's go, it falls accordingly into the tishki. And if it is spot, it falls in a specific spot there.
And there, on my sample, there are almost tens of thousands of people, close to a hundred thousand people sometimes. On some asset like optimism, two transactions a day fall.
Name, and I understand that there is no spot market at all. This can be for some assets. You can estimate the approximate number of transactions that are tens of thousands, hundreds of thousands.
This is millions, I would say millions of transactions. Yes, if we take some asset as a whole, well, probably it is tens of millions.
The question of who, yes, that is, if these are retail transactions, probably millions. Under retail, I include institutional investors who are not electronic traders.
Yes, if we are talking about high-frequency, some arbitrage strategies, there are probably tens of hundreds of millions. When FSH crashes occur, there is such an opinion on the market.
What they say is that like the market maker left. That is when like something like this happens. I remember there was Bitcoin, ko, do you remember? It fell like a capital.
I didn't when it was there. They say like we see that the market maker turned off the algorithms. The market is in an uncontrollable field. Then it is somewhere caught ZRO, and there the guys straight away about the market maker returned.
This is partly true. That is why partly, yes, because no one leaves completely. Yes, that is, there is no such thing that, oh, let's leave now.
This is just an algorithm of any high-quality algorithm, yes, which simply with an increase in volatility greatly increases the spread. And more and more if FSH K increases it there, well, catastrophically.
That's why it happens. This was described in detail even on the American markets when the first flash KSH was obtained thanks to electronic algorithms.
That is, figuratively speaking, that's when you have some kind of too high volatility, not even connected with flash cache. Your algorithm starts to make fewer transactions.
No, it starts to make more transactions but with a larger spread. This is very good in terms of profitability. But it looks like this for the market.
That's how any advance, well, such an advanced algorithm has a certain, well, under its essence, let's say, prediction models. Yes, which try to predict market changes.
Yes, if they predict that things will get even worse now, then of course they increase the spread, and this has an effect on the markets.
Yes, that's how you, after all, DWF Labs, as labs, as a laboratory, it turns out, and prediction models you use or there AI on a regular basis.
We have been using it since the eighteenth year. That is, you have it all right. The center, there is such a thing.
I recently just figured out when tokens, especially new tokens that come out on listing, they start to be quoted around the DEF index. Maybe it's generally a kind of myth that there is some kind of synthetic instrument at Binance, which is some kind of average movement.
There is some kind of basket, figuratively speaking, this basket has 100 assets there, and accordingly, this index moves there plus or minus there 35%. Well, I don't know, there per day.
Well, it doesn't matter, maybe 0%. Well, in short, somehow it goes. And that the tokens that the market maker, they directly according to the algorithm, like they just say so, well, we duplicate the index.
Here is this FY, and like so that the market was alive, so that it at least didn't stand still and wasn't such a flat point. It just essentially follows.
Well, that is why the whole market moves plus or minus the same. That is, very red because the cryptocurrency, the whole market is plus or minus correlated.
Well, it's hard to believe that if, figuratively speaking, it falls and we don't take Bitcoin, it often breaks away. Well, what if it falls?
I don't know, let's take some tone, for example. The tone starts to decline. Here, all the tokens on Tone that are traded, there are a few of them, there are fewer children.
They also, for some reason, are starting to go down. Well, people are selling all this. It's all very logical because the price of tokens per ton is going down, conditionally on, well, not conditionally, but the price per ton exah is going down.
Yes, it is there, is nominated in Tone. The price of a ton fell, and you have a conditional token. I don't know, here iPhone on Tone became 2% lower on DEX than it costs in relation to USDT on Binance.
Yes, and accordingly, conditionally, you should sell here, buy here, and sell on Binance. That a little, slightly lowers the price of Binance.
Plus the general mood, then it fell. Everything. That is, you want to say that derivatives of tokens, they are connected? Yes, they are connected with the underlying asset because they are traded in this basic asset, figuratively speaking.
They are traded in tones. This is such a practical explanation, you know, but there is also an emotional explanation that I would, well, it’s not difficult to explain.
Well, I wouldn’t cancel it. Probably, it is the prevailing one. Yes, that ecosystem tokens fall together with the ecosystem, grow together with the ecosystem.
Just two weeks ago, Xempire took off very strongly. Yes, it was very cool, but I think it was manipulation. I don't know who the market maker is. I didn't touch it.
And you, I didn't talk to Sasha. It's hard for me to believe here that the market decided this way, not this. Well, and there the volumes are colossal, and the market decided so simply.
I mean, why? If you look not only at a separate asset but take all Xempire took off, further took off after it, Hamster, which pulled up with smaller volumes, not Dog and so on, not Dog, ti Cats.
In general, everything in general, not connected with these projects, and pulled up a little more tone. And tone, yes, tone, tone pulled up for some reason.
That is how it happens because people analyze the ecosystem. No, it is not necessary to discount the influence of retail private traders because they form, in general, this movement.
It is not a market maker; a market maker follows him and earns on the difference on these inefficiencies that participants firmly create. Yes, they create a movement. They watch.
Yes, and in general, the market is watched. Let's call it a market that one asset probably shot up; others will now also start shooting, and then it goes some kind of like this, you know, a peg-shaped division, probably.
That here it goes, not even a peg-shaped division. It’s probably wrong. Here we had, um, yes, which is all.
That’s because everyone concentrated on it, and with decreasing speed, taking into account the interest of people and the volume of assets. Why the tone did not grow as conditionally, I don’t know, because damn, he has catalysis there, 10 times more.
Xempire fell on it. Many have already put a cross on it to a certain extent. Well, that is, there, I don’t know, in the community, maybe there was sentiment as if then he took off.
As they say, green sticks forgive everything. Xempire on top, then it seems like Elon Musk something tweet even there, post clay turned out like.
But this moment of transition from when everything disappeared to the moment when everything is good, as he said about the same moment of transition in June when everything disappeared to OTA HA, the same here.
And what triggers are the trigger for this story? Sellers ran out, capitalization small volume, big people. They started selling less.
That means those who wanted to buy started moving the price with their purchases. The price on such an asset is easily changing from 10 to 20%.
Well, look at the charts; there is a 20% increase in a day. 30, 50. Not because there is a pump there, but because there is a token market.
Little, but it is very volatile. And then people see that it has grown, damn, by 50% today, 100 tomorrow, and what else to buy has grown by 200%.
Already, listen, I understand that everyone goes to buy after this. I understand here, BC spot is the engine.
Here are such Rostov or on the Chakh people MT, but spot is an index. That is, it turns out that figuratively speaking, yes, it turns out that the sellers who sold and figuratively speaking ran out.
On it, it is impossible to short. It turns out that they have more coins, no coins, no. Well, yes, straight very much further.
They gave some news, so to speak, fuss. Yes, they didn't give it; just buyers didn't run out, sellers ran out.
Monet coins, yes, which sell well. And who buys? Why didn't they do it at the moment? Because no one asked us there.
Yes, but we did it a couple of times for analytics projects that, well, analyzed there, well, some kind of price drop, yes, or some kind of growth.
And I kind of want to tell you to conditionally make a drop or growth of 20-30, about like this in a day or like this. You don’t need to have people, which there will be a crowd of buyers going to sell.
There is just a difference of 3-4 about buyers to sellers, which already creates such a volume. That is, conditionally, 46% sells, 54% buys, but that's the price increase.
That is, really, there it is. Well, I can send you some screenshots later. That is, there shouldn't be 90% to 10 sell. In that case, there will just be vertical sticks.
A couple of percent, and it will already go up or down. Just a couple of percent difference.
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Enjoy watching. Listen, since we touched on the tone, there is also this. Again, maybe I am operating with some rumors.
I just remember a year ago, at the same time, several Usi transactions took place, quite a lot on the tone, when they were selling it with a discount, even before the first growth, from two dollars there up to five.
As if they are now having a discussion. Maybe it seems like they are expected. I understand that this is not a question of forecasts, and you are kind of trading the market where it is now.
But you have generally in the ecosystem tones. What? Well, there can't be expectations, or what do you see there? What is happening in the ecosystem of tone?
It exists now, at least. That is like it was in twenty-second year when we started to cooperate. There was one project or two; I don't remember.
At least now there is some path passed that I see there personally. Yes, what attempts develop it, they are happening. Some work is happening there with memes, with something else, with some projects.
Some grants are allocated. Will they bring results? I hope they will bring because the activity of the eyes is increasing. Something is happening.
I don't see the point not now to sell. We are not sold banana on the listing. Well, within the framework of M, it is clear that they utilized.
Yes, our volumes are precisely investment ones. No, because the potential has not yet been reached. There is no ecosystem, practically, which you mentioned.
But they are working on it. If it will be, we see how even some simple little hint of an ecosystem as zabusti SUI is the same.
Yes, by the way, that's not bad. And yes, that is just some hint that look, we now have an ecosystem.
Yes, here about at least still Pray Sing. I wanted to ask, do pot positions on futures generally affect the price of the underlying asset or no?
If there is a bias, directly, not directly. Because if there is a bias, there is arbitration immediately. Conditionally, the price of spat is cheaper than the price of futures.
There is funding just. No, this is not a matter of funding. Everyone who can arbitrage will buy and sell spot futures.
So wait, what if I have a lot of money and I want to short the futures? For example, figuratively speaking, push it down. You will push the futures down, but if you directly short the futures, and you have a lot of money, at some point, NN Ray will reach such volumes that we will simply burn you out.
And everything there in a day, conditionally. That is, you, that is, it turns out that Dean Ray, this balance that you say, 23% shift between different buyers and sellers is just compensated by the funding rate, of course.
Well, let's imagine some extreme situation. We saw when Ray reached 36% per day, yes, 3% every 2 hours for shorts. Shorts pay, but they paid with the volume of positions and not with the collateral.
If we analyze the same thing, A with the volume of the position with the shoulders, and here 10,000 are included, your money, and you opened a position for 200,000. Ai 36% means 72,000 per day.
That is, a couple of hours, and those liquidated you. You simply do not exist. So wait, and how does such a huge Dean arise?
Well, when a bunch of people believe that something will fall and believe that it will fall faster and stronger than they are liquidated. Usually, we are paid extra shorts right in a normal situation.
And why do shorts usually float? Because of people who sell less than those who just like that the market is its own. Returning to DWF, what are you working on? What is your focus?
Because I heard something that you seem to have almost your stable coin. Well, I just didn't dive very deep, but I heard that Fon, I think it's called. Can you tell me what your focus is now?
Well, our normal business operations, what we do, that is market making and investments, everything remains the same in this direction. We work.
Well, we have already partially exited. We are already trading. I will not say on which markets, but on about 14 traditional exchanges, we are already trading on different markets.
And what are you trading? I did not fully understand. ST Commod. Wow, well, because you have to go there.
It turns out, wait, what you grew as a company, scripts formed capital, and now you went to more traditional markets? I would say yes because we grew in general.
All gained experience as companies in traditional markets brought. It was not us who brought it to crypto. So, because it is much harder to start a high-frequency business in traditional markets than in high-frequency markets, they rolled it out in crypto due to our knowledge and skills, yes.
And now we are ready to compete in traditional markets. What else is DWF currently focused on? The World Cup.
We are focused on launching our SB coin. Why market another SKO? Here is a banal question.
Well, the same banal answer, yes. A lot of people want to farm. What does it mean? Well, that is, I have assets. I want to receive interest on them.
BX, a lot of people on the market bought some assets and hold them but don't want to sell. For example, you bought Ether or Ether, yes, at 4,500. Yes, it fell and ter three, conditionally.
You feel sorry to sell it, but you want to trade. Yes, and you need money. Well, you have a choice: either to trade or go and pawn.
Yes, where you maybe liquidate or something else. Here we want to be this something else. Yes, where do you put Ether and get with some there har kat that Tae with some discount?
Let's say our stable. Well, what does it mean? You put Ether for a million. Yes, you got conditionally 800,000 of the stable.
Yes, very simply, yes. We explain a lot of liquidity in altcoins. You can bring here as a huge TVL, release a huge amount of new money to the market.
Well, they are not entirely new, let's say, unlocked from altcoins and give people the opportunity to trade even more on the market. And let's see how this will affect everything.
Market, well, with the current volatility of 20%. Everything can fall instantly 20, 20% of Ether. For example, if we say some VI, as you said, yes, there, or some meme high duck, it can be, I don't know, 90% of be or there 80.
That is, you give a million and get 100,000. Yes, this can be managed strategies somehow not to lose or earn. They exist.
That is, for us, it is essentially the same as loans from market making. That is, how not to lose to earn. Here, rather, over transparency.
Here we have signed some auditors and so on. What is behind the stem? What does YB provide? The rate of 1 to the dollar?
Us, then there is that. Is you plan to provide your L simply USD, USDT, USDC? Here are two stems that are provided with fiat.
Accordingly, when we receive Ether from you, we conditionally give it to Khadzhi for the part that we gave you YB for 800,000. Everything for us is conditionally as one to one.
That is, everything is subject to volatility. Well, conditionally, we received from the Ether. The Ether is worth 200,000, with which you can do something else to get additional EL.
So in essence, everything is provided one to one STB. Now wait, just if I need to understand this, I feel that people on wide, this is again necessary to understand.
We took a million on air, gave out 800,000. Accordingly, we had an obligation for 800,000 dollars. Yes, dollars.
But we have a million Ether. Now we must be sure that if the Ether goes to zero, we can still fulfill the obligation to pay 800,000 dollars for STB.
Because it is not necessary that you hold your STB. You can sell them. And someone, another parable, you will say right.
A wait, that is, it is as if this table will be the same in everyday life. I can do the same to you, to me, to everyone.
This will be what will be for calculation, figuratively speaking. Yes, that is, you can put them somewhere or swap them to Svanu, swap them back for something.
Well, that is, you can put them somewhere, and someone else can, or you can come and say, "Give me, I want to exchange them back for L."
Accordingly, we must be sure that we always have a reserve of 800,000. What we do, we look at. And why 800,000?
Yes, that is taken as an estimate of how much we can generally zakh jiro effectively quickly and without any risk. We take your Ether. Here is his million in Ether.
We take 800,000 for it as a spot, and it remains as a spot. And we open a short position as a short also for 800,000.
Now, if the Ether goes to zero, your spot position will depreciate, but our short position will become very profitable. And for the short, you most often, they also pay extra for funding, and this generates profit.
Plus, we have another 20% of Ethers. Did I explain it clearly? Yes, to do.
Yes, to stake somewhere, to someone, to give for example at a percentage with a large security YB. And so a certain EL is collected cumulatively.
A certain pool is collected, and dollar security is formed for the issued stems. And your stable is secured by these assets.
That is, figuratively speaking, your stable can be obtained. Yes, only for some other asset or then only for stakes or by buying somewhere on the market or by buying somewhere on the market.
And having bought it somewhere on the market, it will be traded on the exchange. One in one USDT.
Well, yes. Well, I don't think anything. 1 is not traded, but plus or minus, yes, 0.09 or 1.003.
Understand how much is on the market now except USDT, USDC? Well, I think there are essentially four of them. This is FD USD, yes, and USDC, USDT.
The rest just doesn't make sense. And what is your goal? To become number three, to take at least 12% of the market?
Well, and series competition rules most likely there is 50% USD, 25% USDC, the rest is divided between the rest. Well, ideally, of course, yes.
Yes, but I have such a goal to achieve in D PM year 10 billion cation in two fifth and two sixth 20 mlr cation. I will explain why.
Because we are still more focused on profit. All the ly that I will mention now, with the exception of, yes, because it is centralized, provide there with Ether, and they receive income from trey BS.
This is a very clear business model and compete with her belt itself. Well, I took the rear me. I, those USDT, I went to trade, and I floor, and I went and put them, conditionally simplified, into a bank deposit that pays me interest.
Everything is a very awesome model. It’s gorgeous; it brings in some income. And we look at what, okay, if we can do some kind of deals, some kind of operations.
Well, we have some statistics on how much we earn on the market maker on loans. For us, these are the same loans.
Here I would just look at it. So for us, this is some huge, firstly, long part of the market. If you have a large volume, and secondly, the conducted profitability, which we on our loans.
Yes, we do, which we take Falcon will have the same will allow us to be conditionally as profitable as Tether with the volume under management five times less than Tether.
Since we touched on the topic with Tether, two points. Do I understand correctly that if we assume that it is really provided one to one to the dollar, then in the case of Tesoro, they seemed to count on good profits for them.
As a rule, these dollars, well, they are not lost. Well, that is, they are there about a but they are actually lost.
That is, well, in any case, there is a huge amount of izt that is lost there, access to wallets and so on and so forth. But when a new release of Tether occurs, here regularly, recently, how much was printed there?
But what does it mean printed? They took it somewhere. Well, someone put a billion; they printed a billion.
That is, it is not just they pressed a button; they printed it. Well, conditionally, yes, that is, they printed a button.
It is there, but it is not printed for anything, yes. Because this means that Tether received fat security. Yes, and simply created these assets.
But the word Prince or printed it sounds very cool. People like it, and that's why I use it. Like here, Tether printed.
It's still a little bit not so romantic. I understood that I need to once again so that I stand was yours.
That is, I have two options, or I need to either put it there, figuratively speaking, Ether, Bitcoin, or something else, or buy it on the market.
That is, figuratively speaking, I can cheese there time go to Binance and exchange my ZT for my YB with my stem. I can as to pay, so I can put it for the stake already.
And then if I naku, I will get another SBL. As here is which we consider more calculated.
Because I don't think that someone will simply refuse the yield of one hundred. And what yield is expected approximately in percent?
Well, in the current market, we expect, if you look at APY, then in the area there is 30%. 30% on a liquid asset in a dollar for a dollar issued dollar.
This is also important; it is impossible to give 30% on Bitcoin in Bitcoin. This is unrealistic. But if you have Ding 20%, conditionally.
Wait, but what if I buy on the market? Well, if you bought on the market, we still have collateral.
But on the market, someone didn’t just come out of thin air, so they put down collateral. Dean, okay, so figuratively speaking, you give 30% on 80%.
% 24 per annum, figuratively speaking, depending on the asset. This is the first pro plans, yes, DWF.
That is, this is the Supreme Court Crypto. But if we look, for example, I was there yesterday, Nare. Yes, there with the Central Bank of the Emirates.
If you look at the volume of the crypto market, it's something like 50 billion a year. Well, or there, well, something like that here.
Yes, exactly in cash, if you say, well, just an exchange. Here, all these activities, it seems like a lot, but if you look at payments, it's one and a half trillion, and it's just, or zilch.
Well, I understand these are just incredible assets. And therefore, our big goal for the next year, we are now conducting a series of negotiations.
This is the purchase of several banks in the territory of Central Asia. We are conducting negotiations regarding one of the banks. U also in the post-Soviet space.
Well, here are the countries that are neutral, which you can conduct transactions. And what kind of big screw do you want to do? Build your financial infrastructure.
That is, your banks, your YL, all your liquid assets, and then go to the club. Because in essence, if we are talking about, well, some big one, the game is impossible without classic markets.
And then we talk about tokenization. We talk about the same stable, yes, that is ham stable, dollar stable, some other stable, tokenized assets.
If, for example, we tokenize gold, we tokenize, yes, they should be traded against tokenized currencies. If, for example, we tokenize a congestion of part of the gold, yes, that is, I would not want to use a bank that belongs to someone to store this gold there, like in Kadi.
I want to own Kadi so that no one will ever say that we think that we are not. We will give it to Kadi because I don’t know there because we think so.
That is, all assets should be under our control. Accordingly, only this will provide us with the opportunity to provide clients with a service in which they can be sure that these assets will not be lost anywhere and that this system is reliable and stable.
We communicate with many regulators, with many governments on this matter, with banks. That is, such a big, big crap.
Listen, you are now telling me, I understand that DWF is much more than just a market maker making, but you just understand about this, about other things.
We are now communicating, yes, that is, it's not so fun, it's not cool. And plus, it's outside of crypto. That's where you need to go if you want to grow.
Because it's impossible to grow. Yes, I don't know, even 30% of the market is on Bains. That is, it's not unrealistic due to competition.
Yes, it's impossible to grow there more. There's 40% of the market, as in terms of working with projects. It's just impossible; you can't please everyone.
It doesn't mean you're bad or good. Just damn, well, you're not a Christmas tree. In short, not everyone likes you.
Well, still, the market volume, I still believe that some big stories are being nized. They are coming. Plus, big players are entering, yes.
And if we build an infrastructure with Bitcoin that will serve and Bitcoin, some Kodi payments, it should be the foundation in the future.
You know, I want to ask about there are rumors that every time they buy, well, there is a spot ETF on Bitcoin. They have to go and buy this Bitcoin on the market, and they buy every time.
And who sells to them? Well, the Bitcoin market, it is a huge seller. A huge number of miners, the same.
Your sentiments on Bitcoin, once do you have such a Vin of some Bitcoin ecosystem? It is still what awaits us there, a great future in terms of Bitcoin, or here?
What are yours there? Well, we have a great future in terms of Bitcoin. I would, you know, I put the question a little differently here.
Maybe it's getting more expensive; maybe it's the currencies getting cheaper. Why is the American market constantly growing? Because the dollar is getting cheaper.
The American stock market is very developed; it utilizes the extra dollar. People trade there; everything is clear, yes.
As if a lot of cool companies and so on. Yes, but in general, the money supply volume is growing. It's like parked there, and that's it.
Well, Bitcoin is just becoming part of this whole story. Listen, and is it possible that RO won't be able to buy just the amount of Bitcoin from NKA?
They won't sell the end of time. We'll see. RO EU, this scenario is possible.
Well, I think it's not when only one micro-company has such problems, but when it's global. That is, people will have nowhere to buy, and then, yes.
And such a situation is generally possible precisely on Bitcoin. Well, the quantity is limited. Theoretically, it's possible from the point of view.
That's exactly it. Media coverage. I remember I wrote to you. I even say, listen, this is your channel, DFW BS.
In short, there is a really cool story now. Dude wrote to me like he made a channel with my photo, called it DWF Labs, Andrey Grachev.
Then later, and like you can support. I read this first; I think it's cool. And then this one wrote this in Telegram, like Kato scam, like ban him.
Like, no way, because damn, well, I don't like it. And there might be a completely miserable present there.
And he wrote like, like sorry, but no, it won't work. Osal, okay, let's redo it. Redo it.
Started writing content, and people start sending me like yours. I say, yeah, it's not mine, damn it. But he writes some things.
So some things are like that, and some things are funny. And he comes like that, says, here we are now thinking about selling it.
Do you want to buy it? Go eat. Maybe I want to, but it will die because I won’t lead it. It’s not mine, and we have no one to whom the soul will be lost.
You lead it, he says. You don’t mind if there is advertising? I say, come on, listen, not advertising.
Come on, Kai, I don't know. I'll send you 10,000, no matter what you do. Just don't sell him some dirt there. Don't interfere.
Just lead as you lead, and he leads. And somehow I like it. That is, that is, it supports you.
Yes, some such as, damn, it's cool. That is, I'm not really subscribed to it, but how do I know it?
What's cool there? My friends send me there. Someone who speaks Russian, you know, understands from the market sends me something like cool wrote here to me.
There, someone else from some company wrote. There's something like Andrey, so cool in general, such and such thoughts you write.
So in general, you know, I'm so, it's interesting to read such writing. You know, damn, yes, thank you very much.
You think what thoughts then I write? I hope that those will not write. In short, after you know, I will tell you about the case after our podcast with you.
People started writing to me and asking, listen, and over there, Andrey Grachev is doing something. Well, in short, they introduced themselves either as you or as me.
In short, after our podcast, a bunch of people in general on your behalf communicated, communicated with the audience. Damn, on Instagram, there is my account.
It is also not your account. I don't have Instagram at all. No, I have not used it since 2000, probably since the sixteenth year.
I don't have Instagram. I don't have social networks. I have Twitter, and there is Facebook where I basically don't write anything.
I have a closed account. I didn't have one, and I'm not interested in short guys. The address of the Chva doesn't have a Telegram, my own channel, or Instagram.
Therefore, if it writes to you, Andrey Grachev, I then, especially in those on Instagram, he usually writes, "Look how I earn 30,000 a week on these assets. I can teach you."
That is, I can’t. I myself want to earn 30,000 a week on these assets. Well, you understand.
That is, in short, Andrey doesn’t have time and the desire to actually write to you in a personal message, especially and offer to buy some course from the point of view of this story.
Recently, there was a case with the guys from God Bit, yes. That is, such a rather high-profile case. Did this somehow affect you at all?
History from the point of view of some pressure of checks? Maybe there are DEX sections? That's what, in short, they didn't notice at all.
Well, in general, that is, well, no way. Simply no, that is, there are both clients and nothing. Even nobody.
There are many projects lost. Well, with those who worked with a year bit, lost. Well, a year bit.
Well, and many projects appeared, which, and where, by the way, did they go? Their tokens are interesting. I don't know, clear.
Well, that is to say some normal projects came. We don't have a market maker. Let's work.
Well, let's say some not so much. Well, in general, nothing has changed.
And Trump's victory, how did this affect you, or what do you expect in general? Damn, how did this affect everything in the market?
Firstly, that everything has grown. Well, everything is cool, yes. Secondly, we feel like so far, so far it feels like everyone has run to America.
Yes, like let's all be for the green market. But it's important to remember that the legislation hasn't changed yet.
Neither have the legislation changed, nor have the regulators changed. Yes, there are expectations that, well, we in particular, we also share this huge market.
We definitely need to pay attention to it. And Trump's victory and the rake that he is promoting, it seems that the legislation will be friendly.
It seems that the market, well, it will be more open, and let's say it will be clear how to work on it. Do you mean the American market?
Well, of course, all sorts of big shifts. Well, in terms of easing on the American market, they will also lead to the right shifts on non-American markets, I guess.
I would say so. We are watching, observing.
Listen, and in general, what are your expectations for the crypto market in the near future? Where is this mythical bull spring? Did it come or did it not come, or are we just chatting like that?
Go wrote there last week on Twitter. By the way, I wrote on Twitter. Yes, I am writing on Twitter.
Let's attach the channel in Lidin. I am writing again, not me in Dina, and I also answer on Twitter. I write, but that Bitcoin is kind of pausing a little now.
Memes are also pausing a little. Now it's time for some fundamental assets. And we them, wow, new opinion.
Inter, well, it's like a week ago I wrote this, and actually this on the market. And it is clear that more projects with some useful liti, with some fundamental, possibly with potential value are going on listings, appear in public space.
From the latest such stories here, this one n poured on heard liquidity about. Really, the stick is not down but up, but it is up and absolutely up because about was around zero.
A grew, well, to the level of an average project. Yes, this is not an advertisement for this token, but this is one of the examples because I remember it a couple of days ago about loud listings of conditionally memes.
I now just this week, I don't remember them. That is, they just happen. But somehow some overhype, it seems to me, slowed it down a little.
Doesn't mean that the market is dying. No, it's very active. Memes are cool; they attract an audience.
It's just that the focus of attention is slowly shifting to another narrative. But this is an interesting opinion.
Because now many people think, on the contrary, that it's possible to inject with you. Maybe it's possible. But where? But what kind of?
In what kind of narrative? There is where you understand that is I know here personally people who earned just a lot of money on that pinat.
Yes, there, my partner there, and what worked. Well, because damn, he Kupal all sorts and bought this pinat somehow way.
Yes, by chance, one of them. Well done, but just thanks to there, media bloggers. Yes, I don't know, there at all, the general mood gives the impression that here you go buy it like it's gold.
Yes, but in fact, everything was so on the top exchanges. Well, either three or four of them asset.
Yes, if we are talking about spot. A wait about spot. Spot, that is, like they are derivatives.
List of derivatives. Well, how many? Well, 10 cool. How many memes? Not Zalina that rose and fell.
Yes, that is, we just don't see them. Well, they don't talk about them. There are hundreds of thousands.
That is, it is a great story. It is very cool. It is the best marketing for networks.
It is the best marketing for exchanges. It is the best marketing for attracting retail. It is the best, best, best tool for many marketing things.
And it is a very profitable thing, but it is not as simple as it seems. I bought, earned. Well, yes, it doesn't work like that.
How do you work with a huge number of projects? You, among others. I know that you can sometimes help there with, well, not just help with listing, but to make NTE on the exchange and so on.
OTC transactions, you generally touch yourself, for example, comes. That is, you essentially also connect. I understand investors with various projects.
We make an intro to investors. If OTC, then we usually, if it is a good deal, we buy ourselves.
That is, we have enough funds. In principle, almost any adequate volume we can digest. The sister of a good deal.
Well, is there a market for this asset? That is, can you buy it for some volume at some price in order to then sell it effectively and make money on it?
That is, well, if we can exclude this. Well, for example, yesterday came. We work there with a number of miners.
Yes, deal to buy 175 Bitcoins with a discount of 1%. Well, we don't play in such things, so to speak, yes.
Well, why? Because in theory, you earn 1 million, and in practice, you can lose damn well as much as you like.
Well, yes, that is, from the first day we were profit-focused, yes. That is, we remain so.
And what is the concept of profit-focused? Well, that is, if we do something, it should bring in money.
That is, this is just a ray. Take it. These are the deals. Well, that is, the ones that our competitors win, some other funds win.
And when, well, look, yes, that someone bought an asset that is traded, let's say, with liquidity for half a million dollars a day on volatility.
But you can just lose some, then a monstrous amount of money. That is better, such transactions, well, like skip.
I see. Well, skip, yes. Just let someone else take a risk.
Yes, today he won, tomorrow with such an approach, he will statistically just lose. Please, you have such a rather global vision market.
Are there any risks Binance from the competitors' point of view? Well, for example, there KH is actively developing, buybit, in turn. What is driving it, or is there some kind of hegemony?
Binance, it is still there, in your opinion, it can last for a very long time. Well, Binance is the largest player, and it is not becoming a non-largest player.
Yes, losses Binance positions, they are not visible. Not visible. Yes, they are not visible.
But what I personally like and like is the development of Bybit. That is, we are on it. We have been trading since the twentieth year.
We probably went through all the stages of their growing up together. I have screenshots somewhere on my phone with SK analytics.
Before that, there is a platform that we then assessed derivative volumes on exchanges because Coin Market Cap did not support it then. Derivative on the markets, and only a dispute.
And there was something somewhere, there, eighth line, first place was a hobby, third place was. Well, and that's how it is now.
First place - this is second place - this is Bai. They are very cool and are developing great. I really like it.
And BG in the same direction, he is not a togoy yet, but they are developing and working, investing money, resources.
Well, I'm not sure that this is a change of buy-in. But this is definitely Doy IGK, which is developing in the same direction.
I can made a simply awesome MNT program. If you look, for example, at spot tokens on Goethe. Well, normal, what tokens you will see that there is sometimes more liquidity than on top exchanges.
Because they made a very good incentive for good tokens for market makers. Loaded money there. Yes, it's just like it's profitable for you to just do it because you get Ho.
It's very cool. Usual earlier several times on the channel, tro with options themes are also actively developing.
As I see, I don't know how much in crypto because when volatility grows, we have, accordingly, hello options.
Can you have your own vision? What is happening in general on the options market in crypto? Do you use, for example, the same tools there?
I don’t know. Well, first of all, yes, that is, we have a company that is part of our group of companies. This is Darly Technologies, which is engaged in trading options specifically on exchanges.
That is, we are now, without a lie of modesty, on all exchanges except for debit. We are number one in the world on all of which.
Who trades options with us, for example, on Bata, plus decentralized platforms like Padai. We are number one on Padai and fall in turn.
This is 70% of the volume of the debit. You, as a big player, you need Tei. Is it really the exchange already provide quite a large amount, or is it Inna?
Inna with ions. Yes, this is the market of the usual optional. It is always like that.
Well, again, national players. Well, name the same EU VOM, which is the OTC options market on Dere Bit. It represents there some large number of national players.
It does not mean that some one social player there makes a simply wrong decision. Well, just one from buys some option to hedge something and then for some other purpose, semi-different purposes.
Yes, it is clear that someone loses, someone this. But tell me some case. That is exactly the use of options in your real daily operation.
What is called, or maybe with stems you will have something Hodji through options? Here, let me give an example of probably such a client product.
Yes, which here with miners, with miners there works. Well, understood, they need to fix a certain price for mining below which is not profitable for them.
Yes, yes, yes, cool. Well, for example, you, that is, you can sell BTC now. Or you can believe that it will grow.
And accordingly, you can structure the product in such a way that you say, okay, this will be it. Minimum price. This will be the maximum price.
Everything that is in the range, as if you will get what is in the range. Yes, and this is a bonus, but this is not a very profitable business.
In a stupid way, if for example they do nothing at all. Yes, I would say this brings in 200 dollars from one BTC.
That is, it's just, well, nothing, but it's very voluminous. It's very cool in terms of practical application on the crypto market, which, for example, did not exist before.
And it exists now. It just can't do much with options because a developed options market is basically Ether, Bitcoin, actually CHK period.
Yes, that is, there is also here we did there for the tone on Bit.com, but due to the fact that Bit.com, there are not many people trading there.
I didn't even hear that. Well, you didn't even hear. Well, here you go.
And what's going on? Here again, I want to return to the tone ecosystem after all. That's when I said about Bit.com for tone because this year a lot of interesting things came out, a lot of incomprehensible things.
I mean, it's not clear why it's all needed. But it really attracted some new audience.
Here recently list there, yes, X Hamster, Dogs, Cats. Not your vision at all can be on the ecosystem of tone.
Well, look, that is the first thing that was done. Yes, it appeared. Yes, as I said, well, yes, you said that e.
Well, it is born as you were born. It is born, yes. That is, a number of experiments were conducted, let's call them that.
Yes, attention eom implemented. Yes, a bunch of people did something for free, didn't pay anything for it, got something, and somehow monetized it.
This is what Telegram is doing best at the moment with its ecosystem, and they succeeded. Now, now another question.
Yes, motivating people to click or subscribe or do something else to get something for free is one thing. And now motivating people to spend money to buy, for example, a token.
Yes, like what happens on Savannah. This is a different job. Now this work has begun.
Yes, on Tone. Well, now let's see what it will turn into. I think and what you between has begun.
Well, firstly, they launched a number of MPADs. Secondly, our portfolio there, this fan is also coming to ton next week.
There are a number of other mids. BM has launched MIPAD now. Hot Wallet has launched MD.
Yes, and memes have started to appear. They are, of course, me for now. They are all at the bottom, just all that we are all on ton - this is the bottom, well, in my opinion.
Well, yes, that there is because on the savanna, the process is about the same, but there are superstars. Yes, that's well said.
Yes, yes, they are just, yes, that is. But here, as if in principle, there are no superstars yet.
Yes, that is, what is such a growth zone when it will be reached? Well, Kato, you know, like in movies about maniacs.
Yes, this imitator appears. We hope that many imitators will appear. Will they appear?
Well, I think yes. People probably have some kind of interests. Yes, and in the same vanity, for example, they appeared.
Yes, for some time, this is interesting. We'll find out, but what are you comparing it to? What about memes, about this thing?
Something appeared in Tron, died. Something also appeared in Suya; it seems it didn't develop anywhere.
That is, it turns out that everyone is trying to reproduce the idea with memes concept by Alana, but so far no one has succeeded.
Well, here is the throne, a great example, as if with a bright rise and a bright fall. Maybe some internal goals were achieved.
Maybe about the transaction for 5 dollars. Maybe they were different, just, ah, well, I don't know.
Yes, that is, we worked with San pump, and we work with other platforms too. Well, yes, the activity increased a lot, then it fell.
Why doesn't it support? I don't know if I specialized in these activities. Well, let's call them drops.
Yes, drops. Yes, that's right. They kind of created money, but new money didn't appear.
That is, figuratively speaking, any project took place, figuratively speaking, dire on Tony. It turns out that people who went there spent money, spent time, and that's the deal.
They got these tokens; they go to the market; they dump them. Well, someone buys.
That is, liquidity simply flows from someone here. Someone buys. I am always interested in what this is, what this is real retail, which simply believes that it will be.
And retail does not learn anything. It does not understand that, well, figuratively speaking, there from there, PDE projects that came out there on the exchanges.
They all roll out there over the course of some time. Well, after all, someone continues to buy.
This is about the fact that I am naked, the right wrong decisions. People do not learn anything. For the most part, history does not help anyone learn.
Their in Del neutral position, you as if it is not profitable for us. It makes no difference in essence.
Well, of course, it is better for us when the price grows because we have options. Yes, YK price and still upside.
It is not limited, and yes, it is always limited by zero. To get in theories, price that grows infinitely is simpler than infinitely falls.
Of course, it's better there when everything grows. Friends, we're done. Do what you love because what you can do, you can't do.
No one else had a great talk. Wait and turn off the podcast. Since you watched it to the end, then you definitely it is worth subscribing to my personal Telegram channel.
This is at least, and also I want to remind you that in the description you can find links to our business club, headliners, community of traders. All links in the description.