Daily market commentary from 02.12.2020

An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.

Market commentary

Good Morning!

When Bitcoin is busy consolidating, I have time to check on my favourite sector: DeFi.

In my view, some pretty cool developments are taking place. Let’s start with yearn.finance (YFI):

Founder Andre Cronje is cranking up the heat with collaborations with CREAM and now also with SUSHI SWAP (see here).

This is becoming a real flow monster. I am pretty excited about it, and I believe it will shape the DeFi landscape in a big way.

Then we have another derivatives exchange, which is sort of leveraging their insurance fund with a mining scheme (see here). I have to admit, I do not completely get it. But when I do, I will make sure to post another update on it.

And then we have some “older” news. There are some interesting developments in the decentralised futures/derivatived exchanges and their concepts. An interesting one I was recently made aware of by a trading colleague is the perpetual future from Synthetix. Its major difference is that it is not a peer-2-peer concept, but a pool. The steering mechanism is very similar to the peer-2-peer perpetual futures – the funding rate – but for the Synthetix perpetual future, this rate can go/be really high. Read more about it here.

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About the author

Patrick Heusser

Patrick Heusser is Head of Trading at Crypto Broker AG. Prior to joining the company, Patrick worked as an Interest Rate Trader at UBS and held various positions in the IRCC (interest rate, commodity and foreign exchange trading) in London, New York, Singapore and Zurich. Patrick is an expert in trading and risk management. He also gained experience in other areas, such as building start-up companies. Patrick has a degree in banking from a business school. He has also taken various courses in technical chart analysis.