The founder of Wintermute asserts that the primary concern in the crypto industry is not perpetual contracts but the comprehensive nature of centralized exchanges. According to him, these exchanges merge various functions, including market-making, central limit order books (CLOB), and custody services. This “all-in-$ONE” approach creates significant challenges within the industry. He emphasizes that the integration of these functions can lead to inefficiencies and risks that are often overlooked. The founder’s remarks suggest that addressing these structural issues is crucial for the future of the crypto market.
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Last updated on November 18th, 2025 at 02:08 am
