Recent Research

📊 Level Finance’s Success and Sustainability – 5/11

• Level Finance is an oracle-based margin and spot trading decentralized exchange that emerged following the success of GMX.
• Level captures between 10-42% of the daily volume market share across levered trading and perpetual DEXs.
• Level offers different risk tranches for various risk exposures and has a unique token economic structure.
• Level LPs outperform GLP in upward market movements and underperform in downward trends.

📊 Check the Chain – GMX vs SNX – 5/11

• In this exclusive episode, Jordan delves into the world of decentralized perpetual exchanges, providing an in-depth analysis of GMX, Synthetix, dYdX, and Gains Network.

📊 The End Game – 5/9

• Our world faces a series of interlocking and converging crises that threaten to undo decades of progress and prosperity.
• The rise of populism, authoritarianism, and outright war suggests that, on a global scale, people are deeply unhappy with the status quo and have lost faith “in the system.”
• The drivers of our current moment are unified by a common affliction: the decay and dysfunction of our economic system.
• Humanity is in dire need of a new model. One that can provide a credibly neutral playing field for all participants with no single point of failure.

📊 Monthly Chartbook – A New Consensus? – 5/8

• Ever since the fall of the Berlin Wall in 1989, the Washington Consensus has been the dominant paradigm for understanding the global political economy.
• This refers to the set of economic policies that the United States and international financial institutions promoted in the late 20th century.
• In recent years, this consensus has shown signs of fraying.
• Many Americans feel that their economic prospects have been hurt by globalization, and they are skeptical of the benefits of free trade agreements such as NAFTA and the TPP.

📊 Analyzing Leverage Ratios and Altcoin Price Movements – 5/5

• By employing leverage, traders can take normal position sizes while reducing counterparty risk, as they need to hold less collateral on the exchange to achieve their desired position size.
• Nonetheless, a majority of market participants primarily perceive and utilize leverage as a mere potential profit multiplier, when in practice, it is much more likely to act as a loss multiplier.
• This approach paves the way for intriguing price action, and is often exploited by more sophisticated market participants.
• Specifically, one can analyze the amount of leverage exerted on an asset relative to its market capitalization. The analysis can be further contextualized with the help of funding rates among other metrics.

Relevant Reminder

📌 Bull vs. Bear – FOMC: Credibility Crisis – 5/3

• In Market Matters, we delve into the Fed’s credibility, exploring their capacity to maintain higher rates for longer and whether they’ll need to reactively cut rates swiftly if things start to break. In Bullish or Bearish, we touch on favorable third-year presidential term market trends and the looming US debt ceiling issue.