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The reasons for the monumental collapse of FTX still aren't entirely clear. There are numerous theories that speculate on what went down. Yet, nothing can be said with absolute certainty. That said, several pieces of this puzzle have been uncovered, and there’s one that stands out clearly.
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When building blockchains, we generally try to bucket them into two distinct boxes: general purpose or app chain. General purpose chains for permissionless innovation and app chains for permissioned and specific use cases. Sei is an upcoming Cosmos chain aiming to be a “DeFi-optimized” layer 1. To be clear, Sei is not a DEX, it is a layer 1 optimized for DeFi. Not a “pure” app chain like THORChain that focuses solely on cross-chain swaps, but one that is built for applications like DEXs, perps, and options to build on top.
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Breaking down the BitMEX takedown and its implications for DeFi and crypto writ large. Perhaps neither bullish nor bearish, it serves as a reminder there may have to be some compromises along the way if we really do want mass adoption.
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Bitcoin flirts with a breakout while market risks begin to surface.
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Delphi Daily on UMA.