Research

In-depth analysis and insights on Web3, DeFi, and market making strategies.

April 2nd, 2023
Research

On-chain Trading Analysis

English

Analysis of ARB/USDC trading pair on Uniswap Arbitrum network, including market maker strategy analysis and research proposal.

March 12th, 2023
Research

Liquidity Analysis: Retail vs Institutional

English

Analysis revealing that crypto liquidity primarily comes from retail users rather than institutions, with contrasting behaviors in liquidity provision.

March 10th, 2023
Research

DEX LP Strategy

English

Comprehensive overview of on-chain market maker business, covering fund size, PnL function, volatility modeling, derivative strategy, and arbitrage from mathematical and engineering perspectives.

December 13th, 2022
Research

CeFi Market Maker Analysis

English 中文

Analysis of market maker business from project and CEX perspective, providing insights into core problems of DEX development in liquidity service.

September 2nd, 2021
Research

DEX Math Analysis

English Video

Mathematical analysis of AMM model, providing comprehensive framework for understanding automated market maker algorithms and their future development.

March 10th, 2020
Research

DeFi Risk Analysis

中文

Analysis of DeFi protocol risk control from risk classification, case research, and risk model perspectives. A foundational risk framework for DeFi, completed before the MakerDAO 3.12 event.