Wintermute: 'Avoid These Trading Mistakes!' Secrets of a Market Maker - Yoann Turpin

Long regarded as an impending black swan, Tether has successfully weathered out the contagion and bank runs caused by Luna’s collapse in the depths of the 2022-2023 bearmarket. Since then, a large portion of Tether’s reserves has been shifted to treasury bills, which are the closest dollar proxy, positioning Tether among the top 20 holders of T-bills, worldwide. However, navigating the Tether FUD was not the first rodeo for Paolo Ardoino, as he has also previously led Bitfinex, which successfully recovered after a $72M hack, back in 2016. The worldwide adoption of USDT, especially in emerging markets and developing economies, serves as a testament to Tether’s commitment to create a product with tangible real-life applications.Topics covered in this episode:Paolo’s backgroundHow Bitfinex succeededDEX vs. CEX UXEntrepreneurship and company cultureFounding Tether and its use casesExpanding Tether’s cross-chain supportTether’s reserves and long-term visionStablecoin wars: BUSD & USDCDecentralized stablecoins and bank runsThe potential of diversifying physical backingHolepunch & Keet - the P2P renaissanceIncentivising P2P interactionsEpisode links:Paolo Ardoino on TwitterTether on TwitterBitfinex on TwitterHolepunch on TwitterKeet on TwitterSponsors:Gnosis: Gnosis builds decentralized infrastructure for the Ethereum ecosystem, since 2015. This year marks the launch of Gnosis Pay— the world's first Decentralized Payment Network. Get started today at - gnosis.ioChorus1: Chorus1 is one of the largest node operators worldwide, supporting more than 100,000 delegators, across 45 networks. The recently launched OPUS allows staking up to 8,000 ETH in a single transaction. Enjoy the highest yields and institutional grade security at - chorus.oneThis episode is hosted by Brian Fabian Crain & Friederike Ernst.

What started out as a plan to build prediction markets, Gnosis ended up building crucial Ethereum infrastructure and tooling. Safe is one of its many successes, which originated during the 2017 ICO mania, as a solution for managing the raised capital securely, via a multi-sig. Even back then, the multi-sig model was quickly adopted by the entire industry, as a gold standard for asset security. Smart accounts and ERC-4337 represent the next step towards mass-adoption, through achieving a Web2-like UX.Topics covered in this episode:Lukas’ background and how Safe was foundedBitcoin vs. Ethereum multi-sigsSmart accounts & ERC-4337Safe’s design phylosohpySafe CORE, SDK & APISafe wallet UXExpanding cross-chain supportSafe account recoveryOpSecSafe’s smart contract securityGnosis ecosystem evolutionEpisode links:Lucas Schor on TwitterSafe on TwitterGnosis DAO on TwitterGnosis Chain on TwitterGnosis Pay on TwitterSponsors:Gnosis: Gnosis builds decentralized infrastructure for the Ethereum ecosystem, since 2015. This year marks the launch of Gnosis Pay— the world's first Decentralized Payment Network. Get started today at - gnosis.ioChorus1: Chorus1 is one of the largest node operators worldwide, supporting more than 100,000 delegators, across 45 networks. The recently launched OPUS allows staking up to 8,000 ETH in a single transaction. Enjoy the highest yields and institutional grade security at - chorus.oneThis episode is hosted by Sebastien Couture.

One of the most important hurdles to mass adoption is represented by blockchain scalability, which also hinders the real-life utility of its numerous applications. While there are different solutions being experimented with, one should not overlook the importance of security and decentralisation. Saga introduces the concept of chainlets, interoperable Cosmos-based sovereign blockchains that share the security of Saga’s mainnet validator set. The majority of their parameters are fully customisable, allowing developers to tweak them towards their own needs. Saga’s main focus is building their very own Web3 gaming ecosystem, providing game devs the scaling needed to unlock their full potential and creativity.Topics covered in this episode:Rebecca’s background and Saga overview‘Infinite’ horizontal scalabilitySaga chainlets and their focus on blockchain gamingSaga validators and fee modelBuilding a gaming ecosystem. UGCValidator & infrastructure challengesSaga mainnet rollout$SAGA token launch and airdropTakeawaysEpisode links:Rebecca Liao on TwitterSaga on TwitterSponsors:Gnosis: Gnosis builds decentralized infrastructure for the Ethereum ecosystem, since 2015. This year marks the launch of Gnosis Pay— the world's first Decentralized Payment Network. Get started today at - gnosis.ioChorus1: Chorus1 is one of the largest node operators worldwide, supporting more than 100,000 delegators, across 45 networks. The recently launched OPUS allows staking up to 8,000 ETH in a single transaction. Enjoy the highest yields and institutional grade security at - chorus.oneThis episode is hosted by Felix Lutsch.

Classical, monolithic blockchains are inherently limited in their throughput due to their single-thread execution architecture. Modern VMs attempt to solve this issue through parallelisation being implemented from the get-go. Movement Labs employs the Move-VM to build a ZK L2 rollups on Ethereum, thus also deriving its security. Through parallel execution threads, Movement achieves a theoretical TPS of 160,000 while also ensuring sub-cent transaction fees.Topics covered in this episode:Impressions from ETH DenverRushi’s backgroundMove vs. SolidityEVM compatibilityParallelisation vs. intent-based transactionsSecurity and parallel state transitionsTransitioning from EVM to newer VMsBerachain’s approach to EVM-compatibilityMovement Labs’ tech stackDecentralising the sequencerMovement’s M1 and M2 chainsCelestia DA and the Dencun upgradeRestakingBitcoin L2sIBC-compatibility and USDC on MovementEthereum x Cosmos convergencedApps on MoveEpisode links:Rushi Manche on TwitterMovement Labs on TwitterNebular Podcast 'Ethereum x Cosmos Convergence'Sponsors:Gnosis: Gnosis builds decentralized infrastructure for the Ethereum ecosystem, since 2015. This year marks the launch of Gnosis Pay— the world's first Decentralized Payment Network. Get started today at - gnosis.ioChorus1: Chorus1 is one of the largest node operators worldwide, supporting more than 100,000 delegators, across 45 networks. The recently launched OPUS allows staking up to 8,000 ETH in a single transaction. Enjoy the highest yields and institutional grade security at - chorus.oneThis episode is hosted by Sebastien Couture & Friederike Ernst.

Market makers help create more efficient markets and liquid order books, by positioning themselves on the receiving end of a trade that other market participants are unwilling to fill. Quantitative analysis is crucial in determining their position and size. Wintermute defines itself as a tech-first company that also became one of the largest spot market making firms in Web3. From angel investing in Web2, to market making in Web3, Yoann Turpin (co-founder of Wintermute) has a vast experience in both tech products & financial markets. He shares what differentiates good traders and how he approaches investing, trading and market making.Topics covered in this episode:Yoann’s background and his interest in tradingThe ever-changing trading landscapeWintermute’s genesisTrading vs. Investing vs. Market MakingWhat defines a good traderOn-chain trading vs. CEX tradingHow Wintermute succeededWintermute culturersync blockbuilderLongterm predictionsAI impactMisc. Learning new languagesEpisode links:Yoann Turpin on TwitterWintermute on TwitterSponsors:Gnosis: Gnosis builds decentralized infrastructure for the Ethereum ecosystem, since 2015. This year marks the launch of Gnosis Pay— the world's first Decentralized Payment Network. Get started today at - gnosis.ioChorus1: Chorus1 is one of the largest node operators worldwide, supporting more than 100,000 delegators, across 45 networks. The recently launched OPUS allows staking up to 8,000 ETH in a single transaction. Enjoy the highest yields and institutional grade security at - chorus.oneThis episode is hosted by Brian Fabian Crain.

Credit is a widely used term, which could essentially be summarised as “more capital so you can do whatever you want”. In DeFi, there are numerous ways of getting exposure to an asset in a leveraged manner: from looping to perpetuals and margin trading, the possibilities are endless (especially when you also account for synthetic versions). Gearbox Protocol aims to create a universal, composable, on-chain ‘credit layer’, through credit account abstraction. This approach simultaneously addresses three concerns: liquidity, security and, ultimately, user experience (UX).Topics covered in this episode:Mikael’s and Ivan’s backgroundsComposable leverage explainedLeveraged stakingGearbox credit accountManaging smart contract riskQuotas and rate limitsLeveraged restakingGovernance and safety parametersScaling GearboxFee structureEpisode links:Mikael Lazarev on TwitterIvan on TwitterGearbox Protocol on TwitterSponsors:Gnosis: Gnosis builds decentralized infrastructure for the Ethereum ecosystem, since 2015. This year marks the launch of Gnosis Pay— the world's first Decentralized Payment Network. Get started today at - gnosis.ioChorus1: Chorus1 is one of the largest node operators worldwide, supporting more than 100,000 delegators, across 45 networks. The recently launched OPUS allows staking up to 8,000 ETH in a single transaction. Enjoy the highest yields and institutional grade security at - chorus.oneThis episode is hosted by Meher Roy.

While large language models (LLMs) are rather passive from an economic perspective on their own, AI agents offer a preview of what truly autonomous AI applications can achieve. Fetch.ai aims to create a platform for economic interactions in the AI economy, where participants can provide many different kinds of stake, ranging from purely financial, in the form of cryptocurrency tokens, to utility based, in the form of data sets that LLMs can be trained on. It thus creates a supply chain that links different actors of the AI economy.We were joined by Humayun Sheikh, co-founder & CEO of Fetch.ai, to discuss AI economic models and how LLMs can be integrated by agentic systems as a foundation for autonomous AI apps.Topics covered in this episode:Humayun’s backgroundFounding Fetch.aiMulti-agent systemsAutonomous economic agentBuilding a Cosmos based blockchainIntegrating ML with agent economyScalability & interoperabilityUse cases & partnershipsAI x crypto projectsIncentivising developersAI alignment problemFetch AI roadmapThe future of ML & LLMsEpisode links:Humayun Sheikh on TwitterFetch.ai on TwitterSponsors:Gnosis: Gnosis builds decentralized infrastructure for the Ethereum ecosystem, since 2015. This year marks the launch of Gnosis Pay— the world's first Decentralized Payment Network. Get started today at - gnosis.ioChorus1: Chorus1 is one of the largest node operators worldwide, supporting more than 100,000 delegators, across 45 networks. The recently launched OPUS allows staking up to 8,000 ETH in a single transaction. Enjoy the highest yields and institutional grade security at - chorus.oneThis episode is hosted by Friederike Ernst. Show notes and listening options: epicenter.tv/539

As technology progresses, infrastructure should be commoditised, especially in Web3, in order to avoid the creation of bottlenecks and gatekeepers. Blockchains are naturally oblivious to off-chain data, so they need oracles to fetch data. However, given their past technical limitations, oracles have failed to provide a decentralised and permissionless framework for data query. SEDA seeks to change this by creating an intent-based modular data layer, which brings off-chain data on-chain, in order for it to be available to any party, regardless of who requested it first.We were joined by Jasper De Goojier, co-founder of SEDA Protocol, to discuss the oracle landscape and how SEDA aims to decentralise it and make data access permissionless.Topics covered in this episode:Jasper’s backgroundHigh level overview of SEDAOracle use casesHow SEDA Protocol functionsIntent-based data availabilityVerifying subjective data & LLM integrationZKPs & FHE for data privacyInteroperability & bridgingRoadmap & optimistic oraclesSEDA token migrationChain abstractionEpisode links:Jasper De Goojier on TwitterSEDA Protocol on TwitterSponsors:Gnosis: Gnosis builds decentralized infrastructure for the Ethereum ecosystem, since 2015. This year marks the launch of Gnosis Pay— the world's first Decentralized Payment Network. Get started today at - gnosis.ioChorus1: Chorus1 is one of the largest node operators worldwide, supporting more than 100,000 delegators, across 45 networks. The recently launched OPUS allows staking up to 8,000 ETH in a single transaction. Enjoy the highest yields and institutional grade security at - chorus.oneThis episode is hosted by Brian Fabian Crain. Show notes and listening options: epicenter.tv/538

Blockchains are, by default, public ledgers containing every transaction recorded by the network. While this ensures transparency, it also violates users’ privacy once an address is linked to an entity. Apart from creating additional risk for self-custody, institutions are also limited by what they can publicly share on a blockchain. As a result, there is great demand and utility for on-chain, compliant privacy, which still requires KYC (& KYT), but protects them through cryptographic constructs. Zero knowledge proofs attest computational integrity, allowing for transactions to be bundled together and their correctness verified, without revealing each individual interaction.We were joined by Anish Mohammed, co-founder & CTO of Panther Protocol, to discuss the importance of compliant privacy for on-chain transactions, powered by zero knowledge technology.Topics covered in this episode:Anish’s backgroundPanther’s value propositionUX & on-chain privacyPanther’s multi-asset shielded pool architectureKYC & KYTShielded zones and transactionsZone administratorAddress mappingRoadmap & Panther mainnetTarget audience & adoptionFee model & tokenomicsEpisode links:Anish Mohammed on TwitterPanther Protocol on TwitterSponsors:Gnosis: Gnosis builds decentralized infrastructure for the Ethereum ecosystem, since 2015. This year marks the launch of Gnosis Pay— the world's first Decentralized Payment Network. Get started today at - gnosis.ioChorus1: Chorus1 is one of the largest node operators worldwide, supporting more than 100,000 delegators, across 45 networks. The recently launched OPUS allows staking up to 8,000 ETH in a single transaction. Enjoy the highest yields and institutional grade security at - chorus.oneThis episode is hosted by Meher Roy. Show notes and listening options: epicenter.tv/537

The monolithic blockchain era appears to be sunsetting. Among the first to contribute to this paradigm shift was Cosmos, which introduced the idea of specialized sovereign blockchains (appchains), made possible by the Cosmos SDK. Nowadays, the modular thesis employs external data availability and even execution solutions, which enables the creation of countless new chains. Each new blockchains comes with its own ‘specs’, and centralised RPC and node providers have to adapt to each chain’s setting. However, the saying ‘Jack of all trades, master of none’ applies in this scenario too - we have often witnessed RPC failures during high demand periods. Lava Network aims to provide a competitive marketplace for RPC and node providers, which would compete based on their performance and user feedback.We were joined by Gil and Yair to discuss Lava Network’s RPC decentralisation in the modular, multi-chain landscape.Topics covered in this episode:High-level overview of Lava NetworkWhat problem Lava Network solvesDecentralised marketplace for RPC providersQuality of centralised vs. decentralised RPC providersGatewaysLava Network participantsSpecs & APIsQuality of service & provider optimizerHow services are pricedRelayersModularity & chain abstractionMagma & Lava mainnetEpisode links:Yair Cleper on LinkedInGil Binder on TwitterLava Network on TwitterSponsors:Gnosis: Gnosis builds decentralized infrastructure for the Ethereum ecosystem, since 2015. This year marks the launch of Gnosis Pay— the world's first Decentralized Payment Network. Get started today at - gnosis.ioChorus1: Chorus1 is one of the largest node operators worldwide, supporting more than 100,000 delegators, across 45 networks. The recently launched OPUS allows staking up to 8,000 ETH in a single transaction. Enjoy the highest yields and institutional grade security at - chorus.oneThis episode is hosted by Sebastien Couture & Brian Fabian Crain. Show notes and listening options: epicenter.tv/536