Guillermo Angeris, Alex Evans, Tarun Chitra

Apparently, it is hard to hear the shape of a drum (Marc Kac, 1966), but what about a CFMM?

The rise of Uniswap in 2019 was a watershed moment for DeFi trading. Uniswap’s simplicity, gas efficiency, and expert-defying performance quickly made it the dominant venue for on-chain exchange. The launch of Curve in the early part of this year demonstrated that even small changes in the design of constant-function market makers (CFMMs) can lead to drastic improvements in capital efficiency and performance. In particular, Curve pioneered a locally flatter curve that offered lower slippage for stablecoin-to-stablecoin trading. This tweak allowed Curve to capture significant trading volumes while routinely outcompeting established exchanges and OTC…


A New Approach to Cryptoasset Valuations

Valuation methodologies have historically lagged behind the development of the assets they represent. While the Dutch East India Company became the first entity to sell stocks on a public exchange in the early 1600s, it was not until the 20th century that a comprehensive framework for deriving the fundamental value of equity securities was developed. What Graham and Dodd benefited from in 1934 that their predecessors perhaps lacked was a broadly-accepted philosophy of disclosure (eventually codified in the Securities Act of 1933) and, more importantly, a reliable accounting system with unified measurement standards and practices— a common language for discussing…


Living in 1917, it would be hard to predict that a consumer revolution was about take place in the United States. Though the Model T was approaching its tenth birthday, there were a mere 4.7 million automobiles on the streets. Americans walked everywhere, including multiple weekly trips to local food merchants — grocers, butchers, fruit and seafood markets. There, they payed outrageous prices to sustain a diet based largely on cold cereal and lard. …


In The Everything Store, Brad Stone tells a story from 1998 when Jeff Bezos was courting Walmart VP of distribution, Jimmy Wright, to join Amazon. When Wright asked what products Amazon needed a distribution system for, Bezos told him to “just design something that can handle anything.”

Much of the company’s later history can be seen as an ongoing attempt to fulfill that vision. In the late 90s, Wright built a nationwide distribution network incorporating best practices in automation and operational discipline from his former employer. In the early 2000s, Amazon scrapped his model in favor of software-powered fulfillment centers…

Alex Evans

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