Essentially, this boils down to the issue of DeFi’s poor capital and liquidity efficiency. Without getting too deep into the technical aspects, centralized order book models are infinitely more efficient than DeFi’s approach, but lack transparency. With such models, it’s very easy for the house to be betting against its users, and even misappropriating user funds.
Does the SAB 121 Vote Mean Anything for Future Crypto Legislation?
Unfortunately however, the legislative measure is now heading to the desk of President Joseph Biden, who has vowed to veto...