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What Is DeFi? Six Functions, Mapped Against the Finance It Copies.
Lending, market making, settlement, reference data, clearing and governance all exist in both systems, and the roles line up almost one to one. What does not line up is who carries the risk: collateral replaces credit judgement, automatic liquidation replaces negotiated extension, and nothing replaces the lender of last resort.- 12
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South Korea Banned Market Makers. A Yen Stablecoin Sent the Bill in an Hour.
Upbit let a yen stablecoin print four times its peg in an hour, and the FSC is now reviewing market making. The peg was never in the token. It was in an order book, and someone had to be paid to quote into it.- 24
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