Wintermute Founder: The real issue in the crypto industry is not the design of perpetual contracts, but the all-in-one nature of centralized exchanges combining market-making, CLOB, and custody

By: theblockbeats.news|2025/11/18 10:15:55

BlockBeats News, November 18th. Founder of DeFiance Capital, Arthur, expressed in a post that the product design of crypto derivatives (mainly perpetual contracts) and their related market structure are still the biggest issues that the industry must address before sustainable development to the next stage. The industry cannot afford to go through wealth destruction events of this scale time and time again while pretending that everything is normal without fixing structural issues. However, there is hope to build better products by drawing from historical experiences.

Founder of Wintermute, Evgeny Gaevoy, replied to this by stating that traditional finance has long solved these issues, and the real problem is not the design of perpetual contracts but rather those centralized (and semi-decentralized) exchanges that combine market-making, a centralized limit order book (CLOB), and custody in one entity.

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