Bullish:

• 🟢 $MM - Explaining market makers (MMs) and Flowdesk's involvement in crypto OTC, where clients are often gaming projects in the East and DeFi in the West.
  • “Just to think of some high level narratives, industry wise, we definitely see the gaming sector, very prevalent over in Asia. I think we see a bit more, capital markets, you know, DeFi like lending protocols, DEXs being built here in the West. Not to say that, you know, those types of teams don't exist in other parts of the world, but I would say, you know, holistically speaking, those two trends are are fairly dominant in those 2 areas.” - Hanson (0:00)
  • “I think that there's a lot of reasons why OTC desks benefit the end user. I think we offer tighter spreads. I think that we provide a scenario that that warrants less market impact. I think there's a component of anonymity. I think we can offer complex algorithmic strategies that they won't be able to to do or execute, just via DEX or a SEX. Certainly, liquidity access to exchanges that they might not have access to. I think there's a risk management component to it as well. You know, the client doesn't need to manage inventory in a bunch of different exchanges when they can just go to one point of contact in an OTC desk and have a trusted partner there.” - Reed (0:00)
  • “I've been in crypto since 2018. The market structure has certainly evolved over time. That's been a product of the macro environment, the regulatory environment, political environment, which we're certainly seeing a lot of now. But I would say, generally speaking, as adoption continues to increase and more institutional players come into the space, there is always a need for sophisticated counterparts and OTC and liquidity providers to facilitate their business, and it kind of ranges from, you know, all the way from market making to block trading, programmatic trading, high touch credit structures, etcetera.” - Hanson (0:00)
  • “The history of Flowdesk, we originally started out doing this more retainer based approach to market making where the client themselves, whether it be the token project or the exchange, is providing the capital, and Flodesk is bringing our proprietary trading infrastructure, to the equation and managing that on their behalf. And how we were compensated was with a monthly retainer fee over time as well as our firm has evolved and our balance has gotten bigger. We have also done more principle based, market making or liquidity provisioning, packages with clients, which is when we are bringing our balance sheet to the equation. Typically, how this looks like in a token project deal is the project themselves is lending us some supply of their token, and then we are bringing our cash balance sheet and using those, you know, two sides of the formula to market make on the various DEXs or DEXs that they are currently trading on live.” - Hanson (0:00)
  • “I would say the typical questions we ask these projects is really threefold, is when are you going to launch? You know, market structure and environment and sentiment plays a big factor in their strategy of going to market with their token. 2, where do you wanna launch? So are you doing a centralized exchange, a decentralized exchange, a combination of both? Are you doing a a centralized exchange, the token launchpad? And then 3 is how do you want to engage with the market maker kind of going back to what I just, spoke about whether that's a loan call option structure or more retainer based approach.” - Reed (0:00)
  • “And at the end of the day, it's our job to be posting liquidity and kind of actively managing, the order book, both sides of the order book. So, the goal is that we facilitate a more orderly market. We tighten the spreads. In theory, we should smooth volatility. And ultimately, this is better for the token issuer, but most importantly, it's better for the end user, which is the buyer or the seller. Right? So if there is no interest in a particular project or there's no utility in that project or the market deems that project to be useless, there's really not much that a market maker can do to kind of revive that project.” - Reed (0:00)
• 🟢 $CRYPTO - 🔒

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Bearish:

• 🔻 $LOWFLOAT - 🔒

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