Today in DeFi - SuperFluid, Metric Exchange, CFTC vs. BitMex

SuperFluid Payments

Superfluid @Superfluid_HQ

1/X 📣 We are incredibly excited to unveil Superfluid Protocol just in time for @ETHGlobal! 🚀 Programmable Cashflows will allow you to move any assets on-chain in a stream, without the need for recurring transactions. More details here👇 medium.com/superfluid-blo…

medium.comThe Dawn of Programmable CashflowsWhat if we could use smart contracts to ensure digital assets move automatically on-chain without any need for periodic transactions?

SuperFluid recently came out of stealth mode. SuperFluid is a Sablier-like streaming payments service. SuperFluid expands on Sablier’s streaming payments by allowing for more programmability. More parameters can be set, and the entire stream can be tokenized, giving developers more options for composability. Learn more on their Medium.

Metric Exchange

Metric Exchange, launched recently. Metric is a pseudo-fork by Build Finance which provides a simple interface to the 1split DEX aggregation algorithm created by 1inch.exchange. Compared to 1inch, Metric has a simpler, faster loading interface, but also has less features.

Doing a test tx, I find that 1inch exchange has better gas prices - perhaps due to its use of CHI Gas tokens - a feature which Metric promises to add soon. Find out more about Metric here.

CFTC vs Bitmex

CFTC @CFTC

ENFORCEMENT NEWS: CFTC Charges BitMEX Owners with Illegally Operating a Cryptocurrency Derivatives Trading Platform and Anti-Money Laundering Violations

go.usa.govCFTC Charges BitMEX Owners with Illegally Operating a Cryptocurrency Derivatives Trading Platform and Anti-Money Laundering Violations | CF…

The CFTC has charged Bitcoin derivatives platform Bitmex with illegally operating a Cryptocurrency derivatives platform and violating AML regulations. The DoJ has also announced its own charges. CTO Samuel Reed was arrested today in Massachussets.

BitMEX @BitMEX

In response to the U.S. CFTC and DOJ filings, we’ve posted a statement on our blog:

blog.bitmex.comUnited States CFTC & DOJ Filing | BitMEX Blog

Bitmex has issued a statement on the charges:

“We strongly disagree with the U.S. government’s heavy-handed decision to bring these charges, and intend to defend the allegations vigorously. From our early days as a start-up, we have always sought to comply with applicable U.S. laws, as those laws were understood at the time and based on available guidance.”

While Bitmex is a centralized exchange, the indictment has had a ripple effect on cryptocurrency prices and even DeFi projects have had token prices drop.

In my humble opinion, regulatory attacks on centralized exchanges like Bitmex, or centralized tokens like Tether bolster the value of Decentralized Finance. However, they also show the importance of understanding financial regulation and minimizing regulatory attack surface.