# Сопутствующие статьи по теме Market-Makers

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Market-Makers", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

The Hidden Costs and Structural Dilemmas of Tokenized Assets

Tokenized assets face a critical structural challenge: a severe lack of deep, reliable on-chain liquidity. While tokenization promises to unlock trillions in traditional assets for DeFi, the reality is that markets for tokens like gold (PAXG, XAUT) and stocks (e.g., TSLAx, NVDAx) are extremely shallow compared to their traditional counterparts (e.g., CME). This results in exponentially higher slippage—often exceeding 100 basis points for trades over $4M—and makes large transactions costly or impossible. Fragile liquidity also leads to market instability, such as flash crashes on exchanges that trigger cascading liquidations across connected DeFi protocols. The root cause is a misalignment with market makers' incentives: high minting/redemption fees, slow settlement times, and capital lock-ups make providing liquidity for tokenized assets inefficient and risky. Without a new market structure that bridges on-chain access with off-chain liquidity depth, tokenization will remain stuck in a low-liquidity equilibrium, limiting its scalability and utility in DeFi.

marsbit01/16 06:51

The Hidden Costs and Structural Dilemmas of Tokenized Assets

marsbit01/16 06:51

When Big Money Gets Serious, RWA Liquidity Issues Come to the Fore

When large capital enters the RWA (Real World Asset) tokenization space, the underlying liquidity constraints become critically exposed. Tokenized assets like gold (e.g., PAXG, XAUT) and equities (e.g., TSLAx, NVDAx) suffer from severe liquidity shortages, leading to high slippage, fragile market structures, and amplified systemic risks. For instance, a $4 million trade in tokenized gold can incur ~150 bps slippage, while traditional CME gold futures show negligible impact even at $20 million. DEXs perform worse, with Uniswap recording average slippage of 25–35 bps and occasional extremes beyond 50 bps. This liquidity crisis is structural: minting/redemption fees (10–50 bps), slow redemption cycles (T+1 to T+5), and fragmented order books deter market makers. Capital remains underallocated due to high opportunity costs and inventory risks. Shallow liquidity triggers volatility spillovers—e.g., Binance’s PAXG anomalies caused cascading liquidations on Hyperliquid. For RWA scalability, the market structure must evolve: deeper integration with traditional liquidity, faster redemptions, and reduced frictions are essential. Tokenization’s promise hinges not on on-chain assets alone, but on building robust liquidity infrastructures.

marsbit01/16 04:28

When Big Money Gets Serious, RWA Liquidity Issues Come to the Fore

marsbit01/16 04:28

When Big Money Gets Serious, RWA Liquidity Issues Come to the Fore

Liquidity is the foundation of asset confidence, but the reality for tokenized real-world assets (RWA) like gold and stocks reveals a critical structural flaw. While tokenization promises enhanced capital fluidity and DeFi integration, most tokenized assets suffer from dangerously thin liquidity, making them impractical for meaningful capital deployment. Analysis shows extreme slippage in major tokenized gold assets (PAXG, XAUT). A $4 million trade incurs nearly 150 basis points (bps) of slippage on perpetual exchanges, compared to just 3 bps for a $20 million trade in traditional CME gold futures. Spot markets for these assets offer less than $3 million in effective depth. In AMM DEXs like Uniswap, average slippage consistently ranges between 25–50 bps, with individual trades experiencing premiums as high as 68%. The problem extends to tokenized equities. A $1 million trade in tokenized Tesla (TSLAx) sees ~5% slippage, while NVIDIA (NVDAx) reaches an unworkable 80%. Traditional markets handle the same trades with ~15 bps impact. This liquidity scarcity isn't just about high transaction costs; it destabilizes the entire market structure. Thin order books are prone to manipulation and price anomalies. A 10% price swing on a centralized exchange (CEX) can trigger cascading liquidations across interconnected DeFi protocols, demonstrating how localized illiquidity amplifies systemic risk. The core issue is structural. Market makers face high friction: slow, costly minting/redemption processes (10-50 bps fees, T+1 to T+5 settlement), inability to hedge efficiently, and significant opportunity cost compared to deeper crypto markets. Current solutions (AMMs, order books) disperse rather than concentrate liquidity. For RWA to scale, a new market structure is needed—one that leverages off-chain liquidity for price discovery, eliminates redemption delays, and doesn't force market makers to hold illiquid inventory. Tokenization hasn't failed; the supporting market infrastructure has yet to be built.

Odaily星球日报01/16 04:25

When Big Money Gets Serious, RWA Liquidity Issues Come to the Fore

Odaily星球日报01/16 04:25

Glassnode's New Year Report: $95,000 Call Option Premiums Signal Bulls Shifting to Aggressive Offense

Bitcoin enters 2026 with a clearer market structure following a significant year-end correction. Profit-taking pressure has eased, and risk appetite is gradually recovering. However, sustaining an upward trend requires reclaiming key cost basis levels. On-chain data shows reduced selling pressure, but substantial resistance remains from investors who bought near previous highs, particularly in the $92.1k–$117.4k range. A crucial signal for trend reversal would be the price sustaining above the Short-Term Holder cost basis of ~$99.1k. Corporate treasury demand for Bitcoin but remains sporadic and price-sensitive, acting as a stabilizer rather than a sustained driver. U.S. spot Bitcoin ETFs have resumed net inflows, and futures open interest is rebounding, indicating returning institutional participation. The options market underwent a major reset with over 45% of open interest expiring at year-end, removing structural hedging constraints. Implied volatility likely bottomed, and skewness is normalizing as demand shifts from puts to calls. Market makers are now net short in the $95k–$104k range, meaning their hedging could amplify upward moves. Premium activity around the $95k call strike shows holders are patient, not quick to take profits. Overall, the market is transitioning from defensive deleveraging to selective risk accumulation, entering 2026 with improved structure and resilience.

marsbit01/09 06:40

Glassnode's New Year Report: $95,000 Call Option Premiums Signal Bulls Shifting to Aggressive Offense

marsbit01/09 06:40

Nasdaq Plans to Launch 23-Hour Trading, Paving the Final Stretch for On-Chain Stocks and Tokenized Assets

Nasdaq has submitted a proposal to the SEC to extend U.S. stock trading hours to 23 hours per day, effectively formalizing overnight trading. This move is seen as a step toward preparing the market infrastructure for future 24/7 on-chain stock trading and asset tokenization. Key implications include: - Improved accessibility for retail investors, enabling trading across more time zones without waiting for traditional market hours. - Enhanced performance for on-chain stock platforms (e.g., Ondo Finance, StableStock), as their broker-mediated transactions will align with extended market hours, ensuring smoother and more liquid operations. - Stronger support for DeFi protocols, as near-24-hour official pricing improves oracle reliability for lending, derivatives, and other decentralized applications. - Better risk management for brokers and market makers, who can hedge positions throughout most of the day, leading to smoother pricing and deeper on-chain liquidity. This shift signals accelerating momentum toward on-chain equities and tokenized assets.

marsbit12/17 08:11

Nasdaq Plans to Launch 23-Hour Trading, Paving the Final Stretch for On-Chain Stocks and Tokenized Assets

marsbit12/17 08:11

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