Working at JPYC Inc, UXD Protocol, Fracton Ventures Interest: Solana, Ethereum, DeFi, Stablecoin, Payment


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Working at JPYC Inc, UXD Protocol, Fracton Ventures Interest: Solana, Ethereum, DeFi, Stablecoin, Payment

Subscribe to salmon | Kento Teramoto

Subscribe to salmon | Kento Teramoto
ãã®èšäºã§ã¯ãUniswap LabsãšCircle Internet Financialã®ã¹ã¿ãããå ±åå·çããè«æ âOn-chain foreign exchange and cross-border paymentsâ (Adams, Lader, Liao, Puth, and Wan, 2023) ïŒä»¥äžãè«æãïŒãèžãŸãããªã³ãã§ãŒã³ã«ãããFXãã€ãŸãå€åœçºæ¿ååŒã®å¯èœæ§ãšèª²é¡ããè«æã§ç€ºãããç¯å²ãè¶ ããŠèå¯ããã
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https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4328948
https://ozonlabs.xyz/articles/8
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èŠçŽäžã® 1. ~ 4.2. ãšããçªå·ã¯è«æã®ã»ã¯ã·ã§ã³ã«å¯Ÿå¿ããããŸããè«æäžã§æç€ºãããåŒçšã«ã€ããŠã¯ â*â ããçè ãç¬èªã«ä»ã泚㯠â[]â ãçšããã
*1 Glowka, M., & Nilsson, T. (2022). Fx settlement risk: an unsettled issue.Z*2 "Project Mariana: CBDCs in automated market makers", BIS from the BIS Innovation Hub *3 https://dune.com/queries/1865638?d=1 https://dune.com/queries/1865661?d=1 *4 See, for instance, Group (2017) , a report that discusses a 9 percent intraday flash crash in the sterling without notable market events. Similar flash crashes have often been observed in early Asia trading hours when liquidity is thin.(Group, B. M. C. W. (2017). The sterling âflash event of 7 october 2016â.)
[1] https://www.nomura.co.jp/terms/english/other/A03191.html [2] CLSã¯æ¥éãªã©ååœã®äžå€®éè¡ã®é¢äžãçµãŠ2002幎ã«çšŒåãéå§ãã2008幎ã®ãªãŒãã³ã»ã·ã§ãã¯æã«ã¯ãªã¹ã¯ãæå°åãããšããŠé«ãè©äŸ¡ããããçŸåšãååœäžéã¯CLSå調ãªãŒããŒãµã€ãå§å¡äŒãšãã圢ãåãCLSã®éå¶ã«å¯ŸããŠçºèšåãç¶æããŠãããçµç·¯ã«ã€ããŠã¯ä»¥äžãåç § å€åœçºæ¿åžå Žã«ãããæ±ºæžã·ã¹ãã CLS ã®éèŠæ§ïŒèæš, 2009ïŒ éèåº âå€çºæ±ºæžãªã¹ã¯ã«ä¿ãã©ãŠã³ãããŒãã« æçµå ±åæžâïŒ2018ïŒ[3] FX settlement risk: an unsettled issue (BIS) Nettingã«ã€ããŠã¯ãã¥ãŒãšãŒã¯é£éã®ãã®è³æãããããããã [4] çŠç¹ïŒéã®æé襲ããã©ãã·ã¥ã¯ã©ãã·ã¥ãçºæ¿åžå Žã®æ°åžžæ ãïŒãã€ã¿ãŒ, 2019ïŒ [5] https://www.jibunbank.co.jp/products/foreign_deposit/glossary/YST2396.html
ãã®èšäºã§ã¯ãUniswap LabsãšCircle Internet Financialã®ã¹ã¿ãããå ±åå·çããè«æ âOn-chain foreign exchange and cross-border paymentsâ (Adams, Lader, Liao, Puth, and Wan, 2023) ïŒä»¥äžãè«æãïŒãèžãŸãããªã³ãã§ãŒã³ã«ãããFXãã€ãŸãå€åœçºæ¿ååŒã®å¯èœæ§ãšèª²é¡ããè«æã§ç€ºãããç¯å²ãè¶ ããŠèå¯ããã
èšäºãèªãã«ããã£ãŠã¯æ£ç¢ºæ§ãªã©ã®èгç¹ããå ã®ãè«æããå ã«ç¢ºèªããŠããããšãæšå¥šããããå 容ã¯çè ãç¬èªã«èŠçŽããŠãã®èšäºã®åŸåã«æ²èŒããããããã¡ãã確èªããŠããã ããŠãæ§ããªãããŸããOzon Labsã§æ¥æ¬èªèš³ãå ¬éãããŠããããããã¡ããæçãšæãã
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4328948
https://ozonlabs.xyz/articles/8
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2.2. ãããã¯ãã§ãŒã³ãšDeFiã¯äŸ¡æ ŒçºèŠæ©èœãæ¹åããã第äžã«ãã»ãã¥ã¢ãã€éææ§ã®ããå°åž³ã«ãã£ãŠåžå Žåå è ã¯åžå Žæäœããã³ãããŒã¯ã®äžæ£æäœãè¡ãã®ãå°é£ã«ãªãã第äºã«ãèªåå®è¡ãããã¹ããŒãã³ã³ãã©ã¯ãã売買䞡è ã®åæãã³ãŒãåã«å€æãã確å®ã«å®è¡ããã第äžã«ã忣æ§ãšãããããã¯ãã§ãŒã³ã®ç¹åŸŽãåžå Žãèªç±ç«¶äºã«åããããåäžãšã³ãã£ãã£ã«ããåžå Žã®æ¯é ã黿¢ããã
2.3. æ¢åã®FXåžå Žã§ã¯NYåžå Žã®éå Žãšæ±äº¬åžå Žã®éå ŽãŸã§ã®éãéã®æéãšåŒã°ãã2016幎ã«ã¯ã¢ãžã¢åžå Žã®éå ŽçŽåŸã«ãã«ã9%ã®ãã©ãã·ã¥ã»ã¯ã©ãã·ã¥ãçµéšããã(*4)[4]ããã«ã鱿«ã¯æµåæ§ãå®å šã«ãªããªããå°æ¿åŠçã»åœå®¶çãªã¹ã¯ã®ãããžãäžå¯èœãšãªãããããã課é¡ã¯DEXã«ãããäŸ¡æ Œãèªå調æŽããã¢ã«ãŽãªãºã ã§ããAMMã«ãã£ãŠè§£æ±ºãããå¯èœæ§ãããããã®ä»çµã¿ã«ãããŠã¯è²·ãæãšå£²ãæã¯èªåçã«ãããã³ã°ãããããã«æµåæ§ã¯24æéé±7æ¥æäŸããç¶ããã
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èŠçŽäžã® 1. ~ 4.2. ãšããçªå·ã¯è«æã®ã»ã¯ã·ã§ã³ã«å¯Ÿå¿ããããŸããè«æäžã§æç€ºãããåŒçšã«ã€ããŠã¯ â*â ããçè ãç¬èªã«ä»ã泚㯠â[]â ãçšããã
*1 Glowka, M., & Nilsson, T. (2022). Fx settlement risk: an unsettled issue.Z*2 "Project Mariana: CBDCs in automated market makers", BIS from the BIS Innovation Hub *3 https://dune.com/queries/1865638?d=1 https://dune.com/queries/1865661?d=1 *4 See, for instance, Group (2017) , a report that discusses a 9 percent intraday flash crash in the sterling without notable market events. Similar flash crashes have often been observed in early Asia trading hours when liquidity is thin.(Group, B. M. C. W. (2017). The sterling âflash event of 7 october 2016â.)
[1] https://www.nomura.co.jp/terms/english/other/A03191.html [2] CLSã¯æ¥éãªã©ååœã®äžå€®éè¡ã®é¢äžãçµãŠ2002幎ã«çšŒåãéå§ãã2008幎ã®ãªãŒãã³ã»ã·ã§ãã¯æã«ã¯ãªã¹ã¯ãæå°åãããšããŠé«ãè©äŸ¡ããããçŸåšãååœäžéã¯CLSå調ãªãŒããŒãµã€ãå§å¡äŒãšãã圢ãåãCLSã®éå¶ã«å¯ŸããŠçºèšåãç¶æããŠãããçµç·¯ã«ã€ããŠã¯ä»¥äžãåç § å€åœçºæ¿åžå Žã«ãããæ±ºæžã·ã¹ãã CLS ã®éèŠæ§ïŒèæš, 2009ïŒ éèåº âå€çºæ±ºæžãªã¹ã¯ã«ä¿ãã©ãŠã³ãããŒãã« æçµå ±åæžâïŒ2018ïŒ[3] FX settlement risk: an unsettled issue (BIS) Nettingã«ã€ããŠã¯ãã¥ãŒãšãŒã¯é£éã®ãã®è³æãããããããã [4] çŠç¹ïŒéã®æé襲ããã©ãã·ã¥ã¯ã©ãã·ã¥ãçºæ¿åžå Žã®æ°åžžæ ãïŒãã€ã¿ãŒ, 2019ïŒ [5] https://www.jibunbank.co.jp/products/foreign_deposit/glossary/YST2396.html
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