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Wintermute founder: The real problem in the industry is that the exchange concentrates power over brokerage, open orders, and custody all in one.

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Odaily News DeFiance Capital CEO Arthur Cheong stated this morning on X that the product design and market structure of encryption derivation (especially Perptual Futures) remain the biggest structural issues facing the industry. If improvements are not made, it will be difficult to support the industry in achieving sustainable rise. Wintermute founder Evgeny Gaevoy responded that TradFi has long resolved these defects, so the real problem lies not in the design of Perptual Futures, but in the Centralized Exchange and pseudo-Decentralization exchanges that combine the roles of execution brokers, Central Limit Order Book (CLOB), and custodian service providers.

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