An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.

Market commentary

Good Morning!

You might remember me talking about the Horizon project a while back, which is developing an interest rate swap model. There is now a new project out there, called Swivel-Finance. It taps into the same topic.

Multicoin Capital has invested in it, and has written an article about their offering (click on the image below).

Compared to the Horizon protocol, I find Swivel a lot leaner and easier to understand. I am also fascinated by how they use the leverage functionality to bootstrap liquidity without having to manage liquidations. Doing that requires a fair amount of fixed rate deposit clients who will supply the unleveraged capital for the interest rate swap. Only then will it unlock the possibility for the floating rate speculator to establish a leveraged position.

It is kind of the same issue I highlighted in the Horizon protocol market commentary. It's all about finding those conservative investors who are looking for a fixed rate investment.

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