Matteo Leibowitz

Matteo joined The Block as a Research Analyst in January 2019. After graduating from Columbia University in 2017 Matteo launched CryptoChat, an industry-leading newsletter providing commentary and analysis on the latest developments in the blockchain world, with emphasis on the burgeoning Ethereum ecosystem. Before joining The Block, Matteo was also the founder of NashHash, an Ethereum-based platform for p2p game-theory games, an advisor to several early-stage blockchain-based projects, and an active investor across the crypto asset markets. Matteo's interests include the analysis of on-chain data, which has led to the creation of the Fee Ratio Multiple and Network Value to Aggregate Fee Ratio metrics, and the intersectionality of Open Finance protocols.

Money 2.0 Stuff: Common ownership

Index funds  As index funds continue to soar in popularity, questions have emerged as to whether shared ownership across industries has reduced competitiveness. If I own shares in McDonalds and also own shares in Burger King then I’m incentivized to see them both do well. A price war between the two will not work out […]
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Aug 11, 2020, 11:21AM UTC

Synthetix soars but the demand side is conspicuously absent

Launched in February 2019, Synthetix is a synthetic asset issuance protocol. To issue synthetic assets, users must stake the protocol’s native token, SNX, maintaining a 750% collateralization ratio at all times. Post-issuance, synthetics can be traded directly through the protocol’s integrated exchange with zero slippage. Alternatively, as fungible assets, outstanding synthetics can be traded on […]
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Aug 7, 2020, 9:35PM UTC

Money 2.0 Stuff: LosemoneyDAO

KeeperDAO: One way of thinking about Ethereum is as an arbitrage opportunity manufacturer. Many of these arbitrage opportunities — notably, those involving non-custodial exchanges — are structural: asset A trades for price $100 on venue X and price $105 on venue Y and so there is money to be made from buying A on X […]
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Aug 3, 2020, 11:42PM UTC

Augur v2 launches to limited fanfare as onboarding process trips up new users

Founded in 2014, Augur is an Ethereum-based prediction market (PM) protocol affording speculators the ability to permissionless-ly create and trade arbitrary derivative products.  Augur v1 was met with a mixed reception. On-chain order books, slow market dispute resolutions and Ether as the primary numeraire likely inhibited mainstream adoption. Nevertheless, v1 proved to be an effective […]
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Jul 31, 2020, 10:23PM UTC

Money 2.0 Stuff: FTX goes DEX

FTX Hmmm:  “Solana is awesome,” FTX CEO Sam Bankman-Fried told The Block. “It is 10,000 times faster and 1,000,000 times cheaper than Ethereum.” Those are big numbers and so FTX is building a DEX on Solana called Serum. Or sort of building. Maybe. It seems more likely that Solana will be the ones building the […]
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Jul 28, 2020, 2:04AM UTC

Under the microscope: This week in Open Finance

Data will auto-refresh on a 24-hour basis. Charts are interactive. All copy is relevant as of July 24, 2020. This week I will explore some local Open Finance market abnormalities.  CHI With Ethereum gas prices continuing to trend up week-on-week, users are increasingly turning to cunning tactics to minimize transaction fees.  The best optimization likely […]
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Jul 26, 2020, 10:48PM UTC

Money 2.0 Stuff: Can't stop the pop

IPOs The fundamental tension at play in IPO land is between rewarding early buyers and maximizing issuer proceeds. Resolving this tension has historically proven rather difficult. Matt Levine has a good theory on why “pops” might be an acceptable bi-product of IPOs. Some market participants are willing to provide large volumes of liquidity for an […]
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Jul 21, 2020, 12:55AM UTC

Aave's growth accelerates as it continues to target the long-tail

Data will auto-refresh on a 24-hour basis. Charts are interactive. All copy is relevant as of July 17, 2020. Launched on January 7 2020, Aave is an Ethereum-based money-market protocol. Similarly to Compound, lenders provide liquidity by depositing assets into a shared pool contract. Borrowers, who must be overcollateralized, may withdraw assets from these pools […]
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Jul 18, 2020, 12:07AM UTC

Money 2.0 Stuff: Everybody wants equity

Abra Abra is a mobile-based cryptocurrency investment platform but based on this SEC ruling…it’s really more of a market making firm?  Abra offers its users a nice interface through which to gain exposure to a variety of cryptocurrencies and foreign currencies. In February 2019 they started offering a way to trade US equities and ETFs.  […]
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Jul 13, 2020, 11:27PM UTC

Uniswap continues to dominate DEX landscape despite limited adoption of v2 feature set

Data will auto-refresh on a 24-hour basis. Charts are interactive. All copy is relevant as of July 10, 2020. Launched in late 2018, Uniswap is a non-custodial automated market-maker exchange protocol. A departure from centralized limit order book models, Uniswap markets are structured as shared passive liquidity pools: liquidity providers (LPs) deposit assets of equal […]
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Jul 11, 2020, 7:18PM UTC

Money 2.0 Stuff: Tokenize everything, sure

USDC Two years ago Coinbase and Circle released USDC and the general idea was to take a dollar bill and put it in a vault and then issue a dollar token on the Ethereum blockchain. Two years later and they may need to buy a bigger vault:   The total supply of stablecoin USDC surpassed 1 […]
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Jul 7, 2020, 2:43AM UTC

Money 2.0 Stuff: Old habits die hard

Ebang Chinese Bitcoin mining hardware manufacturer, Ebang, went public last week:  Shares of bitcoin mining hardware maker Ebang began trading today on Nasdaq with an underwhelming initial performance. As part of the initial public offering (IPO), the China-based company is offering 19.3 million shares priced at $5.23. During the initial 15 minutes of trading, the […]
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Jun 29, 2020, 11:30PM UTC

Balancer breaks $100m AUM as BAL begins trading on secondary markets

Data will auto-refresh on a 24-hour basis. Charts are interactive. All copy is relevant as of June 26, 2020. Path to BAL Launched on March 31 and funded by venture firms Placeholder and Accomplice, Balancer is a non-custodial n-dimensional automated market maker protocol. Like its predecessor, Uniswap, the Balancer system comprises various liquidity pools, with […]
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Jun 26, 2020, 10:39PM UTC

Money 2.0 Stuff: Rebate stuff

Today's column covers CrossTower's pursuit of an "inverted exchange" model and FTX's launch of a COMP perpetual swap market.
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Jun 22, 2020, 11:08PM UTC

Compound outstanding debt grows 400% over 3 days as COMP distribution begins

Data will auto-refresh on a 24-hour basis. All charts are interactive. Copy is relevant as of June 18, 2020. Path to COMP Founded in 2018 and backed by leading venture funds Andreessen Horowitz and Paradigm, Compound is an Ethereum-based money market protocol in which rates are set algorithmically according to supply and demand at any […]
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Jun 19, 2020, 4:32PM UTC

Money 2.0 Stuff: Greed is good

Miners One theory is that miners are economically rational agents. The market assigns Bitcoin, Ether and some other coins a monetary value, hardware and electricity costs some amount, and miners will continue mining so long as there is a remaining profit margin. Implicitly bolstering the cost to do annoying things to a particular network, the […]
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Jun 16, 2020, 1:49AM UTC

A close look at the activity of Argent's 20,000 wallets

Data will auto-refresh on a 24-hour basis. All charts are interactive. Copy is relevant as of May 25, 2020. Founded in 2018, Argent is a smart contract mobile wallet with a range of integrated Open Finance products. Abstracting away many of the more technical elements of blockchains and their associated cryptocurrencies — private keys, hexadecimal […]
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May 27, 2020, 7:59PM UTC

Money 2.0 Stuff: One must imagine Satoshi dead

Satoshi Typically, entrepreneurs invent products and services — and also take credit for them. For some, taking credit for a novel product or service is the point. We’re talking legacies here, man! I will die a physical death one day, sure, but I will be immortalized through my watch with in-built GPS.  For others, taking […]
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May 26, 2020, 10:22PM UTC