Celsius, 3AC demonstrated why financial infrastructure should move on-chain
2022.08.24 01:18
Celsius, 3AC demonstrated why financial infrastructure should move on-chain
While mainstream coverage of cryptocurrency has been overwhelmingly negative in the wake of the collapse of the Terra ecosystem, the bankruptcy of Celsius and the fall of Three Arrows Capital, these events ultimately show why of the financial system should operate on-chain, bringing more transparency and information to market participants.
In all three cases, the damage was caused and exacerbated by opaque, off-chain entities. And while the reason for the trio of events is important, it has also caused considerable damage to the overall reputation of the industry. These events have made it clear that the industry is in need of more transparency, something that can be made possible with more on-chain data and data analysis tools.
On-chain metrics for bitcoin as of Aug. 23, 2022. Source: Into the BlockJohn Calabrese is the head of product at Nansen, a blockchain-analytics firm. He holds more than 10 years of experience in product management and previously worked for companies in the finance technology space including FIS and Fidelity, and at startups such as Cinch and Monit. John has roots in traditional finance, earning his CFA and FRM designations, but is most passionate about the future of finance where products are more decentralized, transparent, and efficient through blockchain technology. When not working or trading crypto, John can be found at home spending time with his Shiba Inu, Nutmeg.
