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Learn about the DEFI Professional Marketmaker Protocol Hashflow in 3 minutes

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Automated market makers (AMMs) have driven Defi's explosive growth over the past year.

原文标题：《 DeFi 新玩法 | 3 分钟了解 DeFi 专业做市商协议 Hashflow 》

原文来源：隔夜的粥，巴比特

Note: DEFI's "Non-Automated" Marketmaker Agreement HashFlow today announced a $3.2 million seed round led by Dragonfly Capital and Electric Capital, Other investors include Alameda Research, Metastable Capital, Galaxy Digital, Ideo Ventures and others. In this article, Haseeb Qureshi, managing partner at Dragonfly, explains what a Hashflow protocol is.

Automated market makers (AMMs) have driven Defi's explosive growth over the past year.

Uniswap handles more than $1 billion in trading volume each day, which cements its position as one of the top 10 spot exchanges in the world. Sushiswap and Curve are close behind, with hundreds of millions of dollars in daily transactions.

But AMMs are far from ideal, and it's because of the many problems with these AMMs that we're seeing a steady stream of new AMM designs. Uniswap V3 is the latest attempt to address the weaknesses behind AMM (constant product slippage and capital inefficiencies), but we still face the pain of high transaction fees (around 30 basis points per trade), jump start trades, sandwich attacks, GAS inefficiencies and frequent failed transactions. At this point, it is unclear whether Uniswap V3 or any other AMM will solve these problems at the root.

Defi was originally supposed to eliminate barriers and inefficiencies, so why is it so much more expensive to trade on Defi than on a centralized exchange?

I predicted that when professional market makers found a way to adopt DEFI, they would eventually bridge CEFI prices to DEFI. They can do this in a trustless and easy to use way like Uniswap. However, since these market makers will not be constrained by the simple pricing of the AMM curve, they will be able to price on the chain just as they price off the chain. In other words, you can get the same price on Defi as you would on Bitcoins.

The only question is when. With Uniswap so successful, you have to wonder: why hasn't this happened yet? Where the hell are the market makers?

The answer is simple: Market makers are attracted to volume, and until recently, significant volume was not achieved in DEFI. However, spot trading volumes on centralised exchanges are still more than 10 times higher than that of DEFI, not to mention derivatives.

But since last year, every crypto market maker has been able to use DEFI, and DEFI is the future, and they're ready to join the competition, but they want to be more than just passive Uniswap LP, What is needed is a platform that allows them to effectively serve the Defi OrderFlow.

The platform is HashFlow.

Hashflow is a protocol that connects users on a chain to top crypto market makers. It simplifies the process to what it needs to be -- very efficient gas pricing (about 50% cheaper than Uniswap), top crypto market makers, and maximizing capital efficiency.

Because this is DEFI, you don't have to trust these market makers. They'll make you an offer, and if you don't like it, you don't have to accept it. Like Uniswap, this is permitless, but at a better price.

Hashflow also comes with a built-in order route, and if Uniswap offers a better price, it will serve your order through Uniswap with one click.

You can think of Hashflow as a decentralized shadow economy merchant, and by connecting you with the best market makers in the world, Hashflow creates a portal for all the liquidity in CEFF. You can settle transactions directly on the chain at the exchange rate attached to the coin, and reduce losses and gas costs through it.

Unlike 0x or Uniswap, Hashflow doesn't need to do anything else, it just verifies a signature and initiates a transaction, it has no curves, no chain routes, and nothing else.

It is also fully resistant to MEV (miner extractable value), signatures-based pricing also means no more pre-emptive deals, no more sandwich attacks, etc.

Ultimately, Hashflow will support permitless pools of market makers, which means that anyone can allocate capital to these market making strategies (with some built-in guardrail to mitigate bad behavior). The best market-making strategies can be combined with capital, and all of this can be done with greater capital efficiency than any AMM.

In the long run, all markets tend to be efficient. Defi will also become more efficient over time. I believe Hashflow is the next step in this process.

Dragonfly led the seed round for Hashflow with Electric Capital, Alameda Research, Metastable Capital, Galaxy Digital, Ideo Ventures, Gumi Cryptos, Morningstar Ventures, and others include Balaji With angel investors including Srinivasan, Kain Warwick, and Ryan Sean Adams joining in this round of funding, we are excited to support Hashflow's vision of bringing market efficiency to DEFI.