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Crypto’s 2023 “Health Check” | Vance Spencer
Forward Guidance
Serum
In serum, you can actually see the makers and takers that are making the order book. On a given daily basis, 90% of liquidity was facilitated by Alameda. And so you just had this weird, like Russian doll of like circular money flow with what seemed to be at least if not fraudulent than ethically dubious.
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