The news 🗞

Links to news that are relevant for what we are building here.

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Cross posting analysis from Slack:

  • Wintermute is launching an exchange called “Bebop”
  • it’s based on RFQ, meaning the the flow is user request quote → MM sends quote → user can accept or reject quote
  • in Bebop’s case, the MM has a “last look” where they still get to reject after the user accepted. this allows them to quote tighter (user gets less negative slippage (as MM can quote tighter) but also less positive slippage (as MM will always cancel) - so it’s a tradeoff)
  • Wintermute will be the only MM on the exchange initially. Kevin Pang (SCP) has confirmed that this is an orderflow play for them - he called it “endpoint into their inventory”
  • one other feature is mentioned, which is the ability to buy or sell several tokens in the same trade (a la the NFT exchange Gem.xyz)
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