{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"The Scoop","title":"The “culture of excess” in crypto lending is over","html":"","width":"100%","height":180,"duration":2507,"description":"After a tumultuous first half of the year, the crypto lending market is maturing, according to Ledn Co-Founder and CSO Mauricio Di Bartolomeo.\nIn this episode of The Scoop, Bartolomeo shares his insider perspective on the state of crypto lending, including what types of lending he believes involves the least amount of risk.\nAccording to Bartolomeo, the liquidity crisis following the collapse of Three Arrows Capital earlier this year has the surviving lenders thinking more seriously about risk management: \n“Right now there is a huge focus on risk management — everybody is tightening up their covenants, everybody is trying to ensure that this doesn't happen again — and I think that has brought the space to a more balanced equilibrium.”\nOut of the various sources of demand for crypto loans, Bartolomeo believes delta-neutral market makers provide some of the best opportunities, given such market making strategies do not rely on the market moving in a particular direction:\n“The entities that performed the best typically were these high-quality market makers that take non-directional positions… that is the type of activity that we think is best suited to minimize risk.”\nOne sign of increasing market maker activity, Bartolomeo explains, is the tightening of average spread on exchanges:\n“Today what you are seeing is that the average spread in most exchanges is getting tighter and tighter and tighter and tighter, and I think this is an expression of how many market makers are now coming in to narrow those gaps.”\nEpisode 100 of Season 4 of The Scoop was recorded remotely with The Block's Frank Chaparro and Ledn Co-Founder and CSO Mauricio Di Bartolomeo.\nListen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher, or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com.\nThis episode is brought to you by our sponsors Tron\nAbout Tron\nTRON is dedicated to accelerating the decentralization of the internet...","thumbnail_url":"https://img.transistorcdn.com/kC6kzNjgr18dm0FmBfV_f9xccAkjj-QXoCJmVNlNtrU/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS8xZmIz/N2E5MmRmMzJjOTU3/OTNhYjJkYzcxZTlj/MTU2Yi5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}