Hello and welcome to Amun State of Crypto Brainstorm, where we come together once a week to discuss the latest trends and analysis in the crypto world.

All opinions expressed by Amun staff or guests of the podcast are solely their own opinions.

This podcast is for informational purposes only and does not constitute any form of investment

supply.

While still in its early stages, the cryptocurrency market has continues to develop and professionalized

since the inception of Bitcoin in 2009.

For many with experiences in capital markets, many aspects of the crypto market may look

familiar to the market microstructure of traditional finance.

Nevertheless, there's still a range of difference between how crypto markets operate and our

price discovery works when compared to the markets for other assets. Today, we have a special

guest, Noel Atchison, head of research for Coin Desk, who will discuss our crypto's market

microstructure is different from that of other assets. This is a topic

that several members of our Moon team are especially interested in. And so for this episode,

we have as guests, Amun's co-founder and chief product officer, Ophelia Snyder, and a head of ETP's

Laurent. I'm Lanre and a researcher at Amun. And so with that being said, Ophelia, could you introduce the topic for today?

As Lerneri mentioned, the topic for today is looking at crypto market microstructures

and how we think about trading infrastructure and price discovery in this world

and how that's similar and different to the traditional markets.

At a base level, one of the things that important to realize is that not everyone approaches

trading in this market the same way, and that sort of goes without saying, but it's a combination

of on exchange trading, OTCs, so dealing directly with liquidity providers and larger

market makers and derivatives

...