Credit/Macro/Crypto Analyst, Former Credit/MA PM

Rose Choy

I have 20 years experience in credit and global macro both sell side (banking and trading) and buy side. Most recently managed multi asset and fixed income strategies. Crypto is my latest focus given huge inefficiencies and lack of quality research and insight. My crypto research will be through a trad-fi lens but with intimate knowledge in the crypto trading ecosystem.

Bear Market Plays - Crypto Exchange Tokens

Crypto

<ul>
<li>Decentralized organizations are still struggling to find the “right” way to govern themselves and there are well-known tradeoffs between decentralization and efficiency.</li>
<li>MKR tokens (governance tokens of MakerDAO) suffer from lack of alignment of incentives for tokenholders and protocol governance which is evident in the token price performance.</li>
<li>The trade is to sell or short the token as we do not see any benefits to tokenholders if incentives are not aligned and decision making continues to be inefficient.</li>
</ul>


Decentralized organizations are still struggling to find the “right” way to govern themselves and there are well-known tradeoffs between decentralization and efficiency.
MKR tokens (governance tokens of MakerDAO) suffer from lack of alignment of incentives for tokenholders and protocol governance which is evident in the token price performance.
The trade is to sell or short the token as we do not see any benefits to tokenholders if incentives are not aligned and decision making continues to be inefficient.


Sell MKR Token- DAO Governance Wars and Centralization Means MKR Token Will Go Nowhere