# Stanisław Wasiutyński - Why Macro Markets Need Different DeFi Market Structure - Channel: [ETHCluj Meetup](https://streameth.org/ethcluj-meetup) - Date: 2026-07-09 - Duration: 10:27 - Watch: https://streameth.org/watch/yt-JWZUmZMj8L4 - YouTube: https://www.youtube.com/watch?v=JWZUmZMj8L4 ## Description Bringing macro markets onchain requires more than listing new assets. This talk argues for solvency-first design: bounded liabilities, conservative accounting, and execution that remains coherent under stress. ## Transcript Okay. Uh $2.1 billion of positions in 12 minutes. Uh out of leveraged all on the winning side. That's the aftermath of October 10th on just one of the exchanges. Uh this is uh explained in a wonderful uh paper by uh Tarun Chitra on auto leveraging and how to uh improve the system. uh but uh I'm not going to talk about improving it uh because uh uh auto deleveraging uh is a system that is implemented by the exchanges to protect themsel from insolveny when the counterparty to your trade gets liquidated basically goes bankrupt and uh the exchange has to protect themsel move. Uh, and uh to illustrate this uh here is since we are in Transylvania, here's a nice picture of your uh exchange. Doesn't have to be uh decentralized, doesn't have to be centralized. It applies also to order book exchanges or to automated market makers. and everything is fine when when the market is calm and then suddenly you find out what they actually fit on. So uh why I'm talking about ADL because uh for me it's not a detail it's a uh signal uh of the underlying uh structure. So uh the way uh it works uh when a trader comes to the exchange opens an order then the markets move uh in the right direction. So the trader is right but the exchange still cuts off the entire position uh because it needs to uh protect from liabilities. It accepted on the entrance but uh it cannot honor anymore. So it has to rewrite the rules of the game. Okay. If there's one thing you take away from this talk is that uh per liability architecture. So uh usually when people think about per uh they think from the trader perspective. So how is the user experience? What is the leverage? What are what's the speed of the exchange? What are the fees? But for me, every position is a promise and uh every promise has to uh be able to realize. And in crypto exchanges uh where the markets are continuous and uh the traders are fine with w with with risk that have high pain tolerance I would say uh it it's fine it I don't see much talk about ideas not many complaints apart for the days like 10 of October. People just are used to it. Uh but macro markets uh changes this dynamic because they are no longer 247 because markets uh are open uh Monday to Friday. So they have closing and opening hours and are designed for different participants. So uh when I say uh macro markets what I mean by that is uh global economical variables like um foreign exchange or uh interest rates or government bonds. Those are uh type of assets that are traded by uh professional money managers and businesses that want to hedge uh some kind of exposure that they are not comfortable with with and usually those positions are uh part of the bigger portfolio. So you cannot afford to lose one of the positions in your portfolio because then your entire risk profile collapses. And here is a short uh comparison table. So on the macro right side we have explicit states. So exchange can be live, can be closed, can be frozen or the oracle price can be stale. Uh because uh the price discovery happens offchain. Of course, that means that uh we may experience uh some technical latencies or difficulties with the price update. we have to always handle this as well. So all these points uh are really painful to implement because uh this design cannot be hidden behind nice uh user interface. It has to be designed specifically for this market. And uh you need to consider uh three basic uh facts. Uh first of all, what kind of liabilities do you accept? Uh then how do you account for it? And then what happens under the stress? So that's why I came up with three rules. Uh I went in a macro venue. So first of all bonded liabilities this means every time a new trade enters an exchange uh it has to uh be validated that there is actually liquidity to pay off the maximum amount of uh winning and uh this may not sound like much but this is actually the the the most important uh innovation that I came up with and I would compare it to um a prediction market when you have a yes and no tokens they have also kind bunded liabilities because they fluctuate between zero and 100% the so so the 100% is a upper bound of the liability. Uh second of all uh account conservatively. It means that uh paper losses on the trading side cannot be uh mixed with realized gains for the liquidity provider. So this means uh you need separate buckets of capital and handle the graded states explicitly. So that means uh the exchange behaves differently when the markets are open uh when the market uh is about to open or about to close uh and so on. And this brings me to what I'm trying to build. Uh it's uh called letter Ps text. It's a directional layer for onchain macro. uh will be live on testn net this month and uh I believe this will be the first fully onchain uh macro venue that you can get uh exposure uh to to macro uh but if you ever come across another macro venue uh you should be able to assess it. So uh I would strongly suggest not to uh look at the TVL or the uh assets that is listing or even uh the leverage that it allows. But uh the most important question is what promises does it make under stress? And uh it brings me to uh where I started ADL because uh this is a uh simple way to explain that uh winning a trade is only meaningful when you have a uh ability to to pay that off. But in macro uh I I believe macro will force defy to grow up. the easy assumptions disappear first and the reliability model is what remains. Okay, thank you. And uh before I finish uh here is my prediction for the future. Uh I believe in four years onchain micro markets will be bigger than crypto markets are today.