The institutionalization of cryptocurrencies is accelerating rapidly.
Crypto Derivatives Exchange Deribit’s on-demand liquidity tool, DeLibit Block Request-for-Quote (RFQ) interface, has registered cumulative trading volumes of over $23 billion within four months of its debut in early March.
Derivit is a prominent derivative exchange, providing Bitcoin traders with the world’s largest market of options
BTC$107,022.90
,ether
ETH$2,582.68
Solana
Sol$153.57
and xrp
XRP$2.24
. It also offers futures and spot trading.
The replacement was introduced in March with the block RFQ system. There, participants (takers), usually institutions and a large number of traders, demand structure pricing. A multifaceted strategy that involves a single instrument trading or spot, futures, or options. Block trading is a large transaction.
Market makers respond with an entity responsible for providing liquidity, then single or double-sided quote. This is followed by the best quotes for bids and questions displayed on Taker. The best quotes for bids and the best quotes for interrogation will be displayed on Taker.
This system allows large traders to execute orders more efficiently outside the public order form system, minimizing the impact on market prices.
Imagine buying vegetables directly from the farm (OTC) and receiving better prices and more flexible terms rather than bidding in a busy market where large orders can significantly increase prices.
“The RFQ system enables multi-leg trading, multiple manufacturer citations, and greater price efficiencies. It minimizes harmful choices while improving the execution of large-scale OTC trading.
Strijers noted that the systems target the needs of professional and agency trading operations, including complex structures and large amounts of support.
“Block RFQ allows multiple liquidity providers to compete with partial estimates, allowing manufacturers to benefit from reduced harmful selections, allowing for closer estimates.
The RFQ system processed $883 million worth of transactions in March, bringing its activity to $6.3 billion in April. The momentum continued in May, with tally reaching $9.8 billion in the first half of June, exceeding $6 billion.
If that’s not enough, the percentage of block transactions carried out via Deribit’s RFQ increased to 27.5% this month, up from 17% in April and 21% in May.
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