“The way Ethereum DeFi was built, every team tackled a separate vertical such as lending and borrowing, perpetuals or DEXs [decentralized exchanges],” C3 founder Michel Dahdah said in an interview. “But having all these different financial products isolated in terms of how they manage collateral makes it impossible for them to cross margin, meaning the collateral you’re using to borrow money for shorting, for example, can’t be used to also open a long position in a perpetuals financial product.”

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