Memories of a Long-Time BitMEX User: Did the March 12 Outage Save Crypto?

Hedge fund manager Kuan argues that BitMEX's perpetual contracts were a major innovation and that offshore exchanges' golden era has passed as the industry moves toward compliance. In a WuBlockchain podcast interview, Kuan says BitMEX's funding rates, mark prices, insurance fund and auto-deleveraging solved the liquidity fragmentation of fixed-expiry futures, and that its order book depth frequently reached millions of dollars during the 2018 bear market. Discussing the March 12, 2020 crash, Kuan says the outage interrupted a liquidation cascade and Bitcoin stabilized around $3,800, though whether it was intentional cannot be proven from outside.