Wintermute聯合創始人Evgeny Gaevoy在亞洲加密市場上

Evgeny Gaevoy始於他的傳統金融職業生涯，專門從事市場製造和道具交易。但是到2016年，蓋沃伊（Gaevoy）看到了傳統金融體系的效率低下以及潛在的分離，意識到有機會創造一些全新，更好的東西。

Evgeny Gaevoy, CEO and co-founder of Wintermute, began his career in traditional finance, working in market making and prop trading before pivoting to the crypto industry in 2017. In this interview, Gaevoy discusses the differences between Western and Asian crypto markets, the role of AI in trading and market making and how Wintermute is navigating the growing fragmentation of liquidity across multiple blockchains.

Wintermute的首席執行官兼聯合創始人Evgeny Gaevoy在2017年在與加密貨幣行業樞紐之前從事市場製造和道具交易的職業生涯。在這次採訪中，Gaevoy討論了西方和亞洲加密市場之間的差異， AI在貿易和市場建設中的作用以及Wintermute如何導航多個區塊鏈的流動性日益增長。

CoinDesk: What led you to start Wintermute?

Coindesk：是什麼促使您開始Wintermute？

Evgeny Gaevoy: I started looking into the blockchain around 2016, which is relatively late compared to some early adopters. At the time, I was in traditional finance and what really interested me was disintermediation – cutting out the inefficiencies of custodians and prime brokers, which were painfully slow in how they operated. Blockchain seemed like a great way to disrupt that.

Evgeny Gaevoy：我開始研究2016年左右的區塊鏈，與一些早期採用者相比，這相對較晚。當時，我當時是傳統的金融，真正感興趣的是解關性 - 削減了監護人和主要經紀人的效率低下，它們的運作方式很痛苦。區塊鏈似乎是破壞這一點的好方法。

But back then, it all felt very theoretical. It wasn’t until 2017 that I really got into crypto. I quit my job, started looking around, and bought a small amount of bitcoin on Coinbase – just to test it out. Then it doubled in price in a week or two, and I barely paid attention because the volatility was just so insane compared to what I was used to in TradFi.

但是那時，一切都感覺非常理論。直到2017年，我才真正進入加密貨幣。我辭職，開始環顧四周，在Coinbase上購買了少量比特幣 - 只是為了進行測試。然後，它在一兩個星期內的價格翻了一番，我幾乎沒有引起注意，因為與我在Tradfi中習慣的相比，波動率太瘋狂了。

In TradFi market making, there are maybe 10 days a year when things get really exciting – when markets move 3-4%, and that’s considered a big deal. But in crypto, that kind of movement happens all the time. So I figured, I know prop trading, I know market making and I like building things from scratch – so why not build a market-making business in crypto? That’s how Wintermute came to be.

在Tradfi市場製造中，每年可能有10天的事情變得非常令人興奮 - 當市場上漲3-4％時，這很重要。但是在加密中，這種運動一直在發生。因此，我認為，我知道道具交易，我知道市場營銷，而且我喜歡從頭開始建造東西 - 那麼為什麼不在加密貨幣中建立一家營銷業務呢？這就是溫特穆特的樣子。

CoinDesk: You’ve been actively engaged in both Western and Asian markets – what are the biggest differences you’ve observed between the two?

Coindesk：您一直在積極參與西方和亞洲市場 - 兩者之間觀察到的最大差異是什麼？

Evgeny Gaevoy: Regulation-wise, everything is still primarily driven by the U.S. Even in Asia, most companies watch what the U.S. is doing rather than setting their own independent course.

Evgeny Gaevoy：在監管方面，一切仍然主要由美國驅動，即使在亞洲，大多數公司都在觀察美國在做什麼，而不是設定自己的獨立課程。

When it comes to OTC and institutional trading, China is the biggest missing piece. Chinese institutions and corporations are still not allowed to touch crypto, and until the Chinese Communist Party changes its stance, we won’t see proper institutional flows from there.

當涉及國外和機構交易時，中國是最大的缺失作品。中國機構和公司仍然不允許觸摸加密貨幣，直到中國共產黨改變其立場，我們才能從那裡看到適當的機構流動。

CoinDesk: What key opportunities are you seeing coming out of Asia right now?

COINDESK：您現在看到什麼關鍵機會來自亞洲？

Evgeny Gaevoy: The most interesting development right now is how certain countries are opening up to crypto in meaningful ways.

Evgeny Gaevoy：目前最有趣的發展是某些國家如何以有意義的方式向加密貨幣開放。

Japan is becoming increasingly attractive due to its improved tax policies for crypto. By reducing tax burdens on crypto holdings, the country is making it easier for both businesses and individuals to participate in the market without excessive financial penalties. This is a significant move that could drive liquidity and institutional involvement.

由於加密稅的改進，日本越來越有吸引力。通過減輕加密貨幣持有的稅收負擔，該國使企業和個人都更容易參與市場而沒有過多的經濟罰款。這是一個重大舉措，可以推動流動性和機構參與。

South Korea is another exciting case, mainly because of its massive retail market. However, a major limitation is that foreign market makers are still restricted from integrating with local exchanges. If regulators were to allow external liquidity providers to participate, it could unlock a tremendous amount of liquidity.

韓國是另一個令人興奮的案例，主要是因為其巨大的零售市場。但是，一個主要的限制是，外國做市商仍被限制與當地交流融合。如果監管機構允許外部流動性提供者參加，則可以釋放大量的流動性。

Right now, Korean exchanges remain fairly isolated, which is why we still see phenomena like the Kimchi premium – a direct result of structural barriers preventing global liquidity from flowing freely into the market.

目前，朝鮮交流仍然相當孤立，這就是為什麼我們仍然看到像泡菜溢價這樣的現象的原因，這是結構性障礙阻止全球流動性自由流入市場的直接結果。

Hong Kong, on the other hand, plays a unique role as a pilot program for China. While China still officially bans crypto, Hong Kong is establishing regulated markets and institutional frameworks that could serve as a testing ground for how China might engage with crypto in the future. This makes Hong Kong an important region to watch, especially in terms of institutional adoption.

另一方面，香港是中國試點計劃的獨特角色。儘管中國仍在正式禁止加密貨幣，但香港正在建立受監管的市場和機構框架，這些框架可以作為中國將來如何與加密貨幣互動的測試基礎。這使香港成為觀看的重要地區，尤其是在機構採用方面。

The key thing to watch is how these markets evolve, because they each offer different entry points into Asia’s crypto adoption cycle – Japan is attracting institutions with tax incentives, Korea is a retail-heavy market with potential liquidity unlocks, and Hong Kong is a regulatory experiment that could have broader implications for China.

要注意的關鍵是這些市場如何發展，因為它們每個市場都提供了對亞洲加密採用周期的不同入口點- 日本正在通過稅收優惠吸引機構，韓國是一個零售業的零售市場，具有潛在的流動性，而香港是監管機構對中國可能具有更廣泛影響的實驗。

CoinDesk: What have been some of the lesser-known or unexpected catalysts driving crypto adoption and liquidity in Asia?

Coindesk：在亞洲推動加密貨幣採用和流動性的一些鮮為人知或意外的催化劑是什麼？

Evgeny Gaevoy: The biggest surprise for me is that a lot of the narratives we see on Crypto Twitter and from VCs don’t reflect what’s actually happening on the ground.

Evgeny Gaevoy：對我來說最大的驚喜是，我們在Crypto Twitter上看到的許多敘述以及VCS並沒有反映出地面上實際發生的事情。

A great example is Tron and Tether. In Asia and Latin America, USDT on Tron is the most widely used crypto asset for payments, especially for the unbanked and those looking to escape currency devaluation. But in the West, nobody talks about it.

一個很好的例子是Tron和Tether。在亞洲和拉丁美洲，Tron上的USDT是付款最廣泛的加密資產，尤其是對於沒有銀行貨幣貨幣貶值的人而言。但是在西方，沒有人談論它。

There are also a lot of projects and DeFi protocols that get ignored in the Western echo chamber but are doing really well in Asia. That’s why I think it’s crucial to keep a pulse on what’s happening in Asia, rather than just relying on Western narratives.

在西方迴聲室中，還有許多項目和DEFI協議在亞洲的表現非常好。這就是為什麼我認為對亞洲發生的事情保持脈動至關重要，而不僅僅是依靠西方敘事。

CoinDesk: Do you think AI will ever autonomously run an entire market-making operation?

COINDESK：您認為AI會自主運行整個營銷業務嗎？

Evgeny Gaevoy: AI is already widely used in trading, and it has been for quite some time.

Evgeny Gaevoy：AI已經被廣泛用於交易，並且已經有一段時間了。