Wintermute联合创始人Evgeny Gaevoy在亚洲加密市场上

Evgeny Gaevoy始于他的传统金融职业生涯，专门从事市场制造和道具交易。但是到2016年，盖沃伊（Gaevoy）看到了传统金融体系的效率低下以及潜在的分离，意识到有机会创造一些全新，更好的东西。

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的首席执行官兼联合创始人Evgeny Gaevoy在2017年在与加密货币行业枢纽之前从事市场制造和道具交易的职业生涯。在这次采访中，Gaevoy讨论了西方和亚洲加密市场之间的差异， AI在贸易和市场建设中的作用以及Wintermute如何导航多个区块链的流动性日益增长。

CoinDesk: What led you to start Wintermute?

Coindesk：是什么促使您开始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：我开始研究2016年左右的区块链，与一些早期采用者相比，这相对较晚。当时，我当时是传统的金融，真正感兴趣的是解关性 - 削减了监护人和主要经纪人的效率低下，它们的运作方式很痛苦。区块链似乎是破坏这一点的好方法。

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.

但是那时，一切都感觉非常理论。直到2017年，我才真正进入加密货币。我辞职，开始环顾四周，在Coinbase上购买了少量比特币 - 只是为了进行测试。然后，它在一两个星期内的价格翻了一番，我几乎没有引起注意，因为与我在Tradfi中习惯的相比，波动率太疯狂了。

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市场制造中，每年可能有10天的事情变得非常令人兴奋 - 当市场上涨3-4％时，这很重要。但是在加密中，这种运动一直在发生。因此，我认为，我知道道具交易，我知道市场营销，而且我喜欢从头开始建造东西 - 那么为什么不在加密货币中建立一家营销业务呢？这就是温特穆特的样子。

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

Coindesk：您一直在积极参与西方和亚洲市场 - 两者之间观察到的最大差异是什么？

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：在监管方面，一切仍然主要由美国驱动，即使在亚洲，大多数公司都在观察美国在做什么，而不是设定自己的独立课程。

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.

当涉及国外和机构交易时，中国是最大的缺失作品。中国机构和公司仍然不允许触摸加密货币，直到中国共产党改变其立场，我们才能从那里看到适当的机构流动。

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

COINDESK：您现在看到什么关键机会来自亚洲？

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

Evgeny Gaevoy：目前最有趣的发展是某些国家如何以有意义的方式向加密货币开放。

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.

由于加密税的改进，日本越来越有吸引力。通过减轻加密货币持有的税收负担，该国使企业和个人都更容易参与市场而没有过多的经济罚款。这是一个重大举措，可以推动流动性和机构参与。

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.

韩国是另一个令人兴奋的案例，主要是因为其巨大的零售市场。但是，一个主要的限制是，外国做市商仍被限制与当地交流融合。如果监管机构允许外部流动性提供者参加，则可以释放大量的流动性。

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，朝鲜交流仍然相当孤立，这就是为什么我们仍然看到像泡菜溢价这样的现象的原因，这是结构性障碍阻止全球流动性自由流入市场的直接结果。

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，香港是中国试点计划的独特角色。尽管中国仍在正式禁止加密货币，但香港正在建立受监管的市场和机构框架，这些框架可以作为中国将来如何与加密货币互动的测试基础。这使香港成为观看的重要地区，尤其是在机构采用方面。

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.

要注意的关键是这些市场如何发展，因为它们每个市场都提供了对亚洲加密采用周期的不同入口点 - 日本正在通过税收优惠吸引机构，韩国是一个零售业的零售市场，具有潜在的流动性，而香港是监管机构对中国可能具有更广泛影响的实验。

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

Coindesk：在亚洲推动加密货币采用和流动性的一些鲜为人知或意外的催化剂是什么？

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：对我来说最大的惊喜是，我们在Crypto Twitter上看到的许多叙述以及VCS并没有反映出地面上实际发生的事情。

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.

一个很好的例子是Tron和Tether。在亚洲和拉丁美洲，Tron上的USDT是付款最广泛使用的加密货币资产，尤其是对于没有银行货币货币贬值的人而言。但是在西方，没有人谈论它。

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.

在西方回声室中，还有许多项目和DEFI协议在亚洲的表现非常好。这就是为什么我认为对亚洲发生的事情保持脉动至关重要，而不仅仅是依靠西方叙事。

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

COINDESK：您认为AI会自主运行整个营销业务吗？

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

Evgeny Gaevoy：AI已经被广泛用于交易，并且已经有一段时间了。