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BAIN CAPITAL CRYPTO BACKS RENEGADES AND PIONEERS BUILDING THE NEXT GENERATION OF
OPEN INTERNET INFRASTRUCTURE.

About

The internet is undergoing a fundamental shift towards open, community-driven,
and decentralized services. Touching how we play, work, and transact, we believe
this seismic shift will be one of the most important technological developments
since the advent of the web. The teams building these new pillars of the
internet require a new type of investment firm—one that can support them from
ideation through scale. Bain Capital Crypto is a purpose-built investment
platform designed for those projects. We are hackers, tinkerers, and builders,
powered by a deeply technical, collaborative approach from the earliest stages.

 * Meet our team
 * Contact us

Insights
Introducing Bain Capital Crypto
We are excited to announce Bain Capital Crypto (BCC), our first $560mm fund, and
the launch of a new platform…
 * Stefan Cohen

 * Press Release

03.08.22
Navigating Privacy on Public Blockchains
This post is an exposition on the landscape of privacy in the context of public
blockchains (a.k.a. decentralized ledgers, crypto, and Web3). The first part
touches on why privacy is a key hurdle to wide-scale adoption and what different
aspects of privacy are. The second part surveys three different approaches to
privacy: via zero-knowledge proofs, aiming for anonymity only, and via a new
abstraction called MOCCAs.
 * Wei Dai

 * Privacy

02.16.22
Optimal Routing for Constant Function Market Makers
We consider the problem of optimally executing an order involving multiple
cryptoassets, sometimes called tokens, on a network of multiple constant
function market makers (CFMMs). When we ignore the fixed cost associated with
executing an order on a CFMM, this optimal routing problem can be cast as a
convex optimization problem, which is computationally tractable. When we include
the fixed costs, the optimal routing problem is a mixed-integer convex problem,
which can be solved using (sometimes slow) global optimization methods, or
approximately solved using various heuristics based on convex optimization. The
optimal routing problem includes as a special case the problem of identifying an
arbitrage present in a network of CFMMs, or certifying that none exists.
 * Guillermo Angeris,
 * Tarun Chitra,
 * Alex Evans,
 * Stephen Boyd

 * MEV

12.01.21
Replicating Monotonic Payoffs Without Oracles
In this paper, we show that any monotonic payoff can be replicated using only
liquidity provider shares in constant function market makers (CFMMs), without
the need for additional collateral or oracles. Such payoffs include
cash-or-nothing calls and capped calls, among many others, and we give an
explicit method for finding a trading function matching these payoffs. For
example, this method provides an easy way to show that the trading function for
maintaining a portfolio where 50% of the portfolio is allocated in one asset and
50% in the other is exactly the constant product market maker (e.g., Uniswap)
from first principles. We additionally provide a simple formula for the total
earnings of an arbitrageur who is arbitraging against these CFMMs.
 * Guillermo Angeris,
 * Alex Evans,
 * Tarun Chitra

 * DeFi

09.01.21
Constant Function Market Makers: Multi-Asset Trades via Convex Optimization
The rise of Ethereum and other blockchains that support smart contracts has led
to the creation of decentralized exchanges (DEXs), such as Uniswap, Balancer,
Curve, mStable, and SushiSwap, which enable agents to trade cryptocurrencies
without trusting a centralized authority. While traditional exchanges use order
books to match and execute trades, DEXs are typically organized as constant
function market makers (CFMMs). CFMMs accept and reject proposed trades based on
the evaluation of a function that depends on the proposed trade and the current
reserves of the DEX. For trades that involve only two assets, CFMMs are easy to
understand, via two functions that give the quantity of one asset that must be
tendered to receive a given quantity of the other, and vice versa. When more
than two assets are being exchanged, it is harder to understand the landscape of
possible trades. We observe that various problems of choosing a multi-asset
trade can be formulated as convex optimization problems, and can therefore be
reliably and efficiently solved.
 * Guillermo Angeris,
 * Akshay Agrawal,
 * Alex Evans,
 * Tarun Chitra,
 * Stephen Boyd

 * Basics,
 * DeFi

07.01.21
All insights
Investments
Compound Finance
An algorithmic, autonomous interest rate protocol built for developers
 * DeFi

MakerDAO
A better, smarter currency. Dai can be used by anyone, anywhere, anytime.
 * DeFi

UMA — Universal Market Access
A fast, flexible, and secure way to create decentralized financial products.
 * DeFi

Risk Harbor
Risk management marketplace for Web3
 * DeFi

Sense Finance
Sense Protocol is a decentralized fixed-income protocol on Ethereum, to manage
risk through fixed rates and future yield trading.
 * DeFi

Our portfolio
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