Ruslan Fakhrutdinov from Extended Perp Exchange talks about building a unified margin across perps, vaults &amp; yield, spot, and an integrated lending market. He explains critical components for a trustless perp DEX such as self-custody and on-chain solvency checks. Ruslan shares his experience with user acquisition programs, the total cost of execution vs. zero fees, and Extended's transparent fee model. We also discuss gauging sustainable product market fit in a post-airdrop environment and the roadmap for cross-asset collateral.
Subscribe to the newsletter! <a href="https://newsletter.blockspacemedia.com/">https://newsletter.blockspacemedia.com</a>
Notes: * Perp DEX market share grew 15-20% * Vault earns up to 1% in liquidations * Using 90% of vault shares as collateral
Timestamps: 00:00 Start 00:03 Ruslan's background 01:12 What is Extended? 03:14 What must be on-chain? 05:55 Perp DEX liquidity 07:09 Calculating price of execution 09:06 Zero fees, good or bad? 13:22 Promotions vs regular users 18:32 UX design 21:35 Mobile trading apps 23:43 Perp DEX aggregators? 27:51 Vault system 29:50 Estimating Vault risk 34:28 End stage Vault design? 38:10 Spot market plans? 42:46 Validators 43:34 Next 5 years 46:10 RWA on DEXs 47:53 Wrapping assets vs native 49:06 Wrap up




The Gwart Show is sponsored by Ellipsis Labs. Backed by Paradigm, Electric Capital and Haun Ventures. The founders, Eugene and Jerry, have experienced Citadel Jane Street in the Solana Core team since launching their order book DEX, Phoenix. They’ve done over $80 billion in trading volume by making onchain order books competitive with centralized exchanges. 
Ellipsis is hiring for New York-based engineers. Work with a small focus team who are results driven, collaborative, and use a modern stack. If you’re an engineer who wants to work on infrastructure that’s already proven itself in the market, go to <a href="http://ellipsislabs.xyz/">⁠⁠ellipsislabs.xyz⁠⁠</a>.


 Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

<description>Ruslan Fakhrutdinov from Extended Perp Exchange talks about building a unified margin across perps, vaults &amp; yield, spot, and an integrated lending market. He explains critical components for a trustless perp DEX such as self-custody and on-chain solvency checks. Ruslan shares his experience with user acquisition programs, the total cost of execution vs. zero fees, and Extended's transparent fee model. We also discuss gauging sustainable product market fit in a post-airdrop environment and the roadmap for cross-asset collateral.

Subscribe to the newsletter! https://newsletter.blockspacemedia.com

Notes:* Perp DEX market share grew 15-20%* Vault earns up to 1% in liquidations* Using 90% of vault shares as collateral

Timestamps:00:00 Start00:03 Ruslan's background01:12 What is Extended?03:14 What must be on-chain?05:55 Perp DEX liquidity07:09 Calculating price of execution09:06 Zero fees, good or bad?13:22 Promotions vs regular users18:32 UX design21:35 Mobile trading apps23:43 Perp DEX aggregators?27:51 Vault system29:50 Estimating Vault risk34:28 End stage Vault design?38:10 Spot market plans?42:46 Validators43:34 Next 5 years46:10 RWA on DEXs47:53 Wrapping assets vs native49:06 Wrap up






The Gwart Show is sponsored by Ellipsis Labs. Backed by Paradigm, Electric Capital and Haun Ventures. The founders, Eugene and Jerry, have experienced Citadel Jane Street in the Solana Core team since launching their order book DEX, Phoenix. They’ve done over $80 billion in trading volume by making onchain order books competitive with centralized exchanges. 

Ellipsis is hiring for New York-based engineers. Work with a small focus team who are results driven, collaborative, and use a modern stack. If you’re an engineer who wants to work on infrastructure that’s already proven itself in the market, go to ⁠⁠ellipsislabs.xyz⁠⁠.




Learn more about your ad choices. Visit megaphone.fm/adchoices</description>

Ruslan from Extended Perp Exchange discusses building a unified margin perp exchange, the verifiability of DEXs, the zero-fee debate, attracting users and liquidity, cross-asset collateral, their roadmap, and the future of the perp DEX market.

Ruslan Fakhrutdinov from Extended Perp Exchange talks about building a unified margin across perps, vaults & yield, spot, and an integrated lending market. He explains critical components for a trustless perp DEX such as self-custody and on-chain solvency checks. Ruslan shares his experience with user acquisition programs, the total cost of execution vs. zero fees, and Extended's transparent fee model. We also discuss gauging sustainable product market fit in a post-airdrop environment and the roadmap for cross-asset collateral.

Subscribe to the newsletter! https://newsletter.blockspacemedia.com

Notes:* Perp DEX market share grew 15-20%* Vault earns up to 1% in liquidations* Using 90% of vault shares as collateral

Timestamps:00:00 Start00:03 Ruslan's background01:12 What is Extended?03:14 What must be on-chain?05:55 Perp DEX liquidity07:09 Calculating price of execution09:06 Zero fees, good or bad?13:22 Promotions vs regular users18:32 UX design21:35 Mobile trading apps23:43 Perp DEX aggregators?27:51 Vault system29:50 Estimating Vault risk34:28 End stage Vault design?38:10 Spot market plans?42:46 Validators43:34 Next 5 years46:10 RWA on DEXs47:53 Wrapping assets vs native49:06 Wrap up






The Gwart Show is sponsored by Ellipsis Labs. Backed by Paradigm, Electric Capital and Haun Ventures. The founders, Eugene and Jerry, have experienced Citadel Jane Street in the Solana Core team since launching their order book DEX, Phoenix. They’ve done over $80 billion in trading volume by making onchain order books competitive with centralized exchanges. 

Ellipsis is hiring for New York-based engineers. Work with a small focus team who are results driven, collaborative, and use a modern stack. If you’re an engineer who wants to work on infrastructure that’s already proven itself in the market, go to ⁠⁠ellipsislabs.xyz⁠⁠.




Learn more about your ad choices. Visit megaphone.fm/adchoices

The Hidden Cost of Zero-Fee DEX's

Zcash cofounder Ian Miers discusses zero-knowledge proofs, why Bitcoin's public ledger creates massive privacy problems, how SNARKs enable trust without exposure, quantum computing threats to cryptocurrency, identity and reputation systems, and why a blockchain needs privacy to function as actual money.
Notes: • Zcash launched as first industrial zero-knowledge proof application • Zero Coin published 2013 (before Ethereum or SNARKs existed) • Quantum computers need thousands of qubits to break RSA • Blockchain transparency makes Bitcoin "Twitter for bank accounts"
Timestamps: 00:00	Start 00:19	What's Ian up to? 01:25	Creating Zcash 05:59	Why ZK tech is a big deal? 08:34	Zero knowledge proofs &amp; Bitcoin 10:36	Verifiability vs privacy 14:02	The 2025 Zcash resurgence 17:20	Other research 20:45	Stablecoins &amp; real world assets 24:15	Ellipsis Labs Ad 25:02	Regulation 28:57	Government privacy overreach 33:11	Zcash proposals &amp; current development 35:51	Swaps 39:29	Zcash as medium of exchange? 41:37	The possibility of privacy on Bitcoin 43:53	Other privacy tech? 50:18	Monero vs Zcash 53:37	Developer block rewards 57:12	Developer rewards &amp; adoption 59:39	Quantum risks 1:02:45	Quantum timelines



The Gwart Show is sponsored by Ellipsis Labs. Backed by Paradigm, Electric Capital and Haun Ventures. The founders, Eugene and Jerry, have experienced Citadel Jane Street in the Solana Core team since launching their order book DEX, Phoenix. They’ve done over $80 billion in trading volume by making onchain order books competitive with centralized exchanges. 
Ellipsis is hiring for New York-based engineers. Work with a small focus team who are results driven, collaborative, and use a modern stack. If you’re an engineer who wants to work on infrastructure that’s already proven itself in the market, go to <a href="http://ellipsislabs.xyz/">⁠⁠ellipsislabs.xyz⁠⁠</a>.


 Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

<description>Zcash cofounder Ian Miers discusses zero-knowledge proofs, why Bitcoin's public ledger creates massive privacy problems, how SNARKs enable trust without exposure, quantum computing threats to cryptocurrency, identity and reputation systems, and why a blockchain needs privacy to function as actual money.

Notes:• Zcash launched as first industrial zero-knowledge proof application• Zero Coin published 2013 (before Ethereum or SNARKs existed)• Quantum computers need thousands of qubits to break RSA• Blockchain transparency makes Bitcoin "Twitter for bank accounts"

Timestamps:00:00	Start00:19	What's Ian up to?01:25	Creating Zcash05:59	Why ZK tech is a big deal?08:34	Zero knowledge proofs &amp; Bitcoin10:36	Verifiability vs privacy14:02	The 2025 Zcash resurgence17:20	Other research20:45	Stablecoins &amp; real world assets24:15	Ellipsis Labs Ad25:02	Regulation28:57	Government privacy overreach33:11	Zcash proposals &amp; current development35:51	Swaps39:29	Zcash as medium of exchange?41:37	The possibility of privacy on Bitcoin43:53	Other privacy tech?50:18	Monero vs Zcash53:37	Developer block rewards57:12	Developer rewards &amp; adoption59:39	Quantum risks1:02:45	Quantum timelines




The Gwart Show is sponsored by Ellipsis Labs. Backed by Paradigm, Electric Capital and Haun Ventures. The founders, Eugene and Jerry, have experienced Citadel Jane Street in the Solana Core team since launching their order book DEX, Phoenix. They’ve done over $80 billion in trading volume by making onchain order books competitive with centralized exchanges. 

Ellipsis is hiring for New York-based engineers. Work with a small focus team who are results driven, collaborative, and use a modern stack. If you’re an engineer who wants to work on infrastructure that’s already proven itself in the market, go to ⁠⁠ellipsislabs.xyz⁠⁠.




Learn more about your ad choices. Visit megaphone.fm/adchoices</description>

Ian Miers, Zcash co-founder & cryptographer, discusses zero-knowledge proofs, crypto privacy, identity solutions, quantum computing threats, and why blockchain transparency is fundamentally broken for payments.

Zcash cofounder Ian Miers discusses zero-knowledge proofs, why Bitcoin's public ledger creates massive privacy problems, how SNARKs enable trust without exposure, quantum computing threats to cryptocurrency, identity and reputation systems, and why a blockchain needs privacy to function as actual money.

Notes:• Zcash launched as first industrial zero-knowledge proof application• Zero Coin published 2013 (before Ethereum or SNARKs existed)• Quantum computers need thousands of qubits to break RSA• Blockchain transparency makes Bitcoin "Twitter for bank accounts"

Timestamps:00:00	Start00:19	What's Ian up to?01:25	Creating Zcash05:59	Why ZK tech is a big deal?08:34	Zero knowledge proofs & Bitcoin10:36	Verifiability vs privacy14:02	The 2025 Zcash resurgence17:20	Other research20:45	Stablecoins & real world assets24:15	Ellipsis Labs Ad25:02	Regulation28:57	Government privacy overreach33:11	Zcash proposals & current development35:51	Swaps39:29	Zcash as medium of exchange?41:37	The possibility of privacy on Bitcoin43:53	Other privacy tech?50:18	Monero vs Zcash53:37	Developer block rewards57:12	Developer rewards & adoption59:39	Quantum risks1:02:45	Quantum timelines




The Gwart Show is sponsored by Ellipsis Labs. Backed by Paradigm, Electric Capital and Haun Ventures. The founders, Eugene and Jerry, have experienced Citadel Jane Street in the Solana Core team since launching their order book DEX, Phoenix. They’ve done over $80 billion in trading volume by making onchain order books competitive with centralized exchanges. 

Ellipsis is hiring for New York-based engineers. Work with a small focus team who are results driven, collaborative, and use a modern stack. If you’re an engineer who wants to work on infrastructure that’s already proven itself in the market, go to ⁠⁠ellipsislabs.xyz⁠⁠.




Learn more about your ad choices. Visit megaphone.fm/adchoices

Zcash Resurgence, Privacy, and Quantum w/ Zcash cofounder Ian Miers

Keone Han and Kevin McCormick from Monad Foundation join us to talk about their upcoming mainnet launch on November 24th, why building quality infrastructure takes years not months, their unique Momentum grants program that prioritizes user acquisition costs and retention over vanity metrics like TVL, and how to maintain team focus when crypto Twitter operates on a two-day attention span.Subscribe to the newsletter! https://newsletter.blockspacemedia.com
Notes:
• Monad mainnet launches November 24, 2025
• Momentum grants focus on cost-per-user acquisition
• Team values long-term building over quick releases
• Testnet ecosystem includes 15+ applications
Timestamps:00:00	Start01:20	Why Monad ICO now?02:55	Vibe check06:37	Time to market12:28	What makes Monad unique?14:47	Node count &amp; requirements17:34	Open source &amp; centralization20:15	Monad vs ?23:28	Could ETH borrow from Monad?28:07	Token valuation34:02	Winner take all?34:46	Attracting users42:39	Attracting partners with $$$45:53	Airdrop &amp; community51:14	Monad momentum54:13	Monad apps

 Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

<description>Keone Han and Kevin McCormick from Monad Foundation join us to talk about their upcoming mainnet launch on November 24th, why building quality infrastructure takes years not months, their unique Momentum grants program that prioritizes user acquisition costs and retention over vanity metrics like TVL, and how to maintain team focus when crypto Twitter operates on a two-day attention span.Subscribe to the newsletter! https://newsletter.blockspacemedia.com

Notes:

• Monad mainnet launches November 24, 2025

• Momentum grants focus on cost-per-user acquisition

• Team values long-term building over quick releases

• Testnet ecosystem includes 15+ applications

Timestamps:00:00	Start01:20	Why Monad ICO now?02:55	Vibe check06:37	Time to market12:28	What makes Monad unique?14:47	Node count &amp; requirements17:34	Open source &amp; centralization20:15	Monad vs ?23:28	Could ETH borrow from Monad?28:07	Token valuation34:02	Winner take all?34:46	Attracting users42:39	Attracting partners with $$$45:53	Airdrop &amp; community51:14	Monad momentum54:13	Monad apps


Learn more about your ad choices. Visit megaphone.fm/adchoices</description>

Monad's Keone and Kevin discuss November 24 launch, why they spent years building infrastructure, the Momentum grants program focused on user acquisition metrics over TVL, and navigating crypto Twitter's short attention spans.

Keone Han and Kevin McCormick from Monad Foundation join us to talk about their upcoming mainnet launch on November 24th, why building quality infrastructure takes years not months, their unique Momentum grants program that prioritizes user acquisition costs and retention over vanity metrics like TVL, and how to maintain team focus when crypto Twitter operates on a two-day attention span.Subscribe to the newsletter! https://newsletter.blockspacemedia.com

Notes:

• Monad mainnet launches November 24, 2025

• Momentum grants focus on cost-per-user acquisition

• Team values long-term building over quick releases

• Testnet ecosystem includes 15+ applications

Timestamps:00:00	Start01:20	Why Monad ICO now?02:55	Vibe check06:37	Time to market12:28	What makes Monad unique?14:47	Node count & requirements17:34	Open source & centralization20:15	Monad vs ?23:28	Could ETH borrow from Monad?28:07	Token valuation34:02	Winner take all?34:46	Attracting users42:39	Attracting partners with $$$45:53	Airdrop & community51:14	Monad momentum54:13	Monad apps


Learn more about your ad choices. Visit megaphone.fm/adchoices

Monad Launch w/ Keone Han & Kevin McCormick

Annanay Kapila, CEO &amp; Founder of QFEX, joins us to talk about his journey from high-frequency trading at Flow Traders and Tower to building a revolutionary exchange platform. We discuss how crypto market structure solves traditional finance inefficiencies, his Y Combinator experience, regulatory strategy, 100X leverage mechanics, prediction markets, and why sports betting actually works. Launching December 2025.

Subscribe to the newsletter! https://newsletter.blockspacemedia.com

Notes:
• Tower did half of all major exchange volume
• QFEX raised funding through Y Combinator
• YC takes 7% equity for $125K investment
• Bitcoin trades at 100X leverage on exchanges
• S&amp;P futures limited to 10X leverage
• QFEX waitlist hit 10,000 people

Timestamps:
00:00	Start
00:03	Annanay Kapila
02:08	Y Combinator
05:23	Market inefficiencies
09:03	Designing QFEX
12:50	Hyperliquid &amp; Perps
18:30	Zero fees vs UX
22:36	Sharp flow &amp; fees
27:12	Intermediating market makers
34:26	Misaligned incentives
40:53	Perps use cases
45:52	Perps vs Options
49:33	Market fragmentation
58:47	Kalshi vs Polymarket
1:06:23	KYC
1:10:37	Are prediction markets useful?
1:13:02	Wrap



The Gwart Show is sponsored by Ellipsis Labs. Backed by Paradigm, Electric Capital and Haun Ventures. The founders, Eugene and Jerry, have experienced Citadel Jane Street in the Solana Core team since launching their order book DEX, Phoenix. They’ve done over $80 billion in trading volume by making onchain order books competitive with centralized exchanges. 
Ellipsis is hiring for New York-based engineers. Work with a small focus team who are results driven, collaborative, and use a modern stack. If you’re an engineer who wants to work on infrastructure that’s already proven itself in the market, go to <a href="http://ellipsislabs.xyz/">⁠⁠ellipsislabs.xyz⁠⁠</a>. Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

<description>Annanay Kapila, CEO &amp; Founder of QFEX, joins us to talk about his journey from high-frequency trading at Flow Traders and Tower to building a revolutionary exchange platform. We discuss how crypto market structure solves traditional finance inefficiencies, his Y Combinator experience, regulatory strategy, 100X leverage mechanics, prediction markets, and why sports betting actually works. Launching December 2025.

Subscribe to the newsletter! https://newsletter.blockspacemedia.com

Notes:
• Tower did half of all major exchange volume
• QFEX raised funding through Y Combinator
• YC takes 7% equity for $125K investment
• Bitcoin trades at 100X leverage on exchanges
• S&amp;P futures limited to 10X leverage
• QFEX waitlist hit 10,000 people

Timestamps:
00:00	Start
00:03	Annanay Kapila
02:08	Y Combinator
05:23	Market inefficiencies
09:03	Designing QFEX
12:50	Hyperliquid &amp; Perps
18:30	Zero fees vs UX
22:36	Sharp flow &amp; fees
27:12	Intermediating market makers
34:26	Misaligned incentives
40:53	Perps use cases
45:52	Perps vs Options
49:33	Market fragmentation
58:47	Kalshi vs Polymarket
1:06:23	KYC
1:10:37	Are prediction markets useful?
1:13:02	Wrap




The Gwart Show is sponsored by Ellipsis Labs. Backed by Paradigm, Electric Capital and Haun Ventures. The founders, Eugene and Jerry, have experienced Citadel Jane Street in the Solana Core team since launching their order book DEX, Phoenix. They’ve done over $80 billion in trading volume by making onchain order books competitive with centralized exchanges. 

Ellipsis is hiring for New York-based engineers. Work with a small focus team who are results driven, collaborative, and use a modern stack. If you’re an engineer who wants to work on infrastructure that’s already proven itself in the market, go to ⁠⁠ellipsislabs.xyz⁠⁠.
Learn more about your ad choices. Visit megaphone.fm/adchoices</description>

Annanay Kapila, CEO of QFEX, discusses his journey from high-frequency trading at Tower and Flow Traders to building a new exchange that merges traditional and crypto market structures through Y Combinator.

Annanay Kapila, CEO & Founder of QFEX, joins us to talk about his journey from high-frequency trading at Flow Traders and Tower to building a revolutionary exchange platform. We discuss how crypto market structure solves traditional finance inefficiencies, his Y Combinator experience, regulatory strategy, 100X leverage mechanics, prediction markets, and why sports betting actually works. Launching December 2025.

Subscribe to the newsletter! https://newsletter.blockspacemedia.com

Notes:
• Tower did half of all major exchange volume
• QFEX raised funding through Y Combinator
• YC takes 7% equity for $125K investment
• Bitcoin trades at 100X leverage on exchanges
• S&P futures limited to 10X leverage
• QFEX waitlist hit 10,000 people

Timestamps:
00:00	Start
00:03	Annanay Kapila
02:08	Y Combinator
05:23	Market inefficiencies
09:03	Designing QFEX
12:50	Hyperliquid & Perps
18:30	Zero fees vs UX
22:36	Sharp flow & fees
27:12	Intermediating market makers
34:26	Misaligned incentives
40:53	Perps use cases
45:52	Perps vs Options
49:33	Market fragmentation
58:47	Kalshi vs Polymarket
1:06:23	KYC
1:10:37	Are prediction markets useful?
1:13:02	Wrap




The Gwart Show is sponsored by Ellipsis Labs. Backed by Paradigm, Electric Capital and Haun Ventures. The founders, Eugene and Jerry, have experienced Citadel Jane Street in the Solana Core team since launching their order book DEX, Phoenix. They’ve done over $80 billion in trading volume by making onchain order books competitive with centralized exchanges. 

Ellipsis is hiring for New York-based engineers. Work with a small focus team who are results driven, collaborative, and use a modern stack. If you’re an engineer who wants to work on infrastructure that’s already proven itself in the market, go to ⁠⁠ellipsislabs.xyz⁠⁠.
Learn more about your ad choices. Visit megaphone.fm/adchoices

Why High Frequency Traders Are Leaving Wall Street

Kaledora Linn, Co-Founder at Ostium, joins us to talk about revolutionizing onchain trading by bringing traditional finance assets like stocks, commodities, and FX to DeFi through perpetual contracts. We explore why perps are superior to tokenization for trading, the evolution from single-asset to cross-asset platforms, how macro news drives modern volatility, capital efficiency challenges, and why retail traders prefer perps over options. Plus institutional use cases and the future of "perpification."

Subscribe to the newsletter! https://newsletter.blockspacemedia.com

Notes:
• Ostium offers up to 200:1 leverage
• Mirror had billions in open interest on stocks
• Synthetix was heavily over-collateralized with SNX
• Perps dominate over options in crypto markets
• Post-COVID macro drives cross-asset volatility


Timestamps:
00:00	Start
00:17	Kaledora Linn - Co-Founder of Ostium
10:01	Ostium's synthetic model
25:08	How Ostium works
35:52	Ellipsis Labs
37:56	KYC &amp; identifying toxic traders
43:01	Market makers
45:22	Price oracles
47:22	Funding rates
52:00	Synthetic vs. on-chain order book
55:29	Weekday markets closing
59:25	On-chain price discovery
1:01:42	24/5 markets
1:03:14	Scaling the market
 
The Gwart Show is sponsored by Ellipsis Labs. Backed by Paradigm, Electric Capital and Haun Ventures. The founders, Eugene and Jerry, have experienced Citadel Jane Street in the Solana Core team since launching their order book DEX, Phoenix. They’ve done over $80 billion in trading volume by making onchain order books competitive with centralized exchanges. 
Ellipsis is hiring for New York-based engineers. Work with a small focus team who are results driven, collaborative, and use a modern stack. If you’re an engineer who wants to work on infrastructure that’s already proven itself in the market, go to <a href="http://ellipsislabs.xyz/">⁠ellipsislabs.xyz⁠</a>. Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

<description>Kaledora Linn, Co-Founder at Ostium, joins us to talk about revolutionizing onchain trading by bringing traditional finance assets like stocks, commodities, and FX to DeFi through perpetual contracts. We explore why perps are superior to tokenization for trading, the evolution from single-asset to cross-asset platforms, how macro news drives modern volatility, capital efficiency challenges, and why retail traders prefer perps over options. Plus institutional use cases and the future of "perpification."

Subscribe to the newsletter! https://newsletter.blockspacemedia.com

Notes:
• Ostium offers up to 200:1 leverage
• Mirror had billions in open interest on stocks
• Synthetix was heavily over-collateralized with SNX
• Perps dominate over options in crypto markets
• Post-COVID macro drives cross-asset volatility


Timestamps:
00:00	Start
00:17	Kaledora Linn - Co-Founder of Ostium
10:01	Ostium's synthetic model
25:08	How Ostium works
35:52	Ellipsis Labs
37:56	KYC &amp; identifying toxic traders
43:01	Market makers
45:22	Price oracles
47:22	Funding rates
52:00	Synthetic vs. on-chain order book
55:29	Weekday markets closing
59:25	On-chain price discovery
1:01:42	24/5 markets
1:03:14	Scaling the market



The Gwart Show is sponsored by Ellipsis Labs. Backed by Paradigm, Electric Capital and Haun Ventures. The founders, Eugene and Jerry, have experienced Citadel Jane Street in the Solana Core team since launching their order book DEX, Phoenix. They’ve done over $80 billion in trading volume by making onchain order books competitive with centralized exchanges. 

Ellipsis is hiring for New York-based engineers. Work with a small focus team who are results driven, collaborative, and use a modern stack. If you’re an engineer who wants to work on infrastructure that’s already proven itself in the market, go to ⁠ellipsislabs.xyz⁠.
Learn more about your ad choices. Visit megaphone.fm/adchoices</description>

Kaledora Linn, Co-Founder of Ostium, discusses bringing traditional finance assets onchain through perpetuals instead of tokenization. Learn why perps are more capital-efficient and better suited for traders who want exposure to stocks, commodities, and FX from their crypto wallets.

Kaledora Linn, Co-Founder at Ostium, joins us to talk about revolutionizing onchain trading by bringing traditional finance assets like stocks, commodities, and FX to DeFi through perpetual contracts. We explore why perps are superior to tokenization for trading, the evolution from single-asset to cross-asset platforms, how macro news drives modern volatility, capital efficiency challenges, and why retail traders prefer perps over options. Plus institutional use cases and the future of "perpification."

Subscribe to the newsletter! https://newsletter.blockspacemedia.com

Notes:
• Ostium offers up to 200:1 leverage
• Mirror had billions in open interest on stocks
• Synthetix was heavily over-collateralized with SNX
• Perps dominate over options in crypto markets
• Post-COVID macro drives cross-asset volatility


Timestamps:
00:00	Start
00:17	Kaledora Linn - Co-Founder of Ostium
10:01	Ostium's synthetic model
25:08	How Ostium works
35:52	Ellipsis Labs
37:56	KYC & identifying toxic traders
43:01	Market makers
45:22	Price oracles
47:22	Funding rates
52:00	Synthetic vs. on-chain order book
55:29	Weekday markets closing
59:25	On-chain price discovery
1:01:42	24/5 markets
1:03:14	Scaling the market



The Gwart Show is sponsored by Ellipsis Labs. Backed by Paradigm, Electric Capital and Haun Ventures. The founders, Eugene and Jerry, have experienced Citadel Jane Street in the Solana Core team since launching their order book DEX, Phoenix. They’ve done over $80 billion in trading volume by making onchain order books competitive with centralized exchanges. 

Ellipsis is hiring for New York-based engineers. Work with a small focus team who are results driven, collaborative, and use a modern stack. If you’re an engineer who wants to work on infrastructure that’s already proven itself in the market, go to ⁠ellipsislabs.xyz⁠.
Learn more about your ad choices. Visit megaphone.fm/adchoices

The Perpification of Everything

Through conversations with crypto’s brightest lights, Gwart embarks on a one-man crusade to find the real value of cryptocurrency. Once weekly episodes with guests.

Pseudonymous, Gwart is a crypto-Twitter troll and thinkboi seeking answers to non-existent problems in blockchains. Follow along for the most colorful conversations in crypto.

The Gwart Show | Blockspace Media

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