In this episode of Deeply Intents, I chat with Joshua Gunn [Co-founder of Aori]. The conversation is action-packed. We begin by discussing Josh's background in market making and then move to unpacking DEX design. Next, we spend some time understanding intents in the context of single-chain and cross-chain applications, including bridging risks, finality, and market microstructure. From there, we spice things up by deconstructing Arbitrum's Time-Boost, where Josh shares his spicy yet correct takes. Later, we discuss the challenges of shipping viable products, product philosophy, and distribution. We close the episode by examining Ethereum in the context of vibes-based analysis. 

Timestamps

(00:22) - Steel and metallurgy 
(02:59) - Building a Solver
(08:16) - The Evolution of DEXs
(10:00) - Value leakage in AMMs
(11:14) - Fixing deadweight loss with order books
(14:34) - Auctions are trash
(17:00) - Off-chain order book with on-chain settlement
(23:00) - Single-chain vs. cross-chain Intent platforms
(30:38) - Intents are the first real idea that can supersede Tradfi
(34:31) - Rebalancing across chains
(40:00) - Heterogeneous finality
(42:44) - Mint/Burn is a solver's dream
(46:06) - All markets are the same
(49:16) - Flash Boys, Auctions & Arbitrum
(56:27) - Time-boost was a bad decision
(1:02:00) - Sunk cost fallacy
(1:06:01) - Product development challenges
(1:12:07) - How fast can you launch a token?
(1:16:52) - Product shipping philosophy
(1:20:33) - Vibes-based distribution
(1:24:00) - The medium is the message
(1:30:55) - Ethereum lost its vibes

Disclaimer
Nothing in this episode should be interpreted as financial, technical, or legal advice. The host does contract work for Heliax, a public goods laboratory, focusing on Anoma.