In this episode of Deeply Intents, I chat with Markus, founder of Tplus. We begin the episode by addressing the FUD around the recent Intel TDX attack. Next, we unpack Tplus by dissecting the high-level architecture. Thereafter we discuss how Tplus can benefit traders, solvers, MEV searchers, and block builders. Later Markus breaks down the events that led to the sell-off on 10/10/25. We finish the episode by discussing Tplus' revenue model and thinking from first principles. 

Timestamps

(00:00) - How the cake is made 
(03:52) - Tplus etymology 
(06:34) - TDX FUD 
(11:58) - Tplus architecture 
(16:15) - Product surface expands with DeFi 
(18:44) - Breaking down cross-margin 
(23:53) - Markouts 
(26:06) - Everything in one box 
(28:25) - Vaults 
(31:04) - Orderflow on demand 
(34:57) - Is the juice worth the squeeze? 
(38:21) - B2C strategy 
(43:14) - Compossability with onchain liquidity 
(46:17) - Balancing founder priorities 
(48:08) - 10/10/25 
(52:00) - ADL risk 
(53:27) - Adding product features 
(58:14) - Specialized market making 
(1:01:15) - Revenue model 
(1:03:57) - Ethereum and Solana upgrades 
(1:05:11) - Think from first principles

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.