Arad, founder of Lightcone, makes the case for impact markets — permissionless decision markets that don't require the questions or assets to be ones you control.

We cover Polymarket's origins as an "information markets" platform, why futarchy fails when proposals lack information, the two-universe mental model behind Lightcone's settlement, and why Arad believes the Oracle problem in prediction markets is really a market definition problem.

Closing on insider trading across market types, why Lightcone is launching on Solana, and the political backlash he expects when election impact markets ship.

Arad: https://x.com/aradtski

Lightcone: https://x.com/lightconexyz

Sponsored by MetaDAO and Umbra.