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The 1010 Exploit and other broken market structures
Lucas & Hersch from World Markets joins us to break down why crypto trading infrastructure is fundamentally broken: how fully onchain order books, unified risk engines, and capital-efficient design could reshape perps trading.
Chapters:
0:02 Intro & guest background
1:28 From exchanges to hedge funds
3:26 Monad vs MegaETH decision
5:00 Why L2s beat L1s for trading
6:49 DeFi security flaws explained
10:29 How onchain traders find alpha
18:01 What World Markets actually is
21:59 1010 Crash explained
28:13 Why centralized exchanges fail
47:48 The 50% basis trade example
53:00 Hersch finally gets to speak
The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform.
Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs dot xyz slash careers.
Learn more about your ad choices. Visit megaphone.fm/adchoices
View all episodes
By Blockspace Media
4.8
1212 ratings
Lucas & Hersch from World Markets joins us to break down why crypto trading infrastructure is fundamentally broken: how fully onchain order books, unified risk engines, and capital-efficient design could reshape perps trading.
Chapters:
0:02 Intro & guest background
1:28 From exchanges to hedge funds
3:26 Monad vs MegaETH decision
5:00 Why L2s beat L1s for trading
6:49 DeFi security flaws explained
10:29 How onchain traders find alpha
18:01 What World Markets actually is
21:59 1010 Crash explained
28:13 Why centralized exchanges fail
47:48 The 50% basis trade example
53:00 Hersch finally gets to speak
The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform.
Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs dot xyz slash careers.
Learn more about your ad choices. Visit megaphone.fm/adchoices
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