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

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Max Resnick, Lead Economist at Anza, joins Gwart to talk about optimizing Solana for financial markets. He discusses the shift from Ethereum, the mechanics of MCP to stop censorship, and how "ACE" (Application Control Execution) empowers apps. Max discusses dominance of Prop AMMs, the controversy around block packing, and how Solana plans to compete with Hyperliquid in the perp market.

Notes:

- Binance retail fee is ~10 basis points
- Prop AMM execution gap up to 10 bps
- Humidify quotes 0.1 bps spreads

Timestamps:
00:00 Start
00:28 Anza experience
02:10 What's Max working on?
05:41 New respect for development
08:42 MCP > MEV
12:33 Validators & toxic flow
15:14 MCP status
16:32 Writing code
18:20 ACE
21:30 Taker speed bump & Hyperliquid
23:47 Oracle updates
24:13 On-chain co-location
26:38 Priority fee
27:01 Deny list
28:23 Tighter than Binance
33:18 Spreads
36:23 Prop AMM winners
38:33 SEP & Solana
40:40 MEV report
44:55 User costs of MEV
47:26 Block time reduction
50:30 Transaction packing
58:45 Prop AMMs & breaking composability
1:01:23 Hyperliquid
1:03:48 Solona slipping on Perps

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Bitcoin developer Brandon Black (ReardenCode) analyzes the reality of the quantum computing threat to Bitcoin. He explains the timeline for potential encryption breaks and why the sky isn't falling just yet. Brandon explains proposed solutions like BIP 360 and OP_CAT, and we debate whether Satoshi's stash will eventually be stolen or confiscated.

Notes:

* RSA keys moved from 1024 to 4096 bits

* 2-3k logical qubits needed to break ECC

* Logical qubits need 99.999% accuracy

* Biggest quantum factored number is ~15.

* BIP 360 new BC1Z address type.

Timestamps:

00:00 Start

00:25 The Quantum discussion

02:43 Initial thoughts on Quantum

06:51 How would a Quantum computer work?

11:10 Quantum vs conventional computing

14:25 Rearden's general take on Quantum

16:29 Why so divided on issue?

20:13 Error correction

22:42 You gave it the answer already

25:36 It's not scaling!

30:06 Easily readable research?

34:24 The "hidden" quantum computer

38:08 Crab market = roll FUD dice

39:59 TradFi is jumpy

41:01 The plan

42:57 What is "bitcoin working"?

46:13 Screeching about Core Devs

48:21 Core team & gatekeeping

53:12 BIP 360

56:19 Are MY keys safe now?

1:01:20 Satoshi's coins

1:05:04 Opinions in the community

1:10:56 Bitcoin upgrades coming?

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.

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Vladimir Novakovski, CEO of Lighter, explains their pivot from AI to a high-speed DEX. He addresses the controversy behind their zero-fee model and how ZK circuits ensure verifiability. Vlad says they're surprised at the success of Forex on Lighter, future plans for options and fixed income, and addresses community questions about token value and equity rights.

Notes:
- Spent 18 months building tech stack
- 1,000+ trading shops in contact with Lighter
- Polymarket has "pretty efficient" pricing

Timestamps:
00:00    Start
00:35    Surprises of success
02:50    Winning Perp DEX Season
06:30    Regulations
11:49    What parts need to be on-chain?
16:57    Sidecar
21:35    Forex trading flows
24:35    Spot markets
28:03    Future of zero fees
31:15    Public book & toxic flow
36:44    Standardizing Perp DEXs
40:16    Paths to revenue
45:47    User acquisition & tokens
49:28    The Hyperliquid Standard
56:24    Dealing with trolls

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.

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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.

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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 ⁠⁠ellipsislabs.xyz⁠⁠.

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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 & Bitcoin
10:36 Verifiability vs privacy
14:02 The 2025 Zcash resurgence
17:20 Other research
20:45 Stablecoins & real world assets
24:15 Ellipsis Labs Ad
25:02 Regulation
28:57 Government privacy overreach
33:11 Zcash proposals & 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 & 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 ⁠⁠ellipsislabs.xyz⁠⁠.

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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

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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.

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.

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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."

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.

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