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Why Decentralized Perpetuals Are About to Explode
Welcome back to the CryptoTwits Podcast — this is our seventh episode and we’ve got our first guest.
Jon Morgan sits down with Shan, the founder/CEO of Strike Finance, described as the first and only perp DEX on Cardano. Shan shares how Charles Hoskinson’s whiteboard videos pulled him into Cardano during COVID, how he learned startups building an HR product that pivoted to blockchain, and why he ultimately started Strike.
We break down Strike V1 vs V2: V1 is based on the GMX-style model (LPs vs traders), while V2 is a cloud-based, central limit order book model — “industry standard,” more capital efficient, and built to compete in the broader perps arena. Shan explains how V2 changes asset support: instead of needing the underlying asset pools for each market, V2 can run on stablecoins to support blue chip cryptos and even stocks, equities, and real assets on Cardano, powered by a “really reputable” oracle provider (name not shared).
We also talk Cardano’s DeFi footprint (Strike doing 50–80% of Cardano trading volume at times), why decentralized exchanges let people become market makers, how liquidation mechanics work at a high level, why Strike plans to open-source its core matching/liquidation engines, and Shan’s simplest trading advice: set a stop loss one cent above liquidation to avoid liquidation fees.
We close with Shan’s personal story — born in China, immigrated to New York at six, skipped most of freshman year to chase tattoo art, got shipped to Ohio, graduated, and decided to start building — plus a launch update: Strike V2 mainnet is planned for this month (after Lunar New Year).
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The best of investing social, news, trends, and community driven market chatter in one place.
Cryptotwits: https://www.youtube.com/@CryptotwitsOfficial
Crypto news, narratives, and chart talk to keep you ahead of the next big move.
True Odds: https://www.youtube.com/@True_Odds-ST
Where prediction markets meet sports odds, sharp takes on what the lines are saying, what the market is pricing in, and how real time sentiment can shift the probability.
Stocktwits Clips: https://www.youtube.com/@StocktwitsClips
Quick hits and the best moments, bite-sized clips you can watch anytime.
Boardroom Exclusives: https://www.youtube.com/@BoardroomExclusives
Behind the scenes access and exclusive conversations you won’t find anywhere else.
Ballpark Figures: https://www.youtube.com/@BallparkFigures-ST
Big picture numbers, market context, and the stats that actually matter, made simple.
Newsletters:
Cryptotwits Newsletter: https://cryptotwits.stocktwits.com/
Your home base for what’s trending in crypto—top stories, heat-check sentiment, and the conversations driving coins, narratives, and the next rotation.
Want to know what this means for your money? Follow The Daily Rip 👉 https://thedailyrip.stocktwits.com/
Other Socials: https://linktr.ee/stocktwits_
Chapters:
00:06 Intro: Episode 7 + first guest
00:55 Who is Shan + what is Strike Finance on Cardano
01:23 Charles whiteboard videos → Cardano rabbit hole
02:40 Team growth: from 3 people to 6 engineers
04:04 Hiring + building a team without “startup school”
06:22 V1 → V2: what’s changing and why it matters
07:54 V1 model (GMX-style) vs V2 (cloud-based CLOB)
09:59 DEXs explained: liquidity + democratizing market making
11:27 V2 asset support: stablecoins → blue chips + stocks/equities
13:10 Fees + LP incentives + how Strike covers expenses
15:50 Cardano DeFi stats: 50–80% of trading volume
17:14 Competing with Hyperliquid/GMX/Jupiter: “Uber vs Lyft”
18:27 Why Cardano: node on a Raspberry Pi + principles
20:22 Smart contracts explained simply
21:57 Liquidations, price feeds, and open-sourcing the core engines
25:07 The only metric that matters: money made
26:02 Biggest mistake traders make: stop loss above liquidation
29:05 Founder story: China → NY → Ohio → startups → Strike
33:17 V2 launch timing: this month (after Lunar New Year)
34:01 Wrap + invite back after V2 launch
Disclaimer: All opinions expressed on this show are solely the opinions of the hosts’ and guests’ and do not reflect the opinions of Stocktwits, Inc. or its affiliates. The hosts are not SEC or FINRA registered advisors or professionals. The content of this show is for educational and entertainment purposes only. Please consult with your financial advisor before making any investment decision. Read the full terms & conditions here: https://stocktwits.com/about/legal/terms/
View all episodes
By StocktwitsWelcome back to the CryptoTwits Podcast — this is our seventh episode and we’ve got our first guest.
Jon Morgan sits down with Shan, the founder/CEO of Strike Finance, described as the first and only perp DEX on Cardano. Shan shares how Charles Hoskinson’s whiteboard videos pulled him into Cardano during COVID, how he learned startups building an HR product that pivoted to blockchain, and why he ultimately started Strike.
We break down Strike V1 vs V2: V1 is based on the GMX-style model (LPs vs traders), while V2 is a cloud-based, central limit order book model — “industry standard,” more capital efficient, and built to compete in the broader perps arena. Shan explains how V2 changes asset support: instead of needing the underlying asset pools for each market, V2 can run on stablecoins to support blue chip cryptos and even stocks, equities, and real assets on Cardano, powered by a “really reputable” oracle provider (name not shared).
We also talk Cardano’s DeFi footprint (Strike doing 50–80% of Cardano trading volume at times), why decentralized exchanges let people become market makers, how liquidation mechanics work at a high level, why Strike plans to open-source its core matching/liquidation engines, and Shan’s simplest trading advice: set a stop loss one cent above liquidation to avoid liquidation fees.
We close with Shan’s personal story — born in China, immigrated to New York at six, skipped most of freshman year to chase tattoo art, got shipped to Ohio, graduated, and decided to start building — plus a launch update: Strike V2 mainnet is planned for this month (after Lunar New Year).
Sign Up to join Stocktwits! https://stocktwits.com/
Subscribe to Our Channels:
Stocktwits: https://www.youtube.com/@stocktwits
The best of investing social, news, trends, and community driven market chatter in one place.
Cryptotwits: https://www.youtube.com/@CryptotwitsOfficial
Crypto news, narratives, and chart talk to keep you ahead of the next big move.
True Odds: https://www.youtube.com/@True_Odds-ST
Where prediction markets meet sports odds, sharp takes on what the lines are saying, what the market is pricing in, and how real time sentiment can shift the probability.
Stocktwits Clips: https://www.youtube.com/@StocktwitsClips
Quick hits and the best moments, bite-sized clips you can watch anytime.
Boardroom Exclusives: https://www.youtube.com/@BoardroomExclusives
Behind the scenes access and exclusive conversations you won’t find anywhere else.
Ballpark Figures: https://www.youtube.com/@BallparkFigures-ST
Big picture numbers, market context, and the stats that actually matter, made simple.
Newsletters:
Cryptotwits Newsletter: https://cryptotwits.stocktwits.com/
Your home base for what’s trending in crypto—top stories, heat-check sentiment, and the conversations driving coins, narratives, and the next rotation.
Want to know what this means for your money? Follow The Daily Rip 👉 https://thedailyrip.stocktwits.com/
Other Socials: https://linktr.ee/stocktwits_
Chapters:
00:06 Intro: Episode 7 + first guest
00:55 Who is Shan + what is Strike Finance on Cardano
01:23 Charles whiteboard videos → Cardano rabbit hole
02:40 Team growth: from 3 people to 6 engineers
04:04 Hiring + building a team without “startup school”
06:22 V1 → V2: what’s changing and why it matters
07:54 V1 model (GMX-style) vs V2 (cloud-based CLOB)
09:59 DEXs explained: liquidity + democratizing market making
11:27 V2 asset support: stablecoins → blue chips + stocks/equities
13:10 Fees + LP incentives + how Strike covers expenses
15:50 Cardano DeFi stats: 50–80% of trading volume
17:14 Competing with Hyperliquid/GMX/Jupiter: “Uber vs Lyft”
18:27 Why Cardano: node on a Raspberry Pi + principles
20:22 Smart contracts explained simply
21:57 Liquidations, price feeds, and open-sourcing the core engines
25:07 The only metric that matters: money made
26:02 Biggest mistake traders make: stop loss above liquidation
29:05 Founder story: China → NY → Ohio → startups → Strike
33:17 V2 launch timing: this month (after Lunar New Year)
34:01 Wrap + invite back after V2 launch
Disclaimer: All opinions expressed on this show are solely the opinions of the hosts’ and guests’ and do not reflect the opinions of Stocktwits, Inc. or its affiliates. The hosts are not SEC or FINRA registered advisors or professionals. The content of this show is for educational and entertainment purposes only. Please consult with your financial advisor before making any investment decision. Read the full terms & conditions here: https://stocktwits.com/about/legal/terms/