44:I[58016,["/_next/static/chunks/b5ea50e123aa84a6.js","/_next/static/chunks/5e17b2e37c80a96c.js","/_next/static/chunks/de880ec5a0241b38.js","/_next/static/chunks/48003610e91209eb.js","/_next/static/chunks/15a1b1fbd3cf7d4a.js","/_next/static/chunks/81ce7bf5f20dbd5a.js","/_next/static/chunks/53f751967ccc7d59.js","/_next/static/chunks/903c358828afe0bc.js","/_next/static/chunks/00da439d4db502cc.js","/_next/static/chunks/88bed98e5cd5e639.js"],"ProcessEpisodeButton"] 47:I[45269,["/_next/static/chunks/b5ea50e123aa84a6.js","/_next/static/chunks/5e17b2e37c80a96c.js","/_next/static/chunks/de880ec5a0241b38.js","/_next/static/chunks/48003610e91209eb.js","/_next/static/chunks/15a1b1fbd3cf7d4a.js","/_next/static/chunks/81ce7bf5f20dbd5a.js","/_next/static/chunks/53f751967ccc7d59.js","/_next/static/chunks/903c358828afe0bc.js","/_next/static/chunks/00da439d4db502cc.js","/_next/static/chunks/88bed98e5cd5e639.js"],"SignupCTA"] 49:I[56939,["/_next/static/chunks/b5ea50e123aa84a6.js","/_next/static/chunks/5e17b2e37c80a96c.js","/_next/static/chunks/de880ec5a0241b38.js","/_next/static/chunks/48003610e91209eb.js","/_next/static/chunks/15a1b1fbd3cf7d4a.js","/_next/static/chunks/81ce7bf5f20dbd5a.js","/_next/static/chunks/53f751967ccc7d59.js","/_next/static/chunks/903c358828afe0bc.js","/_next/static/chunks/00da439d4db502cc.js","/_next/static/chunks/88bed98e5cd5e639.js"],"EpisodeTranscript"] 3d:["$","span",null,{"className":"inline-flex items-center gap-2 bg-secondary/50 px-3 py-1 rounded-full","children":[["$","svg",null,{"className":"w-4 h-4","fill":"none","stroke":"currentColor","viewBox":"0 0 24 24","children":["$","path",null,{"strokeLinecap":"round","strokeLinejoin":"round","strokeWidth":2,"d":"M8 7V3m8 4V3m-9 8h10M5 21h14a2 2 0 002-2V7a2 2 0 00-2-2H5a2 2 0 00-2 2v12a2 2 0 002 2z"}]}],["$","time",null,{"dateTime":"2026-02-02T15:46:00.000Z","children":"Mon Feb 02 2026"}]]}] 3e:["$","p",null,{"className":"text-base text-foreground/80 leading-relaxed","children":"Lucas & Hersch from World Markets explains why centralized exchanges function like casinos, how onchain risk engines unlock up to 50% returns, and why fully transparent DeFi market structure may replace today’s perp platforms."}] 45:T544,

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

The 1010 Exploit and other broken market structures