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Welcome back to The Gwart Show! Today, Doug Colkitt, co-founder of Fogo and Ambient Finance joins us to talk about building the fastest Solana-based blockchain for trading. Doug explains why order books are winning over AMMs, how Fogo's 21-validator set enables 40ms blocks, and why verifiability matters more than full decentralization for perp DEXs.
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Timestamps:
00:00 Start
00:13 Doug history
02:28 What is Fogo?
02:53 Why not L2?
06:29 Ambient perps
09:07 Are blockchains the right database?
10:00 Why DEX at all?
12:32 Composability as an unlock?
16:17 AMMs
19:18 Decentralization doesn't matter
24:19 Problems with perps on orderbooks
25:51 Fogo vs Hyperliquid
27:35 Ellipsis Labs
29:35 MEV & flashloans
32:42 Tragedy of the commons
35:00 MEV of Perp DEX
37:44 Opportunities for innovation
41:22 Coinbase launching Perps
44:24 Is no KYC an unloack?
46:24 Verifiability
49:00 Liquidity injection
51:41 24/7 markets
52:36 Perp-ify THE WORLD!
54:05 Zero Day Futures
55:08 Ambient Perps elevator pitch
58:10 Gold oracle price origin
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👋 The Gwart Show is proudly presented by Ellipsis Labs! Ellipsis Labs is building foundational products in DeFi. Their first product @PhoenixTrade is the leading orderbook DEX on Solana. The team is growing—visit ellipsislabs.xyz for engineering opportunities.
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