Sharded order books, and a $150K raise that filled in 5 seconds | Pirates Parley E26
Avhi and Arjun from Ordr join Pirates Parley the day after their futarchy raise on Futardio closed at 50x oversubscribed. We get into how the four of them met in a Solana Twitter space, why they think open market making beats prop AMMs, and what happens when you give every market maker their own book. They cover:
Why Ordr gives each market maker a private book instead of one shared state Write-lock contention on Solana and how sharded books route around it ACE via Jito's BAM plugin, live in production today Repricing near-free via hot paths hand-written in sBPF assembly Colosseum honorable mention in the DeFi track and what it taught them The Futardio raise: $150K target, filled in under 5 seconds, 50x oversubscribed at the time of recording Their thesis on OpenMM: proprietary AMMs are closed black boxes, Ordr opens the same performance tier to anyone Mobile-native market making on Seeker, no infra required Codebase in Pinocchio, "developers who have lost their training wheels" Roadmap: audit first, public mainnet in four to five months Avhi finishing his four-year degree the day before the raise closed
0:00 Welcome and the day after Ordr's raise 1:45 Meet Avhi and Arjun, four founders from India 4:50 Meeting in a Solana Twitter space and shipping to Colosseum 10:35 Why Solana needs another order book: write-lock contention 12:00 How order books work and where aggregators fit 15:45 Sharded books: every maker gets their own account 21:00 Archer, price updates, and CU-level efficiency 22:00 Toxic order flow and ACE via Jito BAM 25:35 Fully onchain matching engine 26:30 Solana's read layer, Alpenglow, and finality 29:55 Triton infra and where Ordr sits on the read layer 31:30 The $150K raise, filled in five seconds 34:05 Avhi graduating the day before, and the team's ages 35:25 Why futarchy: betting on the belief 37:35 Token distribution and the ICO close on 31 July 40:10 Audit-first roadmap, public mainnet in four to five months 42:30 Pinocchio, sBPF assembly, and lost training wheels 43:45 Building in public and the audit proposal 45:10 OpenMM thesis and mobile-native market making on Seeker 50:55 Relentless teams and hard problems 51:55 Website walkthrough and Yellowstone Shield
Sharded order books, and a $150K raise that filled in 5 seconds | Pirates Parley E26
The $100k exploit, the attacker who tuned in, and six hours to recovery
Streamflow: solution first, problem later, and the alpha on equity-backed tokens
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0% Interest Loans on Tokenized Stocks: The Two Pauls Behind Spout Finance
Two Pauls from Spout Finance join Pirates Parley — Dutch co-founders and childhood friends going on 24 years, building a lending protocol where you borrow at 0% interest against your tokenized equities. The trick: sell covered calls on the collateral to generate the yield lenders want, so borrowers get stock-backed liquidity without paying rate.We get into how the covered-call mechanic actually works, why they abandoned EVM's global fee market after building on Starknet and Aptos, what three months in the Solana Foundation Incubator was actually like (weekly sessions with Eman, a one-on-one with Nigel Eccles who exited FanDuel for $440M, Nick Ducoff as a repeat helper), and the multi-jurisdiction setup — US corp, BVI for RWA issuance, Panama for the lending piece — that's currently the price of doing this legally. We also cover DTCC-land vs on-chain market structure, transfer agent licenses, which kinds of MEV are actually load-bearing, DoubleZero and validator geography for a real global order book, and why building a company with your kindergarten friend works if you can fight and go get tacos afterwards.Also: why Rust is better than Solidity, and where NYSE-on-chain actually lands.Mainnet in ~1 month, larger go-to-market push ~2 months out. Test net access by pinging them on X or Telegram. Hiring BDs when go-to-market kicks off. 0:00 Welcome — Two Pauls from Spout Finance, 24 years of friendship1:22 Paul on Starknet privacy, Aptos in NYC, and finding co-founder Mark4:16 Why EVM's global fee market was a dealbreaker6:53 Paul's Bitcoin origin: a Call of Duty payout, then a smart-contract thesis8:50 Pivoting from corporate bonds to tokenized equities12:14 The pitch: 0% loans against tokenized stocks, funded by covered calls16:01 How lenders still earn when nobody's borrowing (T-bill backstop)19:11 Three months at the Solana Incubator: Iman weekly, Nigel Eccles from FanDuel24:24 Coming from Ethereum: how much hands-on help Solana gives DeFi teams27:22 Building with your kindergarten friend: fights, trust, and tacos after31:55 Chicken-and-egg: launching a lending protocol that needs both sides34:49 US corp, BVI, Panama — one protocol, three jurisdictions39:44 Transfer agents, NYSE-on-chain, and direct ownership vs the DTCC43:04 MEV on-chain vs Nasdaq, DoubleZero, and a global order book49:12 Audits, mainnet in a month, biggest fumbles, and why Rust beats Solidity