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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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