In this episode of Deeply Intents, I chat with Markus, founder of Tplus. We begin the episode by addressing the FUD around the recent Intel TDX attack. Next, we unpack Tplus by dissecting the high-level architecture. Thereafter we discuss how Tplus can benefit traders, solvers, MEV searchers, and block builders. Later Markus breaks down the events that led to the sell-off on 10/10/25. We finish the episode by discussing Tplus' revenue model and thinking from first principles. 

Timestamps

(00:00 ) - How the cake is made 
(03:52 ) - Tplus etymology 
(06:34 ) - TDX FUD 
(11:58 ) - Tplus architecture 
(16:15 ) - Product surface expands with DeFi 
(18:44 ) - Breaking down cross-margin 
(23:53 ) - Markouts 
(26:06 ) - Everything in one box 
(28:25 ) - Vaults 
(31:04 ) - Orderflow on demand 
(34:57 ) - Is the juice worth the squeeze? 
(38:21 ) - B2C strategy 
(43:14 ) - Compossability with onchain liquidity 
(46:17 ) - Balancing founder priorities 
(48:08 ) - 10/10/25 
(52:00 ) - ADL risk 
(53:27 ) - Adding product features 
(58:14 ) - Specialized market making 
(1:01:15 ) - Revenue model 
(1:03:57 ) - Ethereum and Solana upgrades 
(1:05:11 ) - Think from first principles

Disclaimer
Nothing in this episode should be interpreted as financial, technical, or legal advice. The host does contract work for Heliax, a public goods laboratory, focusing on Anoma.