{"href":"https://api.simplecast.com/oembed?url=https%3A%2F%2Fdeeply-intents.simplecast.com%2Fepisodes%2Face-of-trades-ludwig-thouvenin-Z6CgKi51","width":444,"version":"1.0","type":"rich","title":"ACE of Trades - Ludwig Thouvenin","thumbnail_width":300,"thumbnail_url":"https://image.simplecastcdn.com/images/1e8168c2-13b0-461e-8b1f-501139dbf367/e24d7ec7-f6bb-4e41-b50e-66c0534c4f09/untitled-208.jpg","thumbnail_height":300,"provider_url":"https://simplecast.com","provider_name":"Simplecast","html":"<iframe src=\"https://player.simplecast.com/dd8a79ef-1977-4304-8c66-deeb138ff9eb\" height=\"200\" width=\"100%\" title=\"ACE of Trades - Ludwig Thouvenin\" frameborder=\"0\" scrolling=\"no\"></iframe>","height":200,"description":"Why does onchain liquidity matter, and what would it take to build a DEX that actually competes with centralized venues? In this episode, I sit down with Ludwig Thouvenin, Co-founder & CEO at Sorella Labs, to unpack Angstrom and the case for rethinking DEX design from first principles. We start with what drew Ludwig to MEV and DEX design in the first place. From there, we discuss Brontes, Sorella's open-source MEV analysis tool, and the impact it's had on the research community. We then break down Angstrom's architecture, topology, and affordances, including the nuances of how its mechanisms differ on L1 versus L2. Ludwig makes the case for why onchain liquidity matters and why lit venues are essential to healthy market structure. We close by discussing the future of ACE, the importance of privacy in onchain trading, and Ludwig's learnings as a first-time founder."}