Crypto's Market Making Arms Race with Rahul Jain (Ellipsis Labs)

In this episode, Austin chats with Rahul Jain (Head of Trading at Ellipsis Labs) to explore the evolution of market making in crypto. Rahul discusses what gives crypto market makers an edge, why being early matters, and how crypto has created new challenges around MEV, transaction landing, and execution. They explore the future prospects of prop AMMs, perps, MCP, and what it will take for on-chain finance to scale beyond crypto-native users and compete with traditional markets.

00:00 - Introduction
03:53 - What Makes Solana Trading Different
07:17 - Trust and Retail Outcomes
12:04 - Infra Arms Race in 2025
14:27 - Prop AMMs vs Order Books
17:05 - Spot Market Equilibrium
18:12 - MCP and Perps Security
21:22 - Why MCP Matters
24:25 - ACE For Safer Perps
25:47 - RWAs And Oracle Risk
29:28 - Why Retail Loves Perps
34:23 - Hypothetical VIX perps
35:29 - The Different MCP Camps
37:07 - Latency And Block Full
40:41 - Conclusion

Видео Crypto's Market Making Arms Race with Rahul Jain (Ellipsis Labs) канала DoubleZero