Insilico Terminal Podcast Episode 18 - World Markets

In this episode, we’re joined by Lucas and Hersch to dive deep into World Markets, a new fully on-chain “prime DEX” aiming to bring spot, perps, and lending together under a single, unified risk engine. Lucas explains the core insight behind building everything on-chain: atomic state, transparent risk, and capital efficiency that simply isn’t possible with hybrid or centralized architectures. We explore why traditional exchanges behave more like casinos than markets, how World Markets avoids ADLs through bilateral counterparty risk, and why circuit breakers, universal margin, and order-book–based lending matter. The conversation covers MegaETH vs Monad, listing philosophy, basis trades, funding efficiency, and the long-term vision for building a real exchange - not just another venue to gamble on leverage.

00:00 Intro, project episode disclaimer, introducing Lucas and Hersch from World Markets

04:00 Founders’ backgrounds, Lucas’ Amber Group exit, TradFi experience and crypto crossover

08:30 Core thesis, why fully on-chain exchanges matter, state sync, risk calculation, EVM choice

14:00 Product vision, combining spot, perps and lending into one unified on-chain venue

20:30 Universal margin system, atomic risk engine, levered basis trade example

30:45 Risk management philosophy, circuit breakers, handling extreme volatility and dislocations

42:00 Exchange design tradeoffs, no ADLs, bilateral counterparty risk, transparency vs CEXs

59:49 Token plans, points program, incentives, launch timing and closing thoughts