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John Wang, Lead of Crypto & Perps at Kalshi, joins us to talk about bringing CFTC-regulated crypto perpetual futures and prediction markets to the US. John shares insights on growing Kalshi's crypto business, expanding across 140 countries, institutional liquidity, standardized compute indices, and why regulatory compliance scales better than offshore exchanges. Subscribe to the newsletter! https://newsletter.blockspacemedia.com --- ## Notes: * Crypto volume grew from 2-4% to 20-25%. * Compute spending is $700 billion per year. * Kalshi market share in crypto PMs is ~85%. * XP in Brazil holds 98% market share. Timestamps: 00:00 Start 00:21 John's background 02:28 Crypto prices vs rails 06:01 What's interesting about Prediction Markets? 09:47 The safety of "Regulation" 13:55 Why are prediction markets controversial? 24:22 Trading AI "compute" 27:53 How does Kalshi "win" these markets? 32:44 Kalshi users globally 37:47 Order books 38:59 John's daily work 41:53 Insider trading and ethics 47:34 The Oracle problem 54:26 Launching Perps 1:00:07 Blockchains as beckend
The Gwart Show is sponsored by Ellipsis Labs. Ellipsis Labs builds the most efficient on-chain markets. Their orderbook and Prop AMM products have delivered price improvement to hundreds of billions of dollars in retail volume. Now, they are bringing their expertise to build Phoenix, the best on-chain perpetuals platform. Ellipsis Labs is hiring New York-based engineers. If you're an engineer looking to work with a proven team in making DeFi better, go to ellipsislabs.xyz/careers
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