ACE of Trades - Ludwig Thouvenin

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.(00:00) - Solving CEX-DEX, LVR, and sandwiches(01:32) - University days(05:06) - MEV nerdsnipe(09:57) - LVR(12:44) - Toxic flow problem(14:57) - Competing with arbitrageurs(17:02) - Brontes learnings(18:22) - Why people JIT(22:28) - Spinning the cybernetic wheel(24:28) - Angstrom & capital efficient LP strategies(30:03) - Angstrom's architecture & topology(33:26) - Robustness of the mechanisms(37:36) - Inclusion gaurantees(40:52) - Why not Angstrom L2?(43:43) - Compossability with ACE(45:37) - Bidding through priority fees on L2(49:18) - Issuance and tokenization will drive volume(51:42) - Setting the standards and dealing with forks(53:30) - Lit venues(56:46) - Product learnings(1:00:18) - Highest impact upgrades for Ethereum(1:03:32) - The future of ACE(1:05:35) - Changes Ethereum should not make(1:08:10) - Privacy is essential(1:10:44) - Grit and delusional confidence(1:14:39) - Degen Spartan  DisclaimerNothing 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.