One CLOB to Rule them All - Markus

In this episode of Deeply Intents, I chat with Markus, founder of Tplus. We begin the episode by addressing the FUD around the recent Intel TDX attack. Next, we unpack Tplus by dissecting the high-level architecture. Thereafter we discuss how Tplus can benefit traders, solvers, MEV searchers, and block builders. Later Markus breaks down the events that led to the sell-off on 10/10/25. We finish the episode by discussing Tplus' revenue model and thinking from first principles. Timestamps(00:00) - How the cake is made (03:52) - Tplus etymology (06:34) - TDX FUD (11:58) - Tplus architecture (16:15) - Product surface expands with DeFi (18:44) - Breaking down cross-margin (23:53) - Markouts (26:06) - Everything in one box (28:25) - Vaults (31:04) - Orderflow on demand (34:57) - Is the juice worth the squeeze? (38:21) - B2C strategy (43:14) - Compossability with onchain liquidity (46:17) - Balancing founder priorities (48:08) - 10/10/25 (52:00) - ADL risk (53:27) - Adding product features (58:14) - Specialized market making (1:01:15) - Revenue model (1:03:57) - Ethereum and Solana upgrades (1:05:11) - Think from first principles 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.