# Building a Fully Onchain Exchange: Inside World Markets | Aurelius & Hersch

Page: https://stenobird.com/podcast/0xresearch-5776644/building-a-fully-onchain-exchange-inside-world-markets-aurelius-hersch
Text version: https://stenobird.com/podcast/0xresearch-5776644/building-a-fully-onchain-exchange-inside-world-markets-aurelius-hersch.md
Podcast: [0xResearch](https://stenobird.com/podcast/0xresearch-5776644)
Published: 2026-05-01T13:00:00+00:00
Episode link: https://traffic.megaphone.fm/BWG8033799285.mp3
Audio file: https://traffic.megaphone.fm/BWG8033799285.mp3
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JSON: https://stenobird.com/v1/public/podcasts/0xresearch-5776644/episodes/building-a-fully-onchain-exchange-inside-world-markets-aurelius-hersch
Duration seconds: 2914

## Resource

In this episode, we’re joined by Hersch and Aurelius from World Markets to break down their vision for a fully onchain exchange. We cover the Atlas risk engine, unified perp, spot, and lending markets, fixed-rate lending, MegaETH infrastructure, ADL limitations, market structure design, and what’s next for the platform. Thanks for tuning in! As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice. -- Follow Blockworks Research: https://x.com/blockworksres Follow World Markets: https://x.com/worldmarketsinc Follow Hersch: https://x.com/tittyrespecter Follow Aurelius: https://x.com/0xlarpist Follow Boccaccio: https://x.com/salveboccaccio -- Subscribe on YouTube: https://bit.ly/3foDS38 Subscribe on Apple: https://apple.co/3SNhUEt Subscribe on Spotify: https://spoti.fi/3NlP1hA Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Timestamps: (0:00) Introduction (2:04) Why Build on MegaETH? (3:42) Gas Costs and L2s (6:00) Appchain Tradeoffs (8:57) Atlas Risk Engine (16:25) Fixed-Rate Lending (19:55) Why No ADL? (30:08) Listings and GTM (37:07) Stablecoin Concerns (39:37) What’s Next (44:00) How Hersch Joined World Markets (48:00) Closing Comments -- Check out Blockworks Research today! Research, data, governance, tokenomics, and models – now, all in one place Blockworks Research: https://www.blockworksresearch.com/ Free Daily Newsletter: https://blockworks.co/newsletter -- Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not f…

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## Transcript

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