Ruslan Fakhrutdinov – Extended Exchange and Vault Tokenization (S7E27)
Episode publishedPodcast: Flirting with ModelsFlirting with Models
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Hey, everyone. Corey here. Thanks for tuning into another episode of flirting with models. If you're enjoying the show, I'd greatly appreciate it if you take a moment to rate, review, and most importantly, with a friend. Word-of-mouth is how this podcast grows. And if you'd like to learn more about Newfound's platform of return stacked mutual funds, ETFs, and model portfolios, head over to returnstacks.com. Now on with the show. Alright. Are you ready to go? Yep. Ready to start. Alright. 321. Let's jam. Hello, and welcome, everyone. I'm Corey Hofstein, and this is flirting with models, the pod
Corey Hofstein is the cofounder and chief investment officer of Newfound Research. Due to industry regulations, he will not discuss any of Newfound Research's funds on this podcast. All opinions expressed by podcast participants are solely their own opinion and do not reflect the opinion of Newfound Research. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Newfound Research may maintain positions and securities discussed in this podcast. For more information, visit thinknewfound.com.
In this episode, I'm speaking with Raslan Fakhrudinov, the founder of Extended, a decentralized perpetual futures exchange. Raslan is the fifth perpetual futures exchange founder I've had on the podcast, and that's very intentional. Flow continues to move towards these platforms. And while trading perps can feel familiar to anyone coming from centralized and traditional exchanges, the way risk is absorbed and resolved under the hood for decentralized exchanges can be very different. In this episode, we go deep on the design of perp decks vaults and the role they play as liquidity and risk back
Thank you for inviting me Corey. Looking forward to answer any questions you might have.
Now, have a nice mix of listeners that come from both TradFi and the world of crypto and I want to make sure we start the conversation by taking a step back and not making any assumptions. So for listeners who maybe are not familiar with extended or less familiar with decentralized perpetual futures platforms in general, this might be the first time they're hearing of these ideas. How would you describe what you're building and sort of the core problem you're trying to solve?
So from our side, we're trying to build a truly decentralized exchange with unified margin across perps, spot, and integrated lending market and the vault. Because we believe that despite there are quite a lot of good players in the perp decks space, the product portfolio of the perp decks is still significantly lagging behind versus what the centralized exchanges can offer. That's one. And secondly is that currently, the PerpDexes, they are basically competing for more or less the same target audience who are crypto native users and we've extended we have an ambition to bring in the new cohor
There's all these design choices that have to be made when a perp decks goes from centralized to decentralized. And one of those design choices about whether you ultimately control the settlement layer or not. And one of the distinctive choices that extended made is that you do not want to control the settlement layer. Can you explain what that means and why that was such an important choice to you?
Essentially, if you control the settlement layer, right, in the end you control the user funds. In the nutshell, the settlement layer is the like underlying tech stack, blockchain, or whatever, where all the transactions are settled, and where the user balances ar
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