Ostium’s Kaledora Linn joins The Chopping Block to unpack the funding chaos, design flaws, and trillion-dollar alternative behind on-chain fairness perps.
Posted November 1, 2025 at 12:00 pm EST.
Welcome to The Chopping Block — the place crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up concerning the newest in crypto. This week, Kaledora Linn, Co-founder and “Empress of RWAs” at Ostium, joins to interrupt down the rise of on-chain fairness perps, the funding-rate chaos that hit 365%, and why she believes the subsequent wave of tokenized belongings gained’t come from exchanges—however from structured liquidity markets.
We dive deep into Ostium’s hybrid CFD mannequin that blends TradFi mechanics with on-chain transparency, discover why most retail merchants can’t abdomen perp carry prices, and debate what “secure leverage” may appear like in an RWA world. The panel additionally touches on CZ’s presidential pardon and Coinbase’s new Echo platform, connecting the dots between political optics, capital formation, and how crypto’s product design is evolving past hypothesis.
Whether or not you’re constructing perpetual DEXs, tokenizing RWAs, or simply making an attempt to outlive the subsequent funding-rate spike, this episode unpacks how market design, UX, and regulation will form crypto’s subsequent trillion-dollar frontier.
Hearken to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or in your favourite podcast platform.
Present highlights
🔹 Equity Perps, ADL, and UX Actuality — Why funding swings as excessive as 365 % make conventional perps unusable for mainstream merchants, even when they work for short-term speculators.
🔹 Inside Ostium’s RWA Derivatives Mannequin — Kaledora Linn explains how Ostium re-engineered perps right into a CFD-style liquidity system to stabilize funding and appeal to institutional circulation.
🔹 CFDs vs. Choices — Why trillions in CFD quantity dominate international retail markets and how a linear, easy payoff construction beats the complexity of choices.
🔹 Market Microstructure and Path Dependence — How skinny liquidity and whale-driven order books make on-chain fairness markets fragile in early progress levels.
🔹 Funding-Price Distortions — Tarun breaks down why “delta-neutral” methods blow up when funding turns uneven and leverage resets too rapidly.
🔹 From Perps to Merchandise Individuals Really Use — Haseeb and Kaledora debate the best way to make RWAs tradeable with out the hidden prices of perps.
🔹 Leveraged ETF Paradox — Regardless of structural decay, leverage merchandise stay common due to UX, accessibility, and clear narratives—classes for on-chain builders.
🔹 Predictable Prices Win Energy Customers — Why whales and market makers want steady, knowable carry over yield-chasing chaos.
🔹 CZ Pardon and Optics — The panel dissects political fallout, public notion, and what “clemency for founders” means for crypto’s popularity.
🔹 Coinbase Echo Launch — A brand new experiment in on-chain crowd gross sales, retail capital formation, and the post-airdrop meta.
🔹 From Airdrops to Allocations — Why curated, paid token gross sales might substitute “free cash” farming to create long-term aligned communities.
🔹 MegaETH and Luxurious Distribution Fashions — The “sorting hat” strategy to allocation mirrors artwork galleries and luxurious manufacturers—shortage and provenance as worth alerts.
🔹 Go-to-Market Over Purity — Tom and Robert argue that product distribution and person schooling matter greater than excellent decentralization in early RWA markets.
Hosts
⭐️Haseeb Qureshi, Managing Accomplice at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Accomplice at Robotic Ventures
⭐️Tom Schmidt, Basic Accomplice at Dragonfly
Visitor
⭐️ Kaledora, Co-founder at Ostium
