How Hyperliquid Came to ‘Threaten the Very Existence’ of CEXs Like Binance - Ep. 915
Episode publishedPodcast: UnchainedUnchained
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Centralized exchanges are the most threatened they've ever been in their existence. And decentralized exchanges across all fronts, both spot and perps, just continuing market share.
Hi, everyone. Welcome to Unchained, your know hey resource for all things crypto. I'm your host, Laura Shin. I'm here with Brian Watkins, cofounder of Syncracy Capital, and Sunny Shih, investor at Syncracy Capital. But before we dive into this discussion, we are gonna give a little love to our sponsors, Token twenty forty nine and Binance.
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Welcome, Ryan and Sunny. So everyone's been buzzing about Hyperliquid versus Aster, and I feel like we're doing the show a little bit late. Like, there's been a lot of discussion, but as Ryan especially knows, we were trying to get a show with different perspectives, like somebody who was kind of more on the hyperliquid side and somebody more on the astro side. Honestly, we had a bit of a difficult time finding someone who had a strong conviction that Astro was gonna win. So we decided to have Ryan and Sunny. They're both hyperliquid, bull of secrecy, I think has a big position there. So just
can Sure. So I think in a in a snapshot, it can look like anything is true. And if you look like in a snapshot today, you will see as are doing, you know, ton of volume, lighter doing ton of volume, and even surpassing hyperliquid. But I think what's really important here is just to zoom out on what is, like, the the the the big thing that is happening underneath the surface. And what's really happening is that centralized exchanges are the most threatened they've ever been in their existence. And decentralized exchanges across all fronts, both spot and perps, just continuing market share. So
Sunny, what about you?
Yeah. Really quickly, I think Ryan put it really well. Before I I joined Syncracy, was at Masari where I wrote two pieces in this series called the Claw Wars where I was highlighting the rise of these on chain order books. So on chain order books, I thought was a better distinction than, let's say, DEX versus DEX for this specific scenario because a lot of these next generation perf DEXs are launching as on chain order books. And the opportunity is huge as Hyperliquid has has painted. Like, there is still 80% left market share to capture, from decentralized exchange pie of perp volumes, deriva
Yeah. Before we get into kind of that all that stuff, because I agree that that's, like, the more significant bigger trend, Let's just talk about like some of the kind of like recent news to just put all that into context and then we can get into what it all means. So when you talked about like organic versus inorganic, I'm assuming your time with the Aster airdrop that's coming up. They have this points campaign. They're saying this airdrop will happen in Q4. So maybe just like explain like what effect you think that that's having on this temporary or like, I'm assuming you're saying that you
When you look at the early stages of hyper liquid point seasons, it
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