In this episode of Unchained, Laura Shin hosts Arthur Hayes and Hanson Birringer to discuss Hyperliquid, a decentralized perpetual swap exchange. The conversation covers Hyperliquid's rise, its unique fair launch and community-centric approach, and the implications of its transparent trading environment. They analyze Hyperliquid's success compared to previous DEX attempts, the impact of its L1 status, and the potential challenges from centralized exchanges like Coinbase and Robinhood entering the perps market. The guests also delve into the cultural phenomena surrounding transparent trading, the security risks associated with Hyperliquid, and the potential of its Hyper-EVM for developers. The episode concludes with a discussion on the sustainability of token buyback programs and the future competition among perp DEXes, emphasizing the importance of permissionless innovation and community engagement. A brief segment also previews an upcoming scoop on the Clarity Act and presidential conflicts of interest, featuring Unchained's Jason Brett.
