In this episode of The Chopping Block, Haseeb Qureshi hosts Tom Schmidt, Tarun Chitra, and Jeff Yan, the founder of Hyperliquid, to discuss various crypto topics. The conversation begins with an overview of Hyperliquid's success as a decentralized exchange, including its market share and unique approach to community involvement. The panel then discusses Hyperliquid's philosophy on user prioritization, contrasting it with centralized exchanges like Binance, and debates the merits of transparency versus privacy in trading platforms. The discussion shifts to broader crypto market trends, including the rise of SPACs and PIPE deals, the stablecoin regulatory landscape, and the divergence between public market and crypto market sentiment. The group also explores the potential of perps and the enduring appeal of options for retail investors, concluding with a reflection on the current state of exuberance in the stock market compared to the crypto space.