In this episode of Unchained, Laura Shin hosts Ryan Watkins and Sunny Shi from Syncrosy Capital to discuss the competition between decentralized exchanges (DEXs) like Hyperliquid and Aster, and the broader trend of DEXs gaining market share from centralized exchanges (CEXs). The conversation covers the influence of airdrop farming on volume, the strategic involvement of Binance with Aster, and the potential impact of token unlocks on Hyperliquid's price action. They also explore the nuances of organic versus inorganic volume, the importance of composability and network effects, and the competitive landscape of perp DEXs, particularly those emerging on Solana. The discussion further addresses the significance of no-KYC policies, the advantages of opinionated ecosystem building, and the long-term concerns around moats and validator sets in the decentralized exchange space.
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