Lighter vs Hyperliquid: Fees, Fairness, and ADLs - The Chopping Block

Description

The Chopping Block digs into the fallout from October 10’s historic perp liquidations, the Hyperliquid–Tarun ADL research clash, Lighter’s zero-fee trading model, and the growing rift between tokens and equity reshaping crypto M&A. 🔥 EPISODE LINK 🔥 CHECK OUT THE EPISODE LINKS AND DETAILS HERE 👉 https://unchainedcrypto.com/podcast-chopping-block/the-chopping-block-hyperliquid-vs-tarun-adl-transparency-the-coming-perps-arms-race/ 👈 Show highlights 🔹 ADL research ignites a firestorm — Tarun’s paper on auto-deleveraging sparks a public clash with Hyperliquid and Paradigm, exposing how opaque ADL systems really are. 🔹 October 10 liquidation shock — Repeated ADLs during crypto’s largest liquidation day reveal structural fragility long hidden inside both CEXs and DEXs. 🔹 Fairness vs predictability in perps — Why traders care less about perfect algorithms and more about knowing when and how ADLs will hit. 🔹 Lighter’s design tradeoffs — Vladimir Novakovski explains Lighter’s less-aggressive ADL approach, insurance fund buffers, and trader-friendly risk parameters. 🔹 Zero-fee perps debate — Lighter’s free retail tier + paid pro tier raises the question: is crypto headed for a Robinhood-style fee reset? 🔹 TVL beats volume — The panel argues TVL is the most honest signal of trust in perp exchanges, especially during market stress. 🔹 RWAs and FX perps surprise — Euro and index perps outperform expectations, challenging assumptions about which real-world assets actually trade onchain. 🔹 Tokens vs equity explode — Devco acquihires (Axelar, Tensor) leave tokenholders behind, reigniting debates over incentive alignment and crypto M&A. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures Guest ⭐️Vladimir Novakovski, Founder & CEO. Lighter. Timestamps 00:00 Intro 01:38 Tarun’s ADL Paper Sparks Backlash 05:24 Research vs Bag Defense 06:27 How ADLs Actually Work 12:27 Fairness vs Predictability 24:14 Tarun’s Inspiration 28:17 Zero-Fee Perps Explained 34:12 Perp Wars Heat Up 38:15 RWAs Trade Onchain 41:49 Token Launch Reality 47:19 Tokens vs Equity Clash _______________________________________________________ #bitcoin #ethereum #crypto #cryptocurrencies ++++++++++++++++++++++++++++++++++++++++++++++++ Subscribe to our channel! CHECK OUT THE CRYPTOPIANS → https://www.youtube.com/watch?v=DFzunCFXrv4 WEBSITE → https://unchainedcrypto.com UNCHAINED DAILY NEWSLETTER → https://unchainedcrypto.beehiiv.com/subscribe/ LAURA'S TWITTER → https://x.com/laurashin UNCHAINED TWITTER → https://x.com/unchained_pod FACEBOOK → https://www.facebook.com/unchainedwithlaurashin INSTAGRAM → https://www.instagram.com/laurashin/?hl=en LINKEDIN → https://www.linkedin.com/in/laurashin/ MERCHANDISE → https://unchainedpodcast.company.site/ ++++++++++++++++++++++++++++++++++++++++++++++++ NEW EPISODES OF UNCHAINED EVERY TUESDAY AND FRIDAY! ALONG WITH BITS & BIPS AND THE CHOPPING BLOCK Apple → https://podcasts.apple.com/us/podcast/id1123922160?ls=1 Spotify → https://open.spotify.com/show/1cJrrfGY1SKBIRn5noKSAf?si=6SI4qIcRTEO7EhOe0V9n4w RSS Feed → https://feeds.megaphone.fm/LSHML4761942757 YOUR NO-HYPE RESOURCE FOR ALL THINGS CRYPTO!