Centralized exchanges are the most threatened they've ever been in their existence.

And these centralized exchanges across all fronts, both spot and perps, just continuing market share.

Hi, everyone. Welcome to Unchained, your no-hap resource for all things crypto.

I'm your host, Laura Shin. I'm here with Ryan Watkins, co-founder of Synchracy Capital, and Sonny She, investor at Sequency Capital. But before we dive into this discussion, we are going to give a little love to our sponsors, Token 2049 and Finance. The crypto world is buzzing. On October 1st and 2nd, 25,000 people will be at Token 2049 Singapore,

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Welcome, Ryan and Sunny.

So everyone's been buzzing about Hyperliquid versus Astor.

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 Astor side, honestly, we had a bit of a difficult time finding someone

who had a strong conviction that Aster was going to win.

So we decided to have Ryan and Sunny. They're both, you know, hyperliquid bull secrecy, I think has a big position there.

So just, just, you know, take, take what they say with the knowledge that, you know, they, they have their hyperliquid bags.

But, you know, to give some context, hyperliquid obviously has been this darling of the industry for this past year. There was a lot of talk about whether or not it could take on Binance, which is kind of funny because I just realized that they're one of the sponsors of the show.

But anyway, so CZ, the founder of Binance and Jeff Yan, the founder

...