Uneasy Money: Hyperliquid's Dilemma After 10/10: Protect Itself or Its Users? - Ep. 954

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 21 November 2025

⏱️ 71 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of Uneasy Money, hosts Kain Warwick, Luca Netz and Taylor Monohan explore how the recent ICO boom compares with the 2017 era. They share stories of some of the big names from the past, including Kain's struggles after raising 30,000 ETH at the cycle top. Plus Luca shares what it takes for founders to thrive in crypto. They also unpack the “FUD” surrounding Hyperliquid following the infamous Oct. 10 crypto crash. Moreover, they discussed what Multicoin's investment in Ethena revealed about Kyle Samani, and potential black swan risks facing the project. Hosts: Luca Netz, CEO of Pudgy Penguins Kain Warwick, Founder of Infinex and Synthetix Taylor Monahan, Security at MetaMask Links: Unchained: Monad ICO on Coinbase Fizzles 12 Hours After Launch Uneasy Money: ICOs Are Back and Why Airdrops Are Instantly Dumped The Chopping Block: Tokenomics Reset — ICOs Rise, UNI Turns On Fees, MEV Goes to Court Hyperliquid Founder Denies Claims That DEX Prioritizes Revenue Over Traders The Chopping Block: Inside the $19B+ Perp Crash, ADL Explained, Binance’s USDe/Staked-Token Depeg, and the Hyperliquid Whale Debate Ethena Labs Expands to Support Two New Products Timestamps: 🚀00:00 Introduction 🎞 1:12 How the new ICO meta compares to the old days ❕️13:48 Why Luca would still airdrop PENGU despite the ICO craze 📽 16:19 New v. Old ICO meta cont'd 😬 26:00 Kain talks about raising 30,000 ETH at the 2017 top 💡27:49 Luca explains what it takes for founders to thrive in crypto 🤕 31:01 Hyperliquid “FUD” and why some of its celebrity whale traders are leaving ➰️45:18 The tension that Hyperliquid faces: protecting the protocol over users 🤔 47:32 Will a new perp DEX champion emerge? 📈 54:03 Multicoin goes long Ethena 🥊54:27 Kain's beef with Multicoin 🎞 59:52 Luca's history with Multicoin ⚠️ 1:01:43 The real black swan scenario for Ethena Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey all, before we begin, I've got some exciting news to share. We've been working on something
0:05.9	a little wild behind the scenes. It's called Unchained On Air, a revamped live stream series and podcast
0:12.7	feed that takes you way beyond the headlines. It features sharp, maybe even controversial,
0:18.6	takes on major events, and the kind of on-chain intel that never makes it to your feed. Way more shows, way more often, each one laser-focused on a different slice of crypto and finance. First up is decks in the city, where the wallets are cold and the takes are hot, with Jesse Brooks, Catherineatherine kirkpatrick baws and v lee three powerhouse lawyers
0:40.8	gathering to dish about the latest from defy enforcement to token regulation and everything in between
0:46.5	it live streams every t t t t uneas uneasy money because what happens on chain never stays on chain with
0:57.0	Lucan Nets, Kane Warwick, and Taylor Monaghan. Three OG-DFI builders unpacking everything
1:03.2	happening on chain, from tokenomics to dows, from hacks to yields. It airs Wednesdays at 3pm
1:10.5	ET. And finally, Bits and Bips the interview,
1:14.7	an addition to our group chat show, in which our executive editor, Stephen Erlich, takes you
1:20.2	deeper with one-on-one conversations. This streams on Thursdays at 12 p.m. ET. To catch the live
1:27.1	streams, follow Unchained on X,
1:29.6	subscribe on YouTube, or find us on your favorite streaming platform now. And don't forget to hit
1:34.9	the bell icon so you never miss a show. And if you can't make the live stream, these episodes
1:40.2	will show up in your podcast feed the very next day. Thanks as always for your support.
1:46.2	Someone's on the other side of this making money. And so you have to make a decision between
1:50.9	whether or not you want your venue to be perfectly efficient or whether you're willing to
1:57.6	take some risk to, you know, tamp down the volatility a little bit
2:02.7	when it comes to liquidations. And it seems like hyperliquid is saying, like, too bad, so sad. We're
2:08.5	not doing that. Hey, everyone. I'm Kane Warwick and welcome to the second episode of Uneasy Money
2:14.8	because what happens on chain never stays on chain.
2:17.7	This is a show where we dig into what's really happening on chain, the experiments, the
	...

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