Uneasy Money: Is Jupiter Incompetent or Evil? And Is Hyperliquid's ADL Flawed? - Ep. 976

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 12 December 2025

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

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Summary

Thank you to our sponsor, MultiChain Advisors!The beef between Solana dapps Jupiter and Kamino has taken a new dimension as Kamino has accused Jupiter of lying about contagion risks. In this episode of Uneasy Money, hosts Kain Warwick, Luca Netz and Taylor Monahan dive into whether Jupiter misled users and raise questions about Kamino's response. Plus, after Tarun Chitra’s paper on Hyperliquid’s ADL, they dig deep into the exchange’s design: did they cause unnecessary liquidations on Oct. 10? At the same time, they break down Lighter's 0% fees model. Does it resemble Robinhood? And how smart is it actually? Plus, what Farcaster's big pivot means for the future of Web3 social, and what Taylor says it would take to crack it. Hosts: Luca Netz, CEO of Pudgy Penguins Kain Warwick, Founder of Infinex and Synthetix Taylor Monahan, Security at MetaMask Links: Unchained: Jupiter COO Says Vault’s ‘Zero Contagion’ Claim Was Not Fully Accurate Uneasy Money: Did Solana Dapp Kamino Break the Golden Rule of DeFi? Uneasy Money: Hyperliquid’s Dilemma After 10/10: Protect Itself or Its Users? Linda Xie on How Mini-Apps Are Helping Farcaster Take on Web2 Social Media Timestamps: 🚀 00:00 Introduction 😬 1:18 Did Jupiter mislead users? 🤔 9:19 Did Kamino really block Jupiter over contagion risks? 💡 11:15 Why Kain says Solana is in its “post-DeFi summer growth” era 🧐 12:38 Should Jupiter even care about its lending business line? 👀 18:06 Whether Hyperliquid's algorithm screwed users during the Oct. 10 crash 🎯 21:29 Luca reveals why his Oct. 10 losses on Hyperliquid weren’t so bad 🫨 24:54 Why Taylor says DPRK traders got saved by Oct. 10 💥 30:38 Why Kain is optimistic a rival HL model would emerge ⁉️ 32:02 Are Lighter users the product? 🧠 33:26 Why Kain thinks Lighter's model is genius ⚖️ 39:10 Whether Lighter resembles Robinhood 💁‍♂️ 44:47 Farcaster’s pivot: Is Web3 social DOA? 💡 50:53 What drives VC investment in crypto and why decentralization is not enough 💥 56:46 Kudos to Dan Romero for not launching a token, and whether more founders would be better off abstaining 👀 1:04:46 Whether having too much money is bearish for projects Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	The thing is just lending is where everyone's blown up in the past. That seems to be like nine out of the ten blowups come from some sort of lending mechanism. That's the one place in crypto I'd be afraid to build.
0:10.0	Obviously, people should have business models so that they can build like sustainable business and create a value.
0:16.0	The Ethereum Foundation says it's a good on day. I know, this is super controversial at Ethereum, by the way.
0:21.4	Like, you should not have business models.
0:24.2	Unfortunately, in crypto, once you have a token, price becomes like the only signal of success, right?
0:31.8	You can release a feature.
0:32.9	If Bitcoin randomly dropped 10% that day, it's suddenly a bad feature.
0:40.6	Hey, everyone, I'm Ken Wyrk and welcome to the fifth episode of Uneasy Money,
0:44.1	because what happens on chain never stays on chain.
0:46.8	I'm here with Luca Net, CEO of Pudgy Penguins and Taylor Monaghan Security at Meta Mosque.
0:52.6	Hey, Luca and Tay.
0:54.0	Before we begin, here's a word from the sponsors that make the show possible.
0:58.7	Multi-Chain Advisors is an emerging technology growth firm that has helped create 50-plus billion dollars in enterprise value for 80-plus clients over the past four years.
1:09.3	They're the partner to help navigate markets.
1:12.2	Build real traction today at multi-chain ADV.com.
1:17.5	One quick thing before we start, nothing you hear on uneasy money is financial advice.
1:22.0	We're just three builders talking about what's happening on chain,
1:24.2	and we want you to always do your own research before aping it.
1:27.1	You can find all our disclosures at unchaincrypto.com slash uneasy money.
1:31.3	All right, guys, let's get into it. It's been a very busy week this week.
1:38.3	I think the first thing that we're going to talk about is a little bit of Solana warfare between Solana
1:49.3	Defi teams, Camino and Jupiter. So Jupiter land is a lending protocol within the Jupiter ecosystem.
	...

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