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Hyperliquid Saved Itself a $15 Million Loss, but Sparked Criticism - Ep. 807

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Manage episode 473926052 series 1822984
Content provided by Laura Shin. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Laura Shin or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ppacc.player.fm/legal.

Perpetual swap DEX Hyperliquid suffered a whale attack and was on the brink of losing $15 million. It promptly responded in a way that generated a fair amount of controversy.

The founder and CEO of Ambient Finance Doug Colkitt joined the show to explain:

  • How perp swaps work
  • How a whale used the low-liquidity memecoin $JELLY to attack Hyperliquid’s vault
  • How Hyperliquid’s response broke DeFi taboos around decentralization, oracles, etc.
  • Criticisms of and justifications for the team’s decisions
  • What can be done to prevent similar attacks in the future

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Links

Timestamps:

👋 0:00 Intro

🤔 02:59 What is Hyperliquid?

🐳 05:16 How a whale used $JELLY to attack

⛔ 09:19 How Hyperliquid responded

📈 11:59 Why did Binance and OKX suddenly list the memecoin?

🤔 16:32 How did Hyperliquid ‘change the rules’ to protect themselves?

⚖️ 19:25 ‘Losses for thee, but not for me’: Hyperliquid’s hypocrisy?

💡 24:39 Doug’s ‘cleaner’ solution

👀 28:35 Will this have positive or negative knock-on effects?

🧹 31:20 Tidying up illiquid markets

📰 32:46 Crypto News Recap

Learn more about your ad choices. Visit megaphone.fm/adchoices

  continue reading

899 episodes

Artwork
iconShare
 
Manage episode 473926052 series 1822984
Content provided by Laura Shin. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Laura Shin or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ppacc.player.fm/legal.

Perpetual swap DEX Hyperliquid suffered a whale attack and was on the brink of losing $15 million. It promptly responded in a way that generated a fair amount of controversy.

The founder and CEO of Ambient Finance Doug Colkitt joined the show to explain:

  • How perp swaps work
  • How a whale used the low-liquidity memecoin $JELLY to attack Hyperliquid’s vault
  • How Hyperliquid’s response broke DeFi taboos around decentralization, oracles, etc.
  • Criticisms of and justifications for the team’s decisions
  • What can be done to prevent similar attacks in the future

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

Guest

Links

Timestamps:

👋 0:00 Intro

🤔 02:59 What is Hyperliquid?

🐳 05:16 How a whale used $JELLY to attack

⛔ 09:19 How Hyperliquid responded

📈 11:59 Why did Binance and OKX suddenly list the memecoin?

🤔 16:32 How did Hyperliquid ‘change the rules’ to protect themselves?

⚖️ 19:25 ‘Losses for thee, but not for me’: Hyperliquid’s hypocrisy?

💡 24:39 Doug’s ‘cleaner’ solution

👀 28:35 Will this have positive or negative knock-on effects?

🧹 31:20 Tidying up illiquid markets

📰 32:46 Crypto News Recap

Learn more about your ad choices. Visit megaphone.fm/adchoices

  continue reading

899 episodes

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