Unchained Arthur Hayes and Hanson Birringer on Hyperliquid’s Success (And What Could Stop It) - Ep. 852
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Jun 17, 2025 
Arthur Hayes, CIO of Maelstrom and a crypto trading legend, joins Hanson Birringer, Head of US Sales at Flowdesk, to discuss the rise of Hyperliquid—a decentralized perpetual exchange that has gained a loyal user base without VCs. They delve into its user-first strategy, the challenges posed by competition from big players like Coinbase, and the implications of transparency in trading. The conversation also touches on a controversial saga involving James Wynn and innovative proposals critical for Hyperliquid's future in a rapidly evolving landscape.
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Hyperliquid’s VC-Free Success
- Hyperliquid's success shows that decentralized perpetual exchanges can generate massive revenue without venture capital backing.
- The platform's fair launch and significant buybacks reward users and create a loyal trading community.
User Wealth Drives Loyalty
- Making users rich through fair and transparent airdrops drives strong loyalty and sustained platform use.
- Hyperliquid's approach contrasts with many projects where retail users end up feeling cheated.
Trading on Transparent Dexes
- Market makers adapt strategies for on-chain dexes despite transparent order books.
- Transparency offers more information but overall trading tactics remain similar to centralized exchanges.