Unchained
The Chopping Block: Hyperliquid’s Not-So-DeFi Moment, 23andMe, & STABLE Act - Ep. 808
Mar 29, 2025
The hosts dissect the Hyperliquid controversy, revealing the murky waters of decentralization and liquidity manipulation. They dive into Say Foundation's audacious plan to put 23andMe's genetic data on the blockchain, raising alarm about privacy and ethics. The conversation shifts to the competitive landscape of stablecoin regulations, contrasting the Stable Act with the Genius Act, and examining the impact on financial institutions. Expect witty banter, a dose of market analysis, and a friendly wager on crypto outcomes!
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Quick takeaways
- The Hyperliquid controversy underscores the systemic risks in DeFi, highlighting how few traders can disproportionately influence market dynamics.
- The Say Foundation's proposal to tokenize genetic data from 23andMe raises significant privacy concerns, igniting debates about ethical data practices.
Deep dives
Hyperliquid's Unexpected Turn of Events
The recent events surrounding Hyperliquid highlight the risks associated with large positions in the cryptocurrency trading space. A trader opened an $8 million short position on a low liquidity meme coin called Jelly Jelly, significantly affecting its market cap. This action forced a liquidation that put Hyperliquid's liquidity pooling mechanism, known as HLP, in a difficult position as it had to manage the fallout. The aftermath led to Hyperliquid validators opting to delist Jelly Jelly and close the position at a manipulated oracle price, raising questions about the decentralization and fairness of the protocol.
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