Unchained

The Chopping Block: Perp Wars & Stablecoin Battles: Hyperliquid, Aster, Tether - Ep. 911

111 snips
Sep 26, 2025
Join Farooq Malik, the fintech founder and CEO of Rain, as he tackles the cutting-edge world of stablecoins and decentralized exchanges. He discusses the intense competition between Aster and Hyperliquid, questioning if Aster's rapid volume surge represents true demand or mere hype. The conversation shifts to Tether's provocative $500B valuation and the strategic advantages of stablecoins in emerging markets. You'll also learn how Rain's innovative payment solutions are bridging fiat and crypto, making financial services more accessible globally.
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INSIGHT

Aster's Volume Looks Fragile

  • Aster's surge to $30B daily volume likely reflects points-farming and wash trading, not pure organic demand.
  • Open interest and TVL gaps vs. Hyperliquid reveal the volume is low-quality and not a durable moat.
ADVICE

Don't Nakedly Incentivize Volume

  • Avoid naked volume incentives because they attract non-sticky trading behavior and false market signals.
  • Design rewards to build real liquidity and alignment, not just short-term taker volume.
INSIGHT

Liquidity, Not Volume, Creates Moats

  • Durable exchanges are built by incentivizing liquidity, not raw volume; Hyperliquid and Blur crafted long-term stickiness.
  • Asian teams may iterate and out-execute flawed playbooks like Aster's fast points model.
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