Unchained Uneasy Money: Is Jupiter Incompetent or Evil? And Is Hyperliquid's ADL Flawed? - Ep. 976
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Dec 12, 2025 Tensions rise as Jupiter faces accusations from Kamino over misleading contagion risks in their DeFi products. The hosts debate the implications of Hyperliquid's algorithm and its controversial liquidations. Lighter's zero-fee model comes under scrutiny, with comparisons to Robinhood's approach to retail trading. Meanwhile, Farcaster's shift to a wallet-first strategy opens discussions on the future of Web3 social media. The podcast navigates through complex market dynamics, lending strategies, and the evolving landscape of decentralized finance.
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Isolated Pools Aren't Perfectly Isolated
- Jupiter's 'zero contagion' claim was misleading because isolated pools can still create cross-pool loops and re-application risk.
- Large orgs can miscommunicate core technical properties across marketing and engineering teams, causing public misstatements.
Verify Technical Claims Before Public Messaging
- Give grace for communication breakdowns in growing teams and verify technical claims with engineers.
- Ensure comms flow through knowledgeable people to avoid misleading public statements.
Models vs Real-World Stress Tests
- ADL design trades protecting the venue vs protecting traders; models without empirical stress tests are limited.
- Hyperliquid survived 10/10 events, so real-world performance matters more than theoretical critiques.
