Description
The Chopping Block digs into the fallout from October 10’s historic perp liquidations, the Hyperliquid–Tarun ADL research clash, Lighter’s zero-fee trading model, and the growing rift between tokens and equity reshaping crypto M&A.
🔥 EPISODE LINK 🔥
CHECK OUT THE EPISODE LINKS AND DETAILS HERE
👉 https://unchainedcrypto.com/podcast-chopping-block/the-chopping-block-hyperliquid-vs-tarun-adl-transparency-the-coming-perps-arms-race/ 👈
Show highlights
🔹 ADL research ignites a firestorm — Tarun’s paper on auto-deleveraging sparks a public clash with Hyperliquid and Paradigm, exposing how opaque ADL systems really are.
🔹 October 10 liquidation shock — Repeated ADLs during crypto’s largest liquidation day reveal structural fragility long hidden inside both CEXs and DEXs.
🔹 Fairness vs predictability in perps — Why traders care less about perfect algorithms and more about knowing when and how ADLs will hit.
🔹 Lighter’s design tradeoffs — Vladimir Novakovski explains Lighter’s less-aggressive ADL approach, insurance fund buffers, and trader-friendly risk parameters.
🔹 Zero-fee perps debate — Lighter’s free retail tier + paid pro tier raises the question: is crypto headed for a Robinhood-style fee reset?
🔹 TVL beats volume — The panel argues TVL is the most honest signal of trust in perp exchanges, especially during market stress.
🔹 RWAs and FX perps surprise — Euro and index perps outperform expectations, challenging assumptions about which real-world assets actually trade onchain.
🔹 Tokens vs equity explode — Devco acquihires (Axelar, Tensor) leave tokenholders behind, reigniting debates over incentive alignment and crypto M&A.
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Tarun Chitra, Managing Partner at Robot Ventures
Guest
⭐️Vladimir Novakovski, Founder & CEO. Lighter.
Timestamps
00:00 Intro
01:38 Tarun’s ADL Paper Sparks Backlash
05:24 Research vs Bag Defense
06:27 How ADLs Actually Work
12:27 Fairness vs Predictability
24:14 Tarun’s Inspiration
28:17 Zero-Fee Perps Explained
34:12 Perp Wars Heat Up
38:15 RWAs Trade Onchain
41:49 Token Launch Reality
47:19 Tokens vs Equity Clash
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#bitcoin #ethereum #crypto #cryptocurrencies
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