Welcome to The Chopping Block

output:title: Hyperliquid's JELLYJELLY Debacle

This week on The Chopping Block, the crypto crew dives into the Hyperliquid drama and what it says about decentralization in DeFi. Plus, the Say Foundation wants to buy 23andMe and put your genetic data onchain. Finally, we discuss the new Stable Act legislation making its way through Congress.

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

Show highlights

? Hyperliquid’s JELLYJELLY Debacle – How a DeFi darling nuked its credibility by bailing out its own vault at a fake oracle price

? The Exchange Wars Heat Up – Why Binance and OKX listing JELLYJELLY perps looked like an assassination attempt on Hyperliquid

? Are DEXes Just CEXes in Disguise? – What the Hyperliquid saga reveals about decentralization theater and validator capture

? 23andMe on the Blockchain – Say Foundation wants to token-gate your DNA; is this privacy-preserving or dystopian?

? The Great DeSci Grift – Tarun revisits his war on DeSci and why putting genetics onchain is worse than memecoins

? Stablecoin Regulation Showdown – The Stable Act vs. The Genius Act and who’s really winning in D.C.

? Stablecoins as Narrow Banks – How crypto may finally force the Fed to accept a 20-year-old idea they’ve long resisted

Hosts

⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly

Disclosures

Links

Kevin Zhou (Galois Capital) Tweet: https://x.com/Galois_Capital/status/1904942458666094932

Steil and Hill Introduce STABLE Act Press Release: https://steil.house.gov/media/press-releases/steil-and-hill-introduce-stable-act