Arthur Hayes & Tom Lee map the new crypto arms race—Hyperliquid vs Aster, Plasma’s stablecoin rails, and ETH’s DAT-fueled supercycle.
Show highlights
🔹 Perp DEX wars — Hyperliquid vs Aster: Binance-linked Aster surges as Hyperliquid’s moat is stress-tested; CEX tie-ups (Bybit–ApeX, Coinbase–Avantis) escalate the fight.
🔹 Arthur Hayes on Hyperliquid: 126x call but sold ahead of ~$500M/yr token unlocks (starting November); “bullish unlocks” depend on sustained dominance + real fees.
🔹 Lighter’s zero-fee perps: Can post-airdrop volume stick, or do profits migrate to HLP/LLP vault strategies as fees compress?
🔹 DATs & ETH “supercycle” — Tom Lee (Bitmine): Communications flywheel, mNAV compression, ~70 ETH DATs with many below NAV; consolidation/unwinds/ETF conversions amid SEC/Nasdaq scrutiny and ZeroG controversy.
🔹 Plasma stablecoin chain (Tether-affiliated): Zero-fee USDT transfers, heavy incentives, Binance Earn distribution—are flows durable vs Ethereum/Tron?
🔹 Prediction markets — Polymarket vs Kalshi: South Park moment; funds cite PMs for shutdown/Fed odds; 2024 election accuracy pushes PMs mainstream.
🔹 Privacy coins & Zcash revival: ZEC rally, Monero 51%-attack mention, and the ongoing listings/compliance tug-of-war.
🔹 Stablecoins to $4T? — Tom Lee: Micropayments + 24/7 rails expand TAM across multiple chains, not just Ethereum. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Tom Schmidt, General Partner at Dragonfly ⭐️Tarun Chitra, Managing Partner at Robot Ventures Guest ⭐️Arthur Hayes, CIO at Maelstrom ⭐️Tom Lee, CIO of Fundstrat Capital & Chairman of Bitmine