How Hyperliquid Came to ‘Threaten the Very Existence’ of CEXs Like Binance - Ep. 915
Oct 02, 2025•1 hr 15 min•Ep. 915
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Episode description
Perp DEXs are on fire, with volumes topping $1 trillion a month for the first time.
Aster, backed by YZi Labs (formerly Binance Labs), has suddenly vaulted to the top of volume charts, but is its rise organic, or manufactured?
But while everyone frames the battle as Aster vs. Hyperliquid, Syncracy’s Ryan Watkins and Sunny Shi argue the real fight is much bigger: decentralized exchanges versus centralized giants like Binance.
Plus: what role Solana will play in the next chapter in the perps DEX wars? And won’t Ethereum even compete?
Thank you to our sponsors!
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Ryan Watkins, Co-Founder of Syncracy Capital
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Sunny Shi, Investor at Syncracy Capital
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