Unchained
Unchained
Laura Shin
Uneasy Money: Hyperliquid's Dilemma After 10/10: Protect Itself or Its Users? - Ep. 954
1 hour 10 minutes Posted Nov 21, 2025 at 1:30 am.
Introduction
How the new ICO meta compares to the old days
Why Luca would still airdrop PENGU despite the ICO craze
New v. Old ICO meta cont'd
Kain talks about raising 30,000 ETH at the 2017 top
Luca explains what it takes for founders to thrive in crypto
Hyperliquid “FUD” and why some of its celebrity whale traders are leaving
The tension that Hyperliquid faces: protecting the protocol over users
Will a new perp DEX champion emerge?
Multicoin goes long Ethena
Kain's beef with Multicoin
Luca's history with Multicoin
The real black swan scenario for Ethena
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Show notes
In this episode of Uneasy Money, hosts Kain Warwick, Luca Netz and Taylor Monohan explore how the recent ICO boom compares with the 2017 era. 
They share stories of some of the big names from the past, including Kain's struggles after raising 30,000 ETH at the cycle top. Plus Luca shares what it takes for founders to thrive in crypto.
They also unpack the “FUD” surrounding Hyperliquid following the infamous Oct. 10 crypto crash. Moreover, they discussed what Multicoin's investment in Ethena revealed about Kyle Samani, and potential black swan risks facing the project.
Hosts:
Luca Netz, CEO of Pudgy Penguins
Kain Warwick, Founder of Infinex and Synthetix
Taylor Monahan, Security at MetaMask
Links:
Unchained:
Monad ICO on Coinbase Fizzles 12 Hours After Launch
Uneasy Money: ICOs Are Back and Why Airdrops Are Instantly Dumped
The Chopping Block: Tokenomics Reset — ICOs Rise, UNI Turns On Fees, MEV Goes to Court
Hyperliquid Founder Denies Claims That DEX Prioritizes Revenue Over Traders
The Chopping Block: Inside the $19B+ Perp Crash, ADL Explained, Binance’s USDe/Staked-Token Depeg, and the Hyperliquid Whale Debate
Ethena Labs Expands to Support Two New Products
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