X @Ansem

RT Dan Robinson (@danrobinson)When I pointed out problems with Tarun's understanding of Hyperliquid, he challenged me to read the rest of his paper, suggesting I was too dumb to understand it.I don't like obscurantism or gatekeeping. So I did what he asked. Here's what I think:* The paper is wrong about what ADL is, even more fundamentally than what I pointed out yesterday.* The paper proposes that exchanges should sometimes take on platform-level insolvency risk, which I think is not a good idea.* And the ...