What CLOBs Are Solving & What Token Transparency Still Can’t – The Chopping Block

CLOB Wars, Token Transparency, and the Future of Decentralized Exchanges: How Crypto Projects Are Navigating Disclosure, Fair Trading, and Regulatory Pressure – The Chopping Block

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Show highlights
🔹 Token Transparency Framework Debated – Blockworks’ 40-point voluntary disclosure system sparks industry-wide discussion on what teams and investors should reveal
🔹 Disclosures vs. Reality – Most projects don’t lie—they just don’t publish. The real problem isn’t fraud, it’s silence
🔹 VC Wallets Stay Dark – Debate over whether investor wallet addresses and cost bases should be disclosed; consensus: team vesting should be public, investor holdings still a gray area
🔹 Exchange Listings & Disclosures – Exchanges are considering using the transparency framework to prioritize listings, creating pressure for teams to comply
🔹 CLOB Wars Continue – Lighter joins the battle against Hyperliquid with zk-proven verifiability and zero-fee trading for retail
🔹 Lighter’s Architecture Edge – Built as a ZK L2 on Ethereum, Lighter pitches composability + security vs. Hyperliquid’s standalone stack
🔹 Fighting Toxic Flow – Instead of cancel-order tricks, Lighter adds subtle latency and fee mechanics to penalize HFT bots without harming retail
🔹 Dark Pools for DeFi? – Vlad teases ZK-based private order flow as a future feature, merging institutional behavior with onchain guarantees
🔹 DEX Future = Specialization – Vlad predicts no single winner: future DEXs will specialize in niches—memecoins, structured products, prediction markets
🔹 Circle Becomes a Meme Stock – Robert discloses his short position as retail pumps Circle to an $80B FDV off TikTok hype and the Genius Act tailwinds


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

Guest
⭐️ Vladimir Novakovski, CEO & Founder of Lighter

Timestamps
00:00 Intro
01:49 Token Transparency Report by Blockworks
04:17 Token Disclosures
08:52 Challenges and Future of Token Transparency
23:22 Circle Mania Continues
25:06 Circle Valuation and Market Reactions
30:15 CLOB Wars
36:52 Technical Architecture and Verifiability
47:04 Market Structure and Future of DeFi

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