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Hibachi

8 pieces · Jun 2025 to Jan 2026

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Perps7 DeFi4 Hyperliquid4 ZK2 Privacy2 Market structure1

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Coverage per year

72025

12026

Start here · the strongest pieces on Hibachi

Map21 Jul 202520 pre-TGE projects without Kaito leaderboards: ZK, privacy, AI and CLOB infraA watchlist of 20 pre-TGE projects without a Kaito leaderboard, grouped implicitly across Bitcoin ZK rollups, proof verification, AI infra, CLOBs, privacy (MPC, FHE), stablecoin infra and oracles.Market take25 Sep 2025Hyperliquid over Aster, plus the CLOB challengers worth studyingArgues Aster lacks tech, UX and real users and is a paid-KOL trade, and that CEXes and VCs are fudding HYPE to rotate back cheaply. Lists credible CLOB challengers including Bullet, Paradex, Monaco and Lighter.Explainer06 Jan 2026ZK-verifiable matching for private CLOBs, with Hibachi as exampleZK proofs let an operator match orders off-chain at low latency while proving rule-following. Hibachi posts encrypted state to Celestia and proves its CLOB with SP1, keeping positions private yet verifiable.

Timeline · every piece, newest first

2026 1

06 Jan 2026ZK-verifiable matching for private CLOBs, with Hibachi as exampleZK proofs let an operator match orders off-chain at low latency while proving rule-following. Hibachi posts encrypted state to Celestia and proves its CLOB with SP1, keeping positions private yet verifiable.ExplainerZKPerpsPrivacy

2025 7

16 Oct 2025A1 Research CLOB campaign: reading list of 11 articles and reportIndex of A1 Research's CLOB campaign: 11 articles and a two-part report covering AMMs vs CLOBs, CLOB appchains, real-time chains, Hyperliquid, Paradex, Bullet, Monaco, privacy and institutional DeFi.OtherPerpsMarket structureDeFi

28 Sep 2025Ten CLOB DEX plays to research beyond HyperliquidWatchlist of ten onchain CLOB venues worth researching besides Hyperliquid: Bullet, Paradex, Monaco, Lighter, Hibachi, GTE, Valhalla, Decibel, Nitro and Ambient. Explicitly excludes Aster and Apex as CEX-linked.MapPerpsHyperliquid

25 Sep 2025Hyperliquid over Aster, plus the CLOB challengers worth studyingArgues Aster lacks tech, UX and real users and is a paid-KOL trade, and that CEXes and VCs are fudding HYPE to rotate back cheaply. Lists credible CLOB challengers including Bullet, Paradex, Monaco and Lighter.Market takeHyperliquidPerps

21 Jul 202520 pre-TGE projects without Kaito leaderboards: ZK, privacy, AI and CLOB infraA watchlist of 20 pre-TGE projects without a Kaito leaderboard, grouped implicitly across Bitcoin ZK rollups, proof verification, AI infra, CLOBs, privacy (MPC, FHE), stablecoin infra and oracles.MapZKPrivacyAI

06 Jul 2025CLOB wars: why onchain orderbooks are replacing AMMs and who builds themAMMs were a forced tradeoff until real-time chains, scalable DA, ZK proving and fast oracles made orderbooks viable. Maps CLOB appchains (Hyperliquid, Bullet, Lighter, Paradex, Hibachi) and onchain CLOBs (GTE, Nitro, Monaco, Fuel, Aptos).MapPerpsDeFiHyperliquid

14 Jun 2025CLOB War Line-Up: eight onchain orderbook contendersFirst version of the CLOB wars list: Hyperliquid's HyperCore plus Valhalla and GTE on MegaETH, Bullet on Solana, Fuel, Nitro on RISE, Monaco on Sei and Hibachi on Celestia. Later expanded into the 2.0 line-up.MapPerpsDeFi

08 Jun 2025Onchain CLOB design trade-offs and the race to be the decentralized NasdaqLists nine design axes for onchain CLOBs, from privacy vs transparency and speedbumps to L1 finality vs L2 latency and retail vs institutional design, and names the main contenders led by Hyperliquid.ThesisPerpsDeFiHyperliquid

Often covered with

Monaco18 Lighter21 Hyperliquid113 Bullet33 Paradex26 GTE7 Celestia145 Succinct38

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