Multicoin Capital co-founder: Hyperliquid is essentially just "Binance 2.0"

Multicoin Capital co-founder Kyle Samani recently stated that Hyperliquid is essentially just a "Binance 2.0 without a marketing team."

Samani believes that Hyperliquid made a lot of technical decisions during its development that are suitable for centralized systems but difficult to adapt to a permissionless decentralized environment. He stated that these architectural choices have caused the project to lag behind some competitors in its development towards decentralization.

In addition, Samani pointed out that as the regulatory environment changes, the requirements for partners from compliant companies in the U.S. are increasing, and Hyperliquid's current model may face more challenges. He further stated that real American companies today would no longer choose to collaborate with it.

Recently, Hyperliquid has become the market focus due to the continuous rise of the HYPE token and increasing trading volume, but discussions surrounding its level of decentralization, governance model, and regulatory risks are also heating up.