Binance Founder CZ Questions Hyperliquid's Decentralization Claims, Says Small Team Retains Control

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Binance founder Changpeng Zhao said in a recent interview on the Galaxy channel that while Hyperliquid has validated an important niche in crypto derivatives, the platform's decentralization claims warrant scrutiny. Though CZ praised Hyperliquid's technical execution and trading volumes, he argued that a small team still appears to retain significant control over key system components, despite the platform's use of smart contracts and on-chain settlement. Hyperliquid has grown by offering high-speed perpetual futures through an on-chain order book, combining centralized exchange user experience with transparency features associated with decentralized finance. CZ acknowledged the platform serves a user base Binance cannot easily target with its no-KYC model, but maintained the distinction between decentralization branding and actual operational control.
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