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Justin Sun: Hyperliquid is one of the biggest new finds of this cycle, and regulation will determine whether centralized exchanges (CEXs) pivot to decentralized exchanges (DEXs).

1 hours ago

TRON founder Justin Sun recently discussed Hyperliquid during a 3.5-hour offline conversation with Jin Ming, calling it one of the biggest new breakthroughs to emerge in this cycle. The U.S. stock perpetual contracts it launched have opened up new horizons for the industry. However, as more projects enter the U.S. stock perpetual contract space, Hyperliquid is facing intensifying competition. Sun also noted that the future competition between decentralized exchanges (DEXs) and centralized exchanges (CEXs) hinges on how U.S. regulators define Hyperliquid’s regulatory boundaries. If Hyperliquid can secure regulatory exemptions similar to Uniswap, a large number of CEXs could shift to the DEX model to cut compliance costs and gain broader global operational room, which would likely squeeze CEXs that fail to transition. Conversely, tighter regulatory requirements would also put significant pressure on Hyperliquid. Hyperliquid’s maturity in regulatory affairs and U.S. domestic operations still lags behind onshore compliant firms like Circle. Thus, the long-term competitive landscape between DEXs and CEXs largely depends on regulators’ stance toward new trading models and the compliance boundaries they establish.

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Over the past 12 hours, UNITREE saw total liquidations of $1.9284 million across its network, including $1.9049 million in short position liquidations.

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Google open-sources Harness²: Allows AI to autonomously improve toolchains, lifting GLM-5's benchmark score by 11.5 points.

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Brent crude oil slipped below the $105 level, posting an intraday decline of 2.43%.

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