Hyperliquid is simply Binance 2.0 without marketing

Kyle Samani, former co-founder of Multicoin Capital, does not mince his words when it comes to his opinion on Hyperliquid. According to him, the decentralised trading platform is nothing more than “Binance 2.0 without a marketing team”. Samani goes even further, claiming that American companies have no interest whatsoever in partnering with Hyperliquid.

Samani’s criticism focuses mainly on the technical choices Hyperliquid made during its development. These decisions may work well in a centralised environment, but in his view they are entirely incompatible with a permissionless decentralised setting. As a result, Samani argues, Hyperliquid lags several steps behind its competitors.

Technical limitations in a decentralised environment

Samani’s critique touches on a fundamental challenge that many projects face. When a company designs a system with centralisation in mind, certain approaches are far easier to implement. However, those compromises work against you when you later attempt to shift to a fully decentralised architecture.

For Hyperliquid, this means the platform is falling behind in the development of true decentralisation. According to Samani, the platform’s architecture is not ready for the transition to a fully permissionless system, where there is no gatekeeper or central authority.

No partnerships with American companies possible

Another sore point Samani raises is the damaged reputation. The fact that “no real American companies” are willing to work with Hyperliquid anymore suggests that the platform is facing serious regulatory and compliance issues. This can deter potential partners.

Despite this criticism, Hyperliquid is currently trading at $66.33, down 1.0% over the past 24 hours. Previous technical problems, such as a fault in the oracle data that caused the SpaceX perpetual to crash by 45%, have already put pressure on the platform.