CZ: Hyperliquid Calls Itself Decentralized, but Control Remains Concentrated in a Small Team

Binance founder Changpeng Zhao said Hyperliquid promotes itself as a decentralized platform, but in his view, a small team still appears to hold substantial control over its operations.

Despite those reservations, Zhao acknowledged Hyperliquid’s success in establishing a no-KYC derivatives trading niche through strong technical innovation, describing it as a market segment that Binance cannot compete in. He also noted that Hyperliquid founder Jeff was part of an early incubation cohort at YZi Labs.

Turning to the broader no-KYC model, Zhao said he chose not to weigh in on whether Hyperliquid is truly decentralized. However, reflecting on the historical risks associated with such platforms, he added that his own experiences would prevent him from operating a similar business, while expressing confidence that the Hyperliquid team is capable of managing its own affairs.

Source: Galaxy