Opinion: If Hyperliquid Addresses Regulatory Issues, Growth Potential Will Be Nearly Limitless, Global Margin Trading Market Will Be Disrupted

BlockBeats News, May 30th, former co-founder of Multicoin Capital Kyle Samani and renowned researcher DeFi Monk debated the future of Hyperliquid. DeFi Monk is bullish on Hyperliquid, believing that despite regulatory uncertainty and competitive risks, the long-term potential is enormous: Hyperliquid is disrupting the global derivatives contract trading market, a market with a daily nominal trading volume of around $1 trillion. Even in its current restricted state, it remains a very robust and attractive business. If regulatory issues are resolved, the growth potential is nearly limitless, potentially becoming a mega corporation overnight. Monk believes the worst-case scenario is maintaining the status quo with steady growth, while the best-case scenario is explosive growth.

Kyle Samani strongly refuted DeFi Monk's optimistic view. He believes that Hyperliquid is essentially a "Binance 2.0 without a marketing team," having made thousands of technical decisions that are effective in a centralized environment but completely untenable in a permissionless decentralized environment. The current technological roadmap is already several steps behind. More importantly, "no truly American company will ever work with them again." The centralization and past decisions of Hyperliquid make it unsustainable once truly decentralized, and optimistic expectations are severely overestimated.