Opinion: If Hyperliquid Addresses Regulatory Issues, Its Growth Potential Will Be Nearly Limitless, Disrupting the Global Derivatives Market

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 market, which has 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, possibly becoming a mega corporation overnight. Monk believes the worst-case scenario is maintaining the status quo, continuing steady growth, with the best-case scenario being explosive growth.

Kyle Samani strongly refuted DeFi Monk's optimistic view. He believes that Hyperliquid is essentially "an exchange 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, with the current technical roadmap already lagging behind. More importantly, "no legitimate U.S. company will ever work with them again." The centralization of Hyperliquid and its past decisions make it unsustainable once truly decentralized, with optimistic expectations severely overestimated.