Justin Sun: Hyperliquid is One of the Biggest New Discoveries in This Cycle, Regulation Will Affect CEX's Shift to DEX

In a conversation with Jin Ming, Justin Sun stated that Hyperliquid is one of the biggest new discoveries that has emerged during this cycle, with its launch of perpetual contracts for U.S. stocks opening up new imaginative possibilities for the industry. As more projects begin to focus on U.S. stock perpetual contracts, competition for Hyperliquid is intensifying. Sun believes that the key to the future competition between DEX and CEX will depend on how U.S. regulatory agencies define the regulatory boundaries for Hyperliquid; if it receives regulatory exemptions similar to Uniswap, it is possible that many CEXs will shift to a DEX model. Conversely, if regulations become stricter, Hyperliquid will face significant pressure. The maturity of Hyperliquid in regulatory affairs and domestic operations in the U.S. is still not comparable to onshore compliant companies like Circle.

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