Multicoin Capital co-founder Kyle Samani expressed a critical view regarding the decentralized exchange (DEX) Hyperliquid (HYPE).

Via his X (formerly Twitter) account, Samani evaluated Hyperliquid as being "like Binance 2.0 without a marketing team." He pointed out the fundamental limitations of Hyperliquid as follows:

First, regarding technical issues, Samani analyzed, "Hyperliquid made technical choices during its development process that are suitable for centralized systems but unsuitable for decentralized environments," noting that as a result, "its transition toward decentralization is lagging compared to its competitors."

He also expressed concerns about regulatory risks. He warned, "Due to changes in the U.S. regulatory environment, the requirements for collaboration with compliant companies are being strengthened," and "Hyperliquid's current model could face greater regulatory risks."