Hyperliquid Founder Criticizes Binance and CEXs
Hyperliquid founder Jeff Yan defended the platform's transparency in liquidation, stating that centralized exchanges (CEXs) like Binance underreport data by 100x.
Following accusations of liquidations after the crypto market crash, Yan emphasized that Hyperliquid's on-chain liquidations cannot be compared to those of Binance and other CEXs.
- Top crypto exchanges, including Binance, Coinbase, and Kraken, faced congestion leading to massive liquidations.
- Hyperliquid reported zero downtime and handled trades swiftly.
Hyperliquid's fully on-chain liquidation model offers transparency unmatched by centralized exchanges (CEXs).
Yan noted that top exchanges like Binance, Coinbase, and others have underreported their liquidation numbers by a factor of nearly 100x.
Author's summary: Hyperliquid founder defends platform's transparency.