Kyle Samani: Hyperliquid Is Just Binance 2.0 Without the…

Multicoin Capital co-founder Kyle Samani has delivered a pointed critique of Hyperliquid, calling it "Binance 2.0 without a marketing team." His argument centers on architecture: during development, Hyperliquid made thousands of technical decisions optimized for a centralized environment, and those choices are now fundamentally incompatible with a genuinely permissionless, decentralized setting.

Samani contends that this leaves Hyperliquid several steps behind where a credible decentralized exchange protocol should be — not because the team lacks talent, but because the foundational design assumptions were wrong from the start.

The sharpest edge of the critique is commercial: Samani stated that no legitimate U.S.