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Former Multicoin Capital co-founder Kyle Samani said Hyperliquid is "Binance 2.0 without a marketing team," arguing the protocol made thousands of technical decisions during development that work cleanly in a centralized setting but are fundamentally incompatible with permissionless operation. Samani added that no legitimate U.S. company would be willing to partner with Hyperliquid in its current form.
Why it matters
Samani is not a casual critic — Multicoin has been one of the most cited crypto-native VCs of the cycle, and his calls have moved positioning before. Framing Hyperliquid as centralized infrastructure dressed in decentralization language is the kind of read that re-prices how TradFi, custodians, and compliance teams approach any integration. If a senior crypto-native voice is willing to say it on the record, regulated counterparties now have cover to say it internally too.
Market impact
The partnership line is the sharper edge. Hyperliquid's volume story this year has hinged on the narrative that institutional flows eventually follow. A public claim that U.S. counterparties won't touch it puts that trajectory under direct question, and any token reaction will likely track partnership disclosures more than throughput metrics.
Frequently asked questions
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What did Kyle Samani say about Hyperliquid?
Former Multicoin Capital co-founder Kyle Samani called Hyperliquid "Binance 2.0 without a marketing team," arguing the protocol made technical decisions that work in a centralized environment but are incompatible with permissionless operation.
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Why is the Samani criticism significant?
Multicoin has been one of the most cited crypto-native VCs of the cycle, and Samani's public calls have moved positioning before. A senior crypto-native voice questioning Hyperliquid's decentralization gives regulated counterparties cover to apply the same scrutiny internally.
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Did Samani address U.S. partnerships specifically?
Yes. Samani said no legitimate U.S. company would be willing to partner with Hyperliquid in its current form — the sharper edge of the critique for TradFi and compliance teams evaluating integration.
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Which technical decisions is Samani criticizing?
Samani argued Hyperliquid made thousands of technical decisions during development that work cleanly in a centralized setting but are fundamentally incompatible with permissionless, decentralized operation.
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How might this affect Hyperliquid's market position?
The critique directly challenges the narrative that institutional flows will eventually follow Hyperliquid's volume. Any token reaction is likely to track partnership disclosures more than throughput metrics in the near term.
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