Hyperliquid Founder Criticizes Binance and CEXs
Hyperliquid founder Jeff Yan has defended his platform's liquidation transparency, stating that centralized exchanges (CEXs) like Binance underreport data by 100x.
Following last Friday's crypto market crash, Yan emphasized that Hyperliquid's fully 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 all 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 been underreporting their liquidation numbers by a factor of nearly 100x.
Author's summary: Hyperliquid founder defends platform's transparency.