After denoising the information, you should eat @ cz-binance and @ HyperliquidX this way: 1) Whether it is "compliant" is a concern for legal professionals, and indeed ordinary onlookers cannot discuss anything. At that time, the SEC accused Uniswap of being an unregistered stock exchange. Later, under the framework of the crypto friendly government Project Crypto, the SEC also closed the investigation, and "No Need for DeFi" ultimately won. Hyperliquid does not require Perps logic, and may go through stages of being sued, reviewed, and required to rectify. However, it is clearly inappropriate to label it as "non compliant" because ultimately, there will also be a victory of "no Perps required"; 2) The quality of the products and agreements is ultimately determined by the capital precipitation and the users. To some extent, Hyperliquid has indeed captured a part of the share of Perps in CEX, which will be more in the future. CZ also gives a positive view. Actually, noticing this is enough. From the emergence of tradeyz in HIP-3 to the Outcome Contract after HIP-4, these are all answers submitted by Hyperliquid, while market controversies such as Hyperliquid's semi decentralization and the HyperEVM ecosystem do not seem to be the reason for the price increase of HYPE by the capital market in this round; 3) Strictly speaking, Hyperliquid has created the entire Perp Dex race in the cryptocurrency industry, benefiting from the Binance ecosystem's @ Aster_deX and Ethereum ecosystem's Lighter, as well as emerging Perp Dex projects such as @ edgeX_exchange. Although these so-called Dragon 2 and Dragon 3 did not continue to benefit from this wave of Perp Dex dividends, it is not Hyperliquid's fault. Competitors should actively reflect on why they failed to keep up with Hypeliquid's innovation pace? Now some people have "consumed" the narrative dividend brought by Hyperliquid, wiped it out and criticized Hyperliquid as original sin. What is the logic behind this? 4) To be honest, Hyperliquid has used its unique financial innovation to bring the On chain derivatives narrative into the mainstream view of Wall Street. Therefore, in the midst of the nihilistic and abusive voices in the cryptocurrency circle, Hyperliquid has proven to Wall Street that decentralized derivatives can achieve institutional scale and efficiency. When major exchanges follow the trend and iterate on the tokenization infrastructure of the US stock market, and compete with TradFi channels for "new" quotas, only Hyperliquid does not compete and always retains the voice of Crypto Native, earning face and dignity for the entire Crypto industry.