Sun Yuchen: Hyperliquid is an important discovery in this cycle, and the future depends on US regulations

During a 3.5-hour conversation with Jin Ming, Sun Yuchen stated that Hyperliquid is an important discovery that has grown in this cycle, and its perpetual contracts on the US stock market have opened up new space for the industry. Sun Yuchen believes that the key to the competition between DEX and CEX lies in the definition of Hyperliquid by US regulatory agencies; If it obtains regulatory exemptions similar to Uniswap, CEX may switch to DEX mode, otherwise Hyperliquid will face pressure. Hyperliquid's maturity in regulation and domestic operations in the United States is not yet comparable to Circle.