【Su Zhu: Hyperliquid is still in its early stages and may pose a challenge to CEX】 Jinse Finance reported that Su Zhu posted on the X platform: "Unless a black swan event occurs, I believe that in the early stages of the Hyperliquid story, the team has done a great job designing a community around profitable products. There have been other successful Perp trading platforms in the past, but these platforms often bring relatively little value accumulation to token holders. In some cases, tokens are used directly as emissions to generate US dollar fees, which are pocketed by shareholders. This is equivalent to invisible dumping. In other cases, even if the token successfully generates a community, the underlying product itself is rarely used. This defines the situation for most of the DeFi summer. It is extremely rare for both to occur. While centralized exchanges (CEXs) have historically been extractive and opaque, and are usually operated by mainland Chinese founders, high-liquidity spot listings are simple auctions where value accumulation is directly attributed to the token itself. I think it is meaningless to discuss the idea of ​​Hyperliquid as an L1 before it actually goes online, but I think if the team continues to execute, it will have a significant impact on the recent first-level CEX. poses the first big challenge. In general, I think services and workflows will be simplified and sanitized, which will greatly benefit newcomers without legacy structures. I think Solana/pumpfun has a big moat because all the new attention is being drawn there first. It will be extremely difficult to compete with this because what you need is tens of thousands of permissionless startups every day, and shared knowledge and belief that some of them will even reach billions of dollars. You can't replicate this with a few pumps here or there or even a community wealth effect - what you need is a culture and toolkit that is gradually built around it. It's no coincidence that pumpfun is the least crypto-native (no points, no tokens) and most profitable product of the entire cycle because it summons the energy of the outside world into crypto."