Solana와 Hyperliquid의 가장 충성스러운 수호자들이 서로를 비난하기 시작했다
- 핵심 요점: Kyle Samani와 Arthur Hayes 등 커뮤니티 구성원들이 "HYPE 대 SOL"을 두고 논쟁을 벌였으며, 핵심 쟁점은 암호화폐 프로젝트가 탈중앙화를 우선시해야 하는지, 아니면 제품 성장을 우선시해야 하는지에 대한 것이다. Hyperliquid의 부상은 "인터넷 자본 시장"이라는 Solana의 서사적 지위에 도전하고 있다.
- 핵심 요소:
- Samani는 Hyperliquid가 지나치게 중앙화되어 있고 규제 위험이 존재한다며, 본질적으로 마케팅 팀이 없는 "바이낸스 2.0"에 불과하다고 비난하고, 미국 법무부와 유사한 혐의에 직면할 수 있다고 주장했다.
- Hayes 등 커뮤니티 구성원들은 강하게 반박했다. Hayes는 HYPE가 향후 7개월 동안 암호화폐 상위 10위권 내 다른 모든 토큰보다 성과가 좋을 것이라고 내기를 걸었고, 100 HYPE의 상금을 걸고 Samani를 겨냥한 창작 콘텐츠 대회를 제안했다.
- Solana의 핵심 논리는 효율적인 온체인 금융 인프라를 구축하여 유동성이 자연스럽게 모이도록 하는 것이고, Hyperliquid는 핵심 수요(무기한 선물 거래)에서 직접 시작하여 긍정적인 선순환(더 많은 트레이더 → 더 많은 수수료 → HYPE 환매 → 가격 상승 → 더 많은 자본 유입)을 형성한다.
- Hyperliquid의 현금 창출 능력은 Solana를 포함한 퍼블릭 체인 생태계를 이미 넘어섰으며, 무기한 선물에서 현물 거래, 예측 시장 등으로 점차 확장하며 "인터넷 자본 시장"이라는 서사에 더욱 부합하게 되었고, Solana의 시장 서사 공간을 잠식하고 있다.
- Samani의 공격 수사(탈중앙화 및 규제 위험에 대한 의문 제기)는 과거 이더리움 진영이 Solana를 비판할 때 사용했던 방식과 매우 유사하며, 이는 입장의 "이중 잣대"를 드러낸다. 즉, Solana가 부상할 때는 효율성을 강조했지만, 이제는 탈중앙화를 이유로 Hyperliquid를 비판하는 것이다.
Original: Odaily Planet Daily (@OdailyChina)
Author: Azuma (@azuma_eth)
As HYPE continues to set new highs, a heated debate has erupted on X around "HYPE vs SOL."
At the center of this verbal clash is Kyle Samani, former co-founder and managing partner of Multicoin Capital and a flagship figure in the Solana community (see "The Man Who Best Called SOL's Rally, Exits the Crypto World"). Encircling him from the outside are the devout "believers" of Hyperliquid, led by BitMEX co-founder Arthur Hayes.
The War of Words Between Solana's and Hyperliquid's Faithful
Over the past weekend, Samani himself posted a barrage of messages on X, launching an intense verbal assault on Hyperliquid, criticizing the project for being essentially still highly centralized and facing serious regulatory issues.
At 6:30 on May 30, Samani wrote: "Hyperliquid is essentially just a Binance 2.0 without a marketing team (Binance caught strays…). It has made thousands of technical decisions that are only suitable for a centralized environment and completely unsuitable for a permissionless, decentralized one. Now, they are already many steps behind on this path. Furthermore, no genuine US company will collaborate with them in the future."
At 10:53 on May 31, Samani added: "Hyperliquid is just as suspicious as Binance (caught strays again…). All the charges the US Department of Justice once brought against Binance apply to Hyperliquid, and the evidence for each crime is documented. So-called 'communication with regulators' is pure nonsense; Binance has also been communicating with regulators for years…"
While attacking Hyperliquid, Samani didn't forget to take another dig at his old rival ETH, calling it "credibly neutral but technically flawed," in other words, "fundamentally useless"…
Ultimately, when asked by prominent Bitcoin developer Udi Wertheimer which token he considered a success story, Samani gave the unsurprising answer — Solana.
Unsurprisingly, Samani's remarks drew fierce rebuttals from the community, especially given HYPE's current strength. Investors like Hayes, developers like Wertheimer, and traders like Ansem all pushed back against Samani's views with varying degrees of force.
Hayes' rebuttal was the most direct. On May 31, Hayes posted a sarcastic message targeting Samani: "Before this bull run ends, HYPE should at least surpass SOL."
Earlier today, Hayes posted again, suggesting a content competition with a prize pool of 100 HYPE, requiring participants to deliver humorous and offensive retorts to Samani… Meanwhile, Hayes directly called out Samani, offering a $100,000 bet that HYPE would outperform the other top 10 cryptocurrencies in the market cap ranking for the remaining seven months of the year.
The Narrative Clash Between Solana and Hyperliquid
Over the past few years, Solana's greatest success has been building a high-speed, low-cost on-chain financial infrastructure. From Memes, DeFi, to AI Agents, various assets and applications choose to launch and trade on Solana. Its core logic is that liquidity will aggregate towards the most efficient markets.
However, Hyperliquid has taken this logic a step further.
Unlike Solana, which provides infrastructure and waits for applications and liquidity to grow organically, Hyperliquid directly attacks the most core demand in the crypto industry — trading. It accumulates users, trading fee revenue, and liquidity through the perpetual contract market, then gradually expands into spot, equity tokens, prediction markets, and more financial products.
Looking at the results, Hyperliquid has formed an extremely rare positive flywheel: more traders bring more fee revenue; more revenue feeds back into HYPE buybacks and ecosystem incentives; rising HYPE price attracts more capital; more capital further enhances platform liquidity and trading depth. The cash flow generation capability of this flywheel has already surpassed that of public chain ecosystems, including Solana.
In recent years, Solana's core narrative slogan has been "Internet Capital Market." However, as users, assets, liquidity, and pricing power continue to shift towards Hyperliquid, the latter now seems to fit this narrative much better than Solana. In other words, Hyperliquid appears to have become what Solana aspired to be.
As Solana's most loyal standard-bearer, Samani is clearly unhappy to see this situation.
Samani's Tactic: Turning the Criticisms Solana Once Faced Back on Hyperliquid
Looking closely at Samani's recent attack on Hyperliquid, a rather dramatic phenomenon emerges.
In the past debates between Ethereum and Solana, the most common attack method from the Ethereum camp was to question Solana's level of decentralization. High barriers to becoming a validator node, excessive hardware requirements, frequent network outages, over-reliance on a few core institutions… In the eyes of many Ethereum supporters, while Solana is fast, it essentially sacrifices decentralization for performance.
The Solana camp's response to this was simple: users don't care. For the vast majority of users, what they need is faster confirmation speeds, lower fees, and better product experiences, not a research report on node distribution.
In a sense, Solana's rise itself is a monumental victory for the "efficiency-first" approach. But now, as Hyperliquid begins to capture market attention, Samani has picked up the very flag that the Ethereum camp once loved to wave.
Centralization, regulatory risk, censorship resistance… These accusations sound somewhat familiar, except the former "defendant" was Solana, and now it has become Hyperliquid.
This seems somewhat "hypocritical," but in Samani's eyes, Solana might precisely represent that optimal balance point — Ethereum is sufficiently decentralized but too clunky, Hyperliquid is extremely smooth and polished but essentially resembles a CEX. Meanwhile, Solana, from his perspective, always looks so "trustworthy"…
In a way, the essence of this debate is not a competition between HYPE and SOL, but rather the decade-old question of the crypto industry: should we prioritize decentralization, or should we prioritize product and growth?
Years ago, Ethereum and Solana argued endlessly over this issue. Now, Solana and Hyperliquid find themselves in the same position.
Only this time, facing a more radical opponent, the followers of Solana have become the ones championing the banner of "decentralization."
