Bloomberg's long article on-chain this morning $BTC $$BNB #美SEC推动加密创新监管 # "Highly Concentrated"
The entire network has 24 validators vs. Ethereum's 100+, but about 66% of HYPE staked tokens are controlled by the foundation, effectively having veto power over proposals.
2.
Small and "Invisible" Team
15 members based in Singapore, yet the official website does not geo-block US users, clearly exposing compliance risks.
3.
Not a "No VC" Narrative
Paradigm, Pantera, Jump Trading, and others have long been involved, but rounds and valuations have not been disclosed.
4.
"On-Chain Parliament" Can Decide with One Click
A typical example: The JELLY incident bypassed community voting, with officials directly upgrading the contract, highlighting centralized governance.
5.
The Biggest Selling Point is Also the Biggest Controversy
The HLP pool allows users to "earn effortlessly" market-making profits, but part of the platform's order book has itself as a counterparty; critics say "acting as both referee and player," with the shadow of FTX looming large. $ETH
