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>>Toly’s backing of a new perpetual DEX adds a fresh Solana challenge for Hyperliquid.

Toly’s backing of a new perpetual DEX adds a fresh Solana challenge for Hyperliquid.

crypthub

7 days ago

Regulatory Push

Hyperliquid is lobbying in Washington as the CLARITY Act moves forward. Co‑founder Jeffrey Yan spent days with the Hyperliquid Policy Center meeting lawmakers about on‑chain derivatives. The discussions emphasized consumer benefits and a path to bring perpetuals under U.S. rules. This regulatory effort coincides with growing market attention.

Solana's Composability Challenge

Solana co‑founder Anatoly “Toly” Yakovenko argues the SVM needs an atomically composable perp DEX to unlock innovation. He likens the request to questioning why Hyperliquid exists alongside Binance, Coinbase or CME. Toly says Solana‑native apps cannot rely on Hyperliquid without bridging, so a native solution would create new products. Critics wonder if a new venue adds value beyond lower fees or mere replication.

Market Reaction and Outlook

Community voices, including Rune and Moonrock Capital’s Simon Dedic, note Hyperliquid’s success proves demand for DEX‑style trading interfaces. They view the $10 billion open‑interest gap as a chance for Solana to capture a slice of the global market. While success isn’t guaranteed, the debate highlights aggressive experimentation across ecosystems. At press time HYPE traded near $46.