According to CoinMeta, during a 3.5-hour discussion with Jin Ming, Sun Yuchen stated that hyperliquid is an important discovery that has emerged during this cycle of growth, and its US stock perpetual contracts have opened up new possibilities for the industry. He believes that the key to the competition between decentralized exchanges (DEX) and centralized exchanges (CEX) lies in how US regulatory authorities define hyperliquid. If decentralized exchanges receive regulatory exemptions similar to those of Uniswap, they may shift towards a DEX model; otherwise, hyperliquid will face pressure. Currently, hyperliquid is not yet at the same level of maturity in terms of regulation and local operations in the United States as Circle.