The clash between Binance and Hyperliquid has heated up, sparking discussions in the crypto community. This debate started when Binance’s Co-Founder, Changpeng Zhao (CZ), stepped up to defend the exchange’s listing practices, stressing that reputable projects shouldn’t have to pay for their listings.
CZ responded on X, explaining, “If your project is strong, exchanges will race to list your coin. If you have to beg an exchange to list, then you need to ask yourself why.” He argued that exchanges adopt different models depending on their size, revenue, and listing strategy. Some charge fees, while others prefer user airdrops or deposits to prevent scams.
Hyperliquid vs Binance: Listing debate intensifies
CZ’s clarification comes after discussions on X alleging Binance requested between 8% to 10% of a token’s supply for a listing. Ibrahim, a crypto analyst, highlighted the situation with the $WAL token, suggesting that Binance’s approach to its listings had a negative effect on its market performance.
Another commentator, Crypto with Khan, chimed in, saying that while Binance does provide liquidity, many projects struggle with organic demand and end up relying too much on exposure from centralized exchanges.
Hyperliquid pushed back, stressing its completely open system. “On Hyperliquid, there is no listing fee, no listing department, and no gatekeepers,” they wrote on X. They explained that anyone can launch a spot asset by paying a small gas fee in HYPE, keeping the process transparent and fair. Additionally, deployers can earn up to 50% of trading fees from their spot pairs.
CZ denies Hyperliquid ties, launches Aster rival
CZ also addressed speculation linking Binance to Hyperliquid, confirming no current investment ties exist. He revealed that Hyperliquid founder Jeff Yan once joined Binance Labs’ incubation program in 2018 through a startup called YZiLabs, which failed to launch. “Unfortunately, that project failed,” CZ explained, adding that he had limited contact with Yan since then.
CZ further criticized Hyperliquid’s fully transparent on-chain order book, saying it exposes trading strategies. “Every single trader on Wall Street I talked to do not want other people to see their orders in real time,” he said during his October 10 interview on CounterParty TV.
The debate shows how the gap between centralized and decentralized exchanges keeps widening. It also highlights that in crypto, people still care most about fairness, clear rules, and trust as the industry matures.
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