Solana와 Hyperliquid의 가장 충성스러운 수호자들이 서로를 비난하기 시작했다

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."