Changpeng Zhao, founder of Binance, said he views Hyperliquid as a competitor but does not oppose it, welcoming more centralized exchanges (platforms run by a central operator) and decentralized exchanges (platforms operating without one) pursuing innovation. He described criticism of centralized exchanges, including Binance, by some Hyperliquid community members as normal competition. Zhao said the digital-asset industry remains in its early stages and that Hyperliquid's HYPE token, Binance Coin (BNB) and Bitcoin could all benefit if the broader market expands. He also cautioned that an early lead does not necessarily produce the biggest long-term winner.