Hyperliquid, Promising 2M tx/s, Draws Comparisons to FTX Amid Skepticism Over Operations and $1,000 Memecoin Potential

Hyperliquid, a new trading platform, is drawing comparisons to the controversial FTX exchange, with some industry observers expressing skepticism about its operations. The platform is described as having a decentralized structure supported by a three-server blockchain, founded by a U.S. citizen with a previous headquarters in New York City. Critics have raised concerns about its transparency, citing the lack of source code and an unpublished consensus algorithm, while claiming it boasts extraordinary transaction capabilities of 2 million transactions per second. Despite these concerns, some users are optimistic about Hyperliquid's ecosystem, with one predicting it could host the first memecoin to reach a valuation of $1,000. Others have noted its low fees and gasless transactions, likening it to other trading platforms but warning about the originality of its memes.