DFINITY Founder: Hyperliquid Is Actually a Centralized Exchange

November 15: DFINITY founder Dominic Williams posted on X that Hyperliquid is actually a centralized exchange. He said that selling priority access to specific trading parties is a key part of the business model of most centralized exchanges—for example, the New York Stock Exchange sells server cross-connects to hedge funds, enabling them to front-run trades—whereas an on-chain, open-source MULTI/DEX updated by a DAO would not do this. It was previously reported that market maker Wintermute spends about $10 million a year to participate in Hyperliquid's priority auction.