DFINITY founder Dominic Williams says outright that Hyperliquid is effectively a centralized exchange—and that’s the point of contention under the $HYPE label. His argument is that selling priority access to specific counterparties is central to the business model of most centralized exchanges. For example, the NYSE sells hedge funds server cross-connects that let them jump ahead of others, whereas on-chain, open-source MULTI/DEXs updated by a DAO don’t do that. Wait and see whether the market buys it; don’t rush in just because you saw the headline.