"Hyperliquid is a centralized exchange." I disagree with this statement.

Yes, they are self-custodial, self-funded/independent, and fully transparent.
They are "not truly decentralized" is a fairer statement.
Why?
- Control over validators' governance
- A small set of validators makes it easier to control
- Foundation controls more than half of the validators
- The execution layer is open source, but the closed source for the core
E.g: The JELLY incident involved a clear emergency intervention by Hyperliquid's validators, and it highlights real centralization trade-offs, even though the team frames it as responsible risk management on a maturing chain.
>>> This is not to pinpoint that they are wrong. It is to educate all about what can happen.
>>>There are many improvements needed in the DeFi space.
As highlighted in my upcoming book about Web4, I believe AI is the final piece to true decentralization.
Let's continue to build.