Markets Aurelius(@0xlarpist):Hyperliquid and Uniswap are both called “DEXs”, even though Hyperliquid has trust assumptions more similar to Binance than Uniswap. We need better language to differentiate a permissionless CEX from a smart contract DEX. How do we tackle this? @VitalikButerin

2026.05.21 21:51

Hyperliquid and Uniswap are both called “DEXs”, even though Hyperliquid has trust assumptions more similar to Binance than Uniswap. We need better language to differentiate a permissionless CEX from a smart contract DEX. How do we tackle this? @VitalikButerin

Arjun@clipsofcrypto

2026.05.21 19:53

Onchain Finance vs DeFi Rebecca on why we need to start making this distinction "Hyperliquid is more like onchain finance versus DeFi. I think we have to start making that distinction in a meaningful way" "Onchain finance has the onchain part, a lot of the non-custodial aspects we'd expect, but you have closed source code, a narrow set of permissions. That's different from the hallmarks of what we've long talked about as DeFi" "Are you just a coder doing a GitHub commit or are you creating a much larger onchain transparent market? Everyone's going to hate on me on Twitter. They already do. It's fine"