Binance Founder CZ Backs Hyperliquid, Says Crypto Penetration Rate Still Very Low
Binance founder Changpeng Zhao (CZ) has spoken out in support of Hyperliquid, a decentralized perpetual platform. In an interview on When Shift Happens, CZ stated that he does not oppose Hyperliquid and welcomes more centralized and decentralized trading platforms to participate in innovation.
He estimated that the penetration rate of crypto assets is still very low, at around 5% to 15% of people holding some form of cryptocurrency. If calculated by individual wealth allocation, CZ believes the penetration rate may be less than 1%, indicating that the industry is far from saturated.
CZ views criticism from Hyperliquid's community as normal competition, and points out that first movers do not necessarily become the long-term biggest winners. He cites examples of Google, Facebook, and Binance itself being latecomers to their respective fields but ultimately thriving due to innovation and optimization.