During the "Crypto Black Friday" crash, which wiped out $19 billion in positions, Hyperliquid processed over $10 billion in liquidations while maintaining 100% uptime, while Binance experienced service outages and refunds. Bitwise CIO Matt Hougan noted that DeFi platforms like Hyperliquid have passed stress tests, highlighting the role of decentralization in market integrity. Meanwhile, Binance faced backlash over its alleged 9% token supply requirement, which Binance denied, while Hyperliquid emphasized its permissionless, fee-free model. VanEck reported that Hyperliquid captured 35% of blockchain fee revenue, emphasizing that DEXs are becoming increasingly competitive, and Grayscale expects them to dominate in terms of asset transparency and governance.