CZ says Aster’s privacy beats Hyperliquid’s transparent order books
Changpeng Zhao (CZ) detailed the unintended rise of Chinese memecoins on BNB Chain and defined why Aster’s hidden orders present a structural benefit over Hyperliquid.
During his Oct. 10 interview with CounterParty TV, the previous Binance CEO attributed BNB’s latest meme explosion to an unplanned Mid-Autumn Festival submit and outlined his funding thesis, favoring privacy-focused perpetual DEXs over transparent options.
BNB Chain’s Chinese ticker surge began when Zhao posted “Happy Mid-Autumn Festival, submit your greatest memes” throughout the conventional vacation.
The neighborhood responded with moon-themed content material and Chinese-language tickers, together with Zhao Chang’e, a wordplay on Zhao’s identify that referenced a feminine deity from Chinese mythology.
He acknowledged:
“It wasn’t deliberate. It simply slowly developed into that. Everything I tweet, they flip right into a meme. At some level I mentioned, screw that. I’m simply going to tweet freely.”
Five BNB Chain memes have reached market capitalizations of $100 million to $500 million in latest weeks, attracting Solana merchants. Zhao characterised BNB merchants as extra holder-focused as a result of chain’s utility background, contrasting with Solana’s faster-paced meme tradition.
Zhao mentioned:
“They are usually extra holders. They don’t go up and down the subsequent day.”
BNB vs Solana: open vs unique
Zhao pushed again on the notion that BNB operates as a closed vertical from launch pad to Binance itemizing, arguing that the ecosystem stays extra open than Solana’s infrastructure.
He mentioned:
“Binance lists tokens from each blockchain, even meme cash from each blockchain. Trust Wallet helps BNB Chain, Solana, and plenty of different blockchains. Phantom doesn’t help BNB Chain. Radium solely operates on Solana. Their ecosystems are literally far more unique than ours.”
Zhao defined that Solana’s meme focus partly resulted from SEC lawsuits concentrating on utility tokens throughout the former President Joe Biden administration.
Projects launching tokens with actual use circumstances confronted securities violations, pushing builders towards meme cash that declare no utility:
“If you launch an actual undertaking with a utility token, you’re going to get a lawsuit from SEC. Meme cash, we simply declared there’s no worth, there’s no utilities, only for enjoyable.”
Aster’s privacy edge over Hyperliquid
Zhao’s Aster investment stems from 20 years of buying and selling expertise, exhibiting that skilled merchants require order privacy. He argued that Hyperliquid’s transparent on-chain order e book creates a deadly flaw that Wall Street contributors can’t settle for.
According to Binance’s former CEO:
“Every single dealer on Wall Street I talked to don’t need different folks to see their orders in actual time. “If you realize precisely how one other particular person goes to commerce, there’s at all times one approach to commerce towards them for them to lose cash.”
Zhao posted concerning the privacy subject in June, triggering 30 undertaking pitches that day. Aster applied hidden orders, prompting Binance Labs to speculate alongside different privacy DEX initiatives.
The absence of privacy leaves merchants weak to people who can reverse-engineer their buying and selling algorithms and exploit them. Zhao acknowledged that Hyperliquid may add privacy options, however famous that exchanges compete on a number of dimensions past single functionalities.
Besides the necessity for privacy, Zhao highlighted that how an change protects customers and offers with errors is what issues.
Lastly, Zhao additionally predicted that perp DEXs will rival centralized change volumes inside one cycle. New customers are onboarded via centralized platforms with acquainted interfaces, then migrate to DEXs for a broader choice and earlier entry to tokens.
According to his timeframe:
“In 20, 30, 50 years out, all the things will likely be on-chain. But within the interim, if there’s an enormous rush of conventional customers, CEX will get higher. Afterwards it’s going to slowly slip into DEXes.”
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