>>60568583It's a centralized L3 chain that is wholly controlled by Hyperliquid, that's what makes it a CEX. It also doesn't have the same security guarantees as good L2s do, like Arbitrum, you can't force a withdrawal, you can't force a transaction, etc from Arbitrum. It's essentially a CEX that figured out you can make all that KYC shit disappear if you offer a blockchain instead of an exchange, which is also why Binance seethes at it at any occasion they get.