Zero-fee trading. Sounds utopian, doesn't it? As a sort of communist manifesto for the crypto world, Mr. But before you begin dreaming up a utopia free of all transaction costs, allow us to add a bit of realism. But is Hyperliquid’s zero-fee model the true revolution it is saying it...

We've all heard the siren song of DeFi: financial freedom, cutting out the middleman, returns that make your bank weep. Decentralization is the cry, the alleged panacea for all the failures of legacy finance. Here’s a dose of reality: the emperor has no clothes. Decentralization, as an immutable ideal, is...