This article doesn't contain any negative comments about Binance. Instead, it addresses the recent data overtaking by Hyperliquid, prompting a discussion of the core value of exchanges: where do prices originate, and who endorses trust?
As more and more high-net-worth individuals prioritize "verifiability, fairness, and traceability" over fees and brand image, as price discovery is reorganized on-chain, and as the testing ground for new assets gradually shifts from exchange back-end systems to verifiable market mechanisms on the front end, Binance, in its strongest and most core area, is not facing the challenges of traditional competitors, but rather a competitor driving a paradigm shift in the industry.
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