Bybit's demise, Coinbase's layout: Why did CEX giants collectively rush into DEX to "encircle" Hyperliquid?
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币界网报道：Hyperliquid has achieved CEX-level performance and experience by creating a dedicated application chain, challenging the traditional binary structure. However, its governance issues exposed potential risks in the JELLY incident. Faced with this challenge, CEX giants such as Bybit and Coinbase are strategically counterattacking through hybrid financial systems, trying to remain competitive in the emerging hybrid financial era.
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