Binance CEO Clarifies 2018 Photo Rumors
Changpeng Zhao (CZ), former Binance CEO, addressed rumors about a 2018 photo linked to Binance Labs. He explained the photo shows Jeff Yan, Co-Founder of Hyperliquid, in an early incubation group. This group worked on Yan’s now-defunct prediction market project, Deaux.
CZ also said YZi Labs, which was later renamed Binance Labs, no longer makes active investments.
In a post on X, CZ wrote, “If you didn’t know, Jeff (HL) was part of the YZiLabs incubation season 1 cohort in 2018. Unfortunately, that project failed. YZiLabs did not recoup any of its investment. It happens.”
CZ added he had little interaction with Jeff at that time. He also mentioned a scheduled call with Jeff earlier this year was canceled due to a scheduling error on his side.
Aster and Hyperliquid Market Competition
The term “Asterliquid” has sparked rumors about a coordinated effort involving CZ, YZi Labs, and Jeff Yan. Some claim CZ and Hyperliquid acted as competitors to manipulate the market.
CZ supports Aster, which also received initial funding from YZi Labs. After its launch, Aster quickly became Hyperliquid’s biggest competitor. Many see this as a response to Hyperliquid’s growing popularity.
Some users praised CZ for his honesty and humor regarding the situation.
Impact on Decentralized Derivatives
- Analysts expect competition between Aster and Hyperliquid to boost innovation.
- Both platforms aim to improve architecture, liquidity, and user experience.
- The rivalry could shape the future of decentralized derivatives trading.
