{"id":34651,"date":"2026-06-25T11:17:16","date_gmt":"2026-06-25T11:17:16","guid":{"rendered":"https:\/\/99bitcoins.com\/fr\/?p=34651"},"modified":"2026-06-23T14:16:53","modified_gmt":"2026-06-23T14:16:53","slug":"cz-critique-la-decentralisation-de-hyperliquid-analyse","status":"publish","type":"post","link":"https:\/\/99bitcoins.com\/fr\/actu\/cz-critique-la-decentralisation-de-hyperliquid-analyse\/","title":{"rendered":"CZ critique la d\u00e9centralisation de Hyperliquid : analyse"},"content":{"rendered":"\r\n<p class=\"wp-block-paragraph\">Changpeng Zhao a apport\u00e9 une perspective cruciale au d\u00e9bat actuel sur les d\u00e9riv\u00e9s crypto. S&rsquo;exprimant sur la cha\u00eene Galaxy, le fondateur de Binance a salu\u00e9 la qualit\u00e9 d&rsquo;ex\u00e9cution et le volume de transactions de Hyperliquid, tout en \u00e9mettant des doutes sur ses revendications en mati\u00e8re de d\u00e9centralisation.<\/p>\r\n\r\n\r\n<p class=\"wp-block-paragraph\">CZ a reconnu que Hyperliquid a r\u00e9ussi \u00e0 s&rsquo;approprier un segment de march\u00e9 que Binance ne peut pas servir en raison de ses sp\u00e9cificit\u00e9s : l&rsquo;absence de v\u00e9rification d&rsquo;identit\u00e9 (KYC), l&rsquo;appariement des ordres on-chain \u00e0 haute vitesse et les retraits en auto-garde (self-custody).<\/p>\r\n\r\n\r\n<p class=\"wp-block-paragraph\"><blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">CZ: Hyperliquid claims decentralization but small team retains high control  <br><br>On June 18, 2026, Binance founder CZ <a href=\"https:\/\/x.com\/cz_binance?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">@cz_binance<\/a> stated during an interview on the Galaxy channel that the decentralized derivatives platform Hyperliquid has validated a new market niche and shown\u2026 <a href=\"https:\/\/t.co\/wceL9eI9IS\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/wceL9eI9IS<\/a><\/p>&mdash; Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/x.com\/WuBlockchain\/status\/2069141622563144010?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">June 22, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Cependant, il a \u00e9tabli une distinction claire : le fait que des smart contracts g\u00e8rent les d\u00e9p\u00f4ts et les retraits ne constitue pas une v\u00e9ritable d\u00e9centralisation si une \u00e9quipe restreinte et concentr\u00e9e contr\u00f4le toujours le d\u00e9veloppement du produit, les structures des validateurs et les d\u00e9cisions op\u00e9rationnelles.<\/p>\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Cette distinction n&rsquo;est pas qu&rsquo;une question de s\u00e9mantique ; elle influence consid\u00e9rablement l&rsquo;exposition r\u00e9glementaire, les recours des utilisateurs et le risque de la plateforme, autant de facteurs cruciaux pour les traders g\u00e9rant des positions avec levier.<\/p>\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Hyperliquid peut-il maintenir son r\u00e9cit face \u00e0 la pression de la d\u00e9centralisation ?<\/h2>\r\n\r\n\r\n<p class=\"wp-block-paragraph\"><blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/x.com\/search?q=%24HYPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">$HYPE<\/a> correction getting deeper than a typical wave 4. The blue scenario is gaining credibility.<br><br>Stay below $69.53-$74.41 resistance and a retest of the June lows near $53 is very much on the table.<br><br>Reclaim $74.41 and the picture shifts, wave 4 may have already bottomed in\u2026 <a href=\"https:\/\/t.co\/CiP7XfUC97\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/CiP7XfUC97<\/a><\/p>&mdash; MCO Global (@moretradingonl) <a href=\"https:\/\/x.com\/moretradingonl\/status\/2069302431997960376?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">June 23, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Le jeton HYPE de Hyperliquid ne dispose pas actuellement d&rsquo;un prix spot cot\u00e9 publiquement. Les analyses s&rsquo;appuient donc sur le secteur plus large des jetons d&rsquo;\u00e9change et de gouvernance, alors que le BTC se consolide autour des 60 000 $.<\/p>\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Les analystes observent que le BTC se comprime dans une fourchette \u00e9troite, avec une r\u00e9sistance aux sommets mensuels pr\u00e9c\u00e9dents et un support aux bas r\u00e9cents. La volatilit\u00e9 implicite des options BTC et ETH reste faible, indiquant un march\u00e9 en mode \u00ab\u00a0attente\u00a0\u00bb avant la publication des prochaines donn\u00e9es macro\u00e9conomiques am\u00e9ricaines.<\/p>\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Pour les jetons de gouvernance et des DEX de contrats perp\u00e9tuels, les perspectives sont mitig\u00e9es. Un sc\u00e9nario haussier pourrait \u00e9merger d&rsquo;une clarification r\u00e9glementaire ou d&rsquo;un ETF ETH spot qui stimulerait l&rsquo;app\u00e9tit pour le risque dans la DeFi.<\/p>\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Le sc\u00e9nario de base sugg\u00e8re une poursuite du mouvement lat\u00e9ral, le temps que les traders \u00e9valuent le d\u00e9bat sur la d\u00e9centralisation. Dans un sc\u00e9nario baissier, une cassure sous le support cl\u00e9 de l&rsquo;ETH pourrait entra\u00eener les jetons de gouvernance dans sa chute, sous l&rsquo;effet d&rsquo;un sentiment d&rsquo;aversion au risque.<\/p>\r\n\r\n\r\n<p class=\"wp-block-paragraph\">De plus, les commentaires de CZ introduisent des risques li\u00e9s \u00e0 la concentration de la gouvernance pour les d\u00e9tenteurs de HYPE. Ces risques, bien qu&rsquo;invisibles dans les carnets d&rsquo;ordres, peuvent rapidement affecter la confiance des investisseurs.<\/p>\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Les prochains votes du protocole sur la distribution des frais, les m\u00e9canismes d&rsquo;assurance et les d\u00e9blocages de jetons pourraient d\u00e9clencher une volatilit\u00e9 \u00e0 court terme. Il conviendra de surveiller la performance du HYPE face aux pressions de vente potentielles pour mesurer la conviction des investisseurs.<\/p>\r\n\r\n\r\n<h2 class=\"wp-block-heading\">LiquidChain vise le premier avantage face aux risques de gouvernance des DEX perp\u00e9tuels<\/h2>\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Le d\u00e9bat entre CZ et Hyperliquid met en lumi\u00e8re une faille structurelle : les plateformes traitant des volumes de trading importants conservent souvent un risque de centralisation significatif au niveau de leur infrastructure.<\/p>\r\n\r\n\r\n<p class=\"wp-block-paragraph\">Les traders d\u00e9laissant les plateformes \u00e0 gouvernance concentr\u00e9e, ou cherchant une exposition plus pr\u00e9coce \u00e0 la th\u00e8se de la liquidit\u00e9 cross-chain, se tournent de plus en plus vers les pr\u00e9ventes de projets r\u00e9solvant ce probl\u00e8me d\u00e8s la conception architecturale.<\/p>\r\n\r\n\r\n<p class=\"wp-block-paragraph\"><a href=\"\/fr\/visit\/liquidchain\" target=\"_blank\" rel=\"nofollow noopener sponsored\">LiquidChain<\/a> est un projet d&rsquo;infrastructure Layer 3 (L3), une couche de r\u00e8glement et d&rsquo;ex\u00e9cution construite au-dessus des blockchains existantes. Son but est de fusionner la liquidit\u00e9 de Bitcoin, Ethereum et Solana dans un environnement d&rsquo;ex\u00e9cution unique.<\/p>\r\n\r\n\r\n<p class=\"wp-block-paragraph\">La proposition centrale repose sur une couche de liquidit\u00e9 unifi\u00e9e avec une ex\u00e9cution en une seule \u00e9tape et un r\u00e8glement v\u00e9rifiable. Cela permet aux traders et d\u00e9veloppeurs d&rsquo;interagir avec ces trois \u00e9cosyst\u00e8mes sans avoir \u00e0 ponter manuellement des actifs ou \u00e0 g\u00e9rer plusieurs portefeuilles. La pr\u00e9vente est actuellement fix\u00e9e \u00e0 0,01472 $ par jeton $LIQUID, avec 858 465,02 $ r\u00e9colt\u00e9s \u00e0 ce jour.<\/p>\r\n\r\n\r\n<p class=\"wp-block-paragraph\">L&rsquo;aspect d\u00e9centralisation est ici primordial : l&rsquo;architecture de r\u00e8glement v\u00e9rifiable de LiquidChain est con\u00e7ue pour rendre l&rsquo;ex\u00e9cution auditable par nature, plut\u00f4t que de d\u00e9pendre des assurances d&rsquo;une \u00e9quipe, comblant ainsi pr\u00e9cis\u00e9ment le manque identifi\u00e9 par CZ dans le mod\u00e8le de Hyperliquid.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Changpeng Zhao (CZ) remet en question la d\u00e9centralisation de Hyperliquid. D\u00e9couvrez l&rsquo;impact sur le march\u00e9 des d\u00e9riv\u00e9s et l&rsquo;\u00e9mergence de LiquidChain.<\/p>\n","protected":false},"author":135978,"featured_media":34650,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[6],"tags":[],"coin":[15],"class_list":["post-34651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actu"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CZ critique la d\u00e9centralisation de Hyperliquid : analyse<\/title>\n<meta name=\"description\" content=\"Changpeng Zhao (CZ) remet en question la d\u00e9centralisation de Hyperliquid. 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