Bybit Exits, Coinbase Strategizes: Why Are CEX Giants Collectively Swarming to DEX to "Besiege" Hyperliquid?

Hyperliquid has achieved CEX-level performance and user experience by creating a dedicated application chain, challenging the traditional binary landscape. However, its governance issues exposed potential risks during the JELLY incident. In response to this challenge, CEX giants like Bybit and Coinbase are strategically counterattacking through hybrid financial systems, aiming to maintain competitiveness in the emerging era of hybrid finance.