" then content: "In recent remarks, Yakovenko — often called Toly — made the case that Solana’s existing perp DEXs aren’t enough. He believes atomic composability inside the SVM would enable innovations that bridges can’t support, from complex hedging strategies to new types of margin trading. The $10 billion open interest figure, he argued, represents a market opportunity Solana shouldn’t leave on the table. Centralized exchanges dominate that volume today, but a native perp DEX could pull activity onchain without sacrificing speed or capital efficiency."
Translation: "Dalam pernyataan terbaru, Yakovenko — yang sering dipanggil Toly — berargumen bahwa perp DEX yang ada di Solana tidak cukup. Ia percaya komposabilitas atomik di dalam SVM akan memungkinkan inovasi yang tidak dapat didukung oleh bridging, mulai dari strategi lindung nilai yang kompleks hingga jenis perdagangan margin baru. Angka open interest $10 miliar, menurutnya, mewakili peluang pasar yang tidak boleh dilewatkan Solana. Bursa terpusat mendominasi volume tersebut saat ini, tetapi perp DEX native dapat menarik aktivitas onchain tanpa mengorbankan kecepatan atau efisiensi modal."
Third paragraph: "
Counter arguments from industry peers
..." -> "
Argumen balasan dari rekan industri
" then content: "Not everyone agrees. Rune, the founder of Hyperliquid — itself a leading perp DEX — questioned whether the industry needs yet another perpetual exchange. He called for innovation over replication, suggesting builders should focus on new product categories rather than cloning what already exists. Simon Dedic, founder of Moonrock Capital, took a different angle. He emphasized that Yakovenko’s direct involvement in the debate is a strong market signal. “When the co-founder of Solana personally weighs in on a specific DeFi vertical, it’s worth paying attention to,” Dedic noted. The conversation underscores a broader tension: do developers chase proven formats or invent entirely new ones?"
Translation: "Tidak semua setuju. Rune, pendiri Hyperliquid — yang merupakan perp DEX terkemuka — mempertanyakan apakah industri membutuhkan bursa perpetual lagi. Ia menyerukan inovasi daripada replikasi, menyarankan pengembang untuk fokus pada kategori produk baru daripada mengkloning yang sudah ada. Simon Dedic, pendiri Moonrock Capital, mengambil sudut pandang berbeda. Ia menekankan bahwa keterlibatan langsung Yakovenko dalam perdebatan adalah sinyal pasar yang kuat. “Ketika pendiri bersama Solana secara pribadi memberikan pendapat tentang vertikal DeFi tertentu, itu patut diperhatikan,” catat Dedic. Percakapan tersebut menggarisbawahi ketegangan yang lebih luas: apakah pengembang mengejar format yang sudah terbukti atau menciptakan yang baru sama sekali?"
Note: The quote within the content has double quotes. In JSON, we need to escape them with backslash. So: "“When the co-founder..." becomes "“When the co-founder..." but the original uses curly quotes. In JSON, we can use straight quotes or keep curly? Safer to use straight quotes and escape. But original has curly left and right. I'll use straight double quotes for the translation and escape them. Alternatively, use single quotes inside. I'll use escaped double quotes.
Fourth paragraph: "
Regulatory backdrop and market activity
..." -> "
Latar belakang regulasi dan aktivitas pasar
" then content: "While the Solana debate plays out, Hyperliquid’s co-founder Jeffrey Yan was in Washington meeting with U.S. policymakers. The topic: regulatory pathways for onchain derivatives. The meetings came as the CLARITY Act advanced — legislation that could clarify how decentralized finance platforms handle securities and commodities laws. Yan’s trip suggests Hyperliquid is already positioning itself for a regulated environment, even as the technical debate around perp DEXs continues. Meanwhile, HYPE token — associated with Hyperliquid — traded at $45.968 at the time of reporting, reflecting ongoing market interest in the sector."
Translation: "Sementara perdebatan Solana berlangsung, pendiri bersama Hyperliquid Jeffrey Yan berada di Washington bertemu dengan pembuat kebijakan AS. Topiknya: jalur regulasi untuk derivatif onchain. Pertemuan tersebut terjadi saat CLARITY Act maju — undang-undang yang dapat memperjelas bagaimana platform keuangan terdesentralisasi menangani hukum sekuritas dan komoditas. Perjalanan Yan menunjukkan bahwa Hyperliquid sudah memposisikan dirinya untuk lingkungan yang diatur, bahkan saat perdebatan teknis seputar perp DEX terus berlanjut. Sementara itu
