Hyperliquid’s native token extended its slide on Friday, dipping to $78.67 as a prominent crypto commentator warned that regulatory scrutiny, rather than competition, poses the most serious threat to the decentralized perpetual futures platform.

The token was down 1.4% over the preceding 24 hours, according to CoinGecko data, marking a continued cooldown after a sharp mid-week spike. It traded in a range between $78.41 and $83.63 during that period, well off the highs seen earlier in the week.

The pullback coincided with remarks from Ran Neuner, founder of Crypto Banter, who argued on Cointelegraph’s Chain Reaction podcast that governments are likely to turn their attention to decentralized exchanges once they finish building rulebooks…