It was the case up until recently. But today Hyperliquid does it on chain and very popular.
Hyperliquid being on chain in the traditional sense is fiction. You have a closed source piece of software run by closely controlled "validators" with additionally centralised components.
alt Hacker News
Hyperliquid being on chain in the traditional sense is fiction. You have a closed source piece of software run by closely controlled "validators" with additionally centralised components.