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Hyperliquid Founder: Why We Turned Down All Venture Capital? Jeff said Hyperliquid has been entirely self-funded and was not created for profit. He criticized traditional VC financing for creating an "illusion of progress" by inflating valuations, stressing that true progress comes when users gain real value. Hyperliquid's vision, he...

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Hyperliquid Founder Talks About the Biggest Challenge in the Project's Development Hyperliquid founder Jeff said in an interview with TBPN on October 22 that the biggest challenge in the project's development is finding a balance between the ideal of decentralization and the practical pace of progress. The team insists on rejecting any venture capital (VC) involvement, choosing to slow down development rather than compromise the purity and credibility of the protocol. This approach aims to ensure that Hyperliquid becomes a truly trustworthy, decentralized, and capital-free neutral financial network. He believes that if a project involves capital intervention from the very beginning, it can never become a neutral network trusted like Bitcoin. Source:

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Jeff Yan on Hyperliquid's future vision: the AWS of finance On July 9, 2026, Hyperliquid co-founder Jeff Yan jeff.hl stated on the VALR podcast that the platform is fundamentally a liquidity infrastructure layer for all of finance, rather than just an exchange. He believes that, much like how AWS handles computing resources for startups, Hyperliquid provides underlying support for liquidity, ledgers, and asset tokenization across various platforms. Yan stated that as disparate platforms integrate into this single layer, it creates a compounding effect, allowing all users to benefit from tighter spreads and deeper liquidity.
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Jeff on how he views Hyperliquid relative to CEXs: > The House of All Finance is meant to be inclusive, not a vampire attack on existing businesses > Many CEXs view Hyperliquid as a competitor taking market share, he thinks that’s the wrong way to look at it > Hyperliquid is better viewed as a liquidity layer that exchanges and other financial platforms can plug in, similar to what VALR has done > Instead of a battle between CEXs and DEXs, Jeff sees a collaborative future where Hyperliquid serves as core infrastructure for finance
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Jeff on how he views Hyperliquid relative to CEXs: > The House of All Finance is meant to be inclusive, not a vampire attack on existing businesses > Many CEXs view Hyperliquid as a competitor taking market share, he thinks that’s the wrong way to look at it > Hyperliquid is better viewed as a liquidity layer that exchanges and other financial platforms can plug in, similar to what VALR has done > Instead of a battle between CEXs and DEXs, Jeff sees a collaborative future where Hyperliquid serves as core infrastructure for finance

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Bybit CEO Ben: Hyperliquid Is a Partner Not a Competitor In an April 23 interview with When Shift Happens, Bybit CEO Ben Zhou Ben Zhou said Bybit sees Hyperliquid more as a partner than a direct competitor. He said Bybit has not seen a large number of users actively leaving for Hyperliquid; rather, some users are pushed away by licensing and compliance limits. For example, under Europe's regulatory framework, Bybit's MiCA site cannot offer derivatives, and even with a MiFID license, leverage would be capped at 10x, which he said is "not competitive at all" compared with Hyperliquid. Zhou said users seeking high leverage will naturally move to DEXs, and Hyperliquid offers something Bybit cannot provide under a compliant framework.
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Bybit CEO Ben: Hyperliquid Is a Partner Not a Competitor In an April 23 interview with When Shift Happens, Bybit CEO Ben Zhou Ben Zhou said Bybit sees Hyperliquid more as a partner than a direct competitor. He said Bybit has not seen a large number of users actively leaving for Hyperliquid; rather, some users are pushed away by licensing and compliance limits. For example, under Europe's regulatory framework, Bybit's MiCA site cannot offer derivatives, and even with a MiFID license, leverage would be capped at 10x, which he said is "not competitive at all" compared with Hyperliquid. Zhou said users seeking high leverage will naturally move to DEXs, and Hyperliquid offers something Bybit cannot provide under a compliant framework.

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When we were choosing a ticker for Hyperliquid Strategies, most of the obvious options were some variation of HYPE. They were fine. They were also boring. I pushed for $PURR because it was distinctive, connected directly with the Hyperliquid community and reflected the kind of company we wanted to build. Some people loved it immediately. Others still weren’t entirely convinced. I sat down with Tangle.hl at the HL Global Hyperliquid Summit to discuss the decision, how I explain Hyperliquid to traditional investors, and why we assembled Hyperliquid Strategies Inc with such a deliberately TradFi-oriented team and board. The immediate goal is to provide an institutionally credible way to access HYPE. The larger opportunity is helping connect Hyperliquid with the trillions of dollars of financial assets that have yet to move onchain. That is why we are thinking beyond simply being a DAT.
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When we were choosing a ticker for Hyperliquid Strategies, most of the obvious options were some variation of HYPE. They were fine. They were also boring. I pushed for $PURR because it was distinctive, connected directly with the Hyperliquid community and reflected the kind of company we wanted to build. Some people loved it immediately. Others still weren’t entirely convinced. I sat down with Tangle.hl at the HL Global Hyperliquid Summit to discuss the decision, how I explain Hyperliquid to traditional investors, and why we assembled Hyperliquid Strategies Inc with such a deliberately TradFi-oriented team and board. The immediate goal is to provide an institutionally credible way to access HYPE. The larger opportunity is helping connect Hyperliquid with the trillions of dollars of financial assets that have yet to move onchain. That is why we are thinking beyond simply being a DAT.

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Alexander Cutler explains how Hyperliquid won despite not raisng any VC capital: “They did it by not raising a bunch of money, selling a bunch of tokens on the market.” “They did it by distributing 97% of the revenue they produce back to the token.” “If you are not maximally capturing and redistributing 100% of the value, that is a bounty for a competitor to come offer that and beat you.” In crypto, the only real moat left might be giving the value back.
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Alexander Cutler explains how Hyperliquid won despite not raisng any VC capital: “They did it by not raising a bunch of money, selling a bunch of tokens on the market.” “They did it by distributing 97% of the revenue they produce back to the token.” “If you are not maximally capturing and redistributing 100% of the value, that is a bounty for a competitor to come offer that and beat you.” In crypto, the only real moat left might be giving the value back.

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E95: Hyperliquid : How to Win in Crypto (By building for users, not VCs) jeff.hl (aka "Jeff Basedzos") is the CoFounder & CEO of Hyperliquid Labs, the Company behind Hyperliquid Hyperliquid is one of the most hyped L1s, includes a decentralized perpetual exchange with more than $1.5 Billion in daily trading volume, and aspires to become "the AWS of Liquidity" Timestamps 0:00 Intro 2:25 Hyperliquid's Unique Vision 5:32 From Top10 MM to Hyperliquid 9:55 Improving DeFi UX 12:12 Speculation vs. Value 14:02 Is Jeff Autistic? 16:29 Impact 19:26 Hyperliquid Unique VP 21:58 Why Jeff can't retire early 23:25 Building hard things 26:34 Why is Jeff doing Crypto? 31:00 Purpose 33:40 The Hyperliquid Mum's Test 36:02 The Community at the center 42:43 Scams 46:59 Rewarding Real Innovation in Crypto 50:36 The JEFF BEZOS of Crypto MEME 55:40 AWS of Liquidity 59:09 Empires to be built on Builders code 1:02:17 Hyperliquid’s Role in Cryptos Future 1:05:19 Non-Consensus Beliefs 1:07:00 Taking Things Less Personally
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E95: Hyperliquid : How to Win in Crypto (By building for users, not VCs) jeff.hl (aka "Jeff Basedzos") is the CoFounder & CEO of Hyperliquid Labs, the Company behind Hyperliquid Hyperliquid is one of the most hyped L1s, includes a decentralized perpetual exchange with more than $1.5 Billion in daily trading volume, and aspires to become "the AWS of Liquidity" Timestamps 0:00 Intro 2:25 Hyperliquid's Unique Vision 5:32 From Top10 MM to Hyperliquid 9:55 Improving DeFi UX 12:12 Speculation vs. Value 14:02 Is Jeff Autistic? 16:29 Impact 19:26 Hyperliquid Unique VP 21:58 Why Jeff can't retire early 23:25 Building hard things 26:34 Why is Jeff doing Crypto? 31:00 Purpose 33:40 The Hyperliquid Mum's Test 36:02 The Community at the center 42:43 Scams 46:59 Rewarding Real Innovation in Crypto 50:36 The JEFF BEZOS of Crypto MEME 55:40 AWS of Liquidity 59:09 Empires to be built on Builders code 1:02:17 Hyperliquid’s Role in Cryptos Future 1:05:19 Non-Consensus Beliefs 1:07:00 Taking Things Less Personally

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Rasmr reveals how a top VC executive made him realize Hyperliquid is the infrastructure for the future of finance "I was hanging with a guy who is high up at one of the biggest VCs in the world. I was like, 'Why are you buying SpaceX? Their revenue is ass. Their multiple is insane. They're not even profitable'" "He's like, 'Profitable? You think we invest in companies because they're profitable? It's core infrastructure for the future of the world. The data centers, the Starlink, the space travel, the mining. It's going to be important in the future of the world'" "I was like, 'My brain has been poisoned by crypto nerds talking about P/E ratios and multiples. You think I care about HYPE because it's profitable? You think that's why I bought Hyperliquid? No. I bought Hyperliquid because it is core infrastructure for the future of finance, the future of the world'. Hyperliquid is the SpaceX of finance"

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It is extremely hard for most people to accept that they're living through an unprecedented period of change, even when the evidence is clear. When Isaac Newton analysed the society around him, he noticed that there were rapid advances being made all the time. But he couldn't believe it was real progress. Instead he argued that the world must be regularly destroyed and re-created, and his contemporaries were just rediscovering old stuff. This was more plausible to him than the idea that progress might be real!

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GN, watch before bed How HLP turned community capital into an unstoppable liquidity engine. 🌊⚡️ Post Content: Episode 3 of jeff.hl story unveils the ultimate turning point: HLP. Traditional crypto trading relied on opaque, paid market makers. Jeff & Hyperliquid flipped the script: 💡 HLP (Hyper Liquidity Pool): 1️⃣ Open to Everyone: Ordinary users deposit USDC to back market liquidity. 2️⃣ Community-Driven: Decentralized market making without insider deals. 3️⃣ True Depth: Solving the biggest issue in DeFi trading—real, organic liquidity at scale. When liquidity is powered by the community rather than rented from Wall Street, the market finally trades freely. 🏛️ At HyperAlpha, we build on these exact core primitives—delivering real execution and automated alpha. Hydromancer Watch Episode 3 👇 #Hyperliquid #HLP #JeffYan #DeFi #Web3 #HyperAlpha $HYPE
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GN, watch before bed How HLP turned community capital into an unstoppable liquidity engine. 🌊⚡️ Post Content: Episode 3 of jeff.hl story unveils the ultimate turning point: HLP. Traditional crypto trading relied on opaque, paid market makers. Jeff & Hyperliquid flipped the script: 💡 HLP (Hyper Liquidity Pool): 1️⃣ Open to Everyone: Ordinary users deposit USDC to back market liquidity. 2️⃣ Community-Driven: Decentralized market making without insider deals. 3️⃣ True Depth: Solving the biggest issue in DeFi trading—real, organic liquidity at scale. When liquidity is powered by the community rather than rented from Wall Street, the market finally trades freely. 🏛️ At HyperAlpha, we build on these exact core primitives—delivering real execution and automated alpha. Hydromancer Watch Episode 3 👇 #Hyperliquid #HLP #JeffYan #DeFi #Web3 #HyperAlpha $HYPE

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🚨 Ken Paxton just called out John Cornyn for PRETENDING to support President Trump just so he can be re-elected "First of all, he has not been in friend of the president. In 2016, Cornyn said Trump is 'an albatross around our neck' Then in 2024, he said [Trump's] time has passed, and he insinuating he was guilty of crimes. This guy has been a 'friend' of Donald Trump since a year ago, but he has NOT been a friend of his prior to that, and as soon as this race is over, he will NOT be a friend to Donald Trump. That is not his history, that is not his record, and he has been dishonest with the voters of Texas trying to convince them that he has voted 99% of the president. What does that even mean?! We KNOW that's not true."

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Michael Saylor: The U.S. Dollar Is the Biggest Winner in the Stablecoin Wave Strategy co-founder Michael Saylor told CNBC on Nov. 29 that stablecoins and Bitcoin are in “completely different lanes.” He said stablecoins compete with Visa, Mastercard, and the traditional banking system, with the U.S. dollar poised to be the biggest winner as stablecoins expand globally. By contrast, he described Bitcoin as “digital capital” focused on long-term value storage, competing with gold, real estate, public equities, and other traditional capital assets. Source:
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Michael Saylor: The U.S. Dollar Is the Biggest Winner in the Stablecoin Wave Strategy co-founder Michael Saylor told CNBC on Nov. 29 that stablecoins and Bitcoin are in “completely different lanes.” He said stablecoins compete with Visa, Mastercard, and the traditional banking system, with the U.S. dollar poised to be the biggest winner as stablecoins expand globally. By contrast, he described Bitcoin as “digital capital” focused on long-term value storage, competing with gold, real estate, public equities, and other traditional capital assets. Source:

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Hyperliquid Founder Reveals His Management Model for an 11-Person Team In the podcast, Jeff noted that the team currently consists of only 11 members, split evenly between engineering and non-engineering roles. He admitted that while the team has its strengths, there is still room for improvement. He emphasized the importance of maintaining strict hiring standards, as "hiring the wrong person is worse than not hiring at all." As the founder, he sets high expectations for team members, assigning tasks in a way that enhances individual accountability and maximizes ownership and initiative. At the same time, he remains deeply involved in the technical work to maintain oversight of the overall architecture and performance. Source:
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Hyperliquid Founder Reveals His Management Model for an 11-Person Team In the podcast, Jeff noted that the team currently consists of only 11 members, split evenly between engineering and non-engineering roles. He admitted that while the team has its strengths, there is still room for improvement. He emphasized the importance of maintaining strict hiring standards, as "hiring the wrong person is worse than not hiring at all." As the founder, he sets high expectations for team members, assigning tasks in a way that enhances individual accountability and maximizes ownership and initiative. At the same time, he remains deeply involved in the technical work to maintain oversight of the overall architecture and performance. Source:

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Radiant's 2nd Anniversary! 🎂 Today marks two years since Radiant Capital embarked on its mission to redefine DeFi lending & borrowing. Throughout this journey, significant milestones have been achieved, and a vibrant community has been built. This progress is a testament to the collective support and belief in Radiant’s vision. Looking ahead, the excitement for the future is palpable, with a steadfast commitment to reaching beyond the stratosphere of possibilities. Stay tuned for what comes next! 🔜

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17,058 Aufrufe • vor 2 Jahren

Arthur Hayes: Hyperliquid's success is hard to replicate, but the Perp DEX race remains undecided On November 3, in an interview on the Coin Bureau channel with host Guy, Arthur Hayes said that several up and coming Perp DEXs do have a chance to take market share from Hyperliquid, with success hinging on how well they execute market games such as token issuance and buybacks. He noted that Hyperliquid's rise from a few dollars to around $60 was a mini altseason in itself, yet no other project has replicated that success so far. Looking ahead 3–5 years, he expects Perp DEXs to siphon significant trading volume from CEXs. While he personally hopes Hyperliquid will be the ultimate winner, he added that it remains uncertain whether it can stay No. 1. Source：
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Arthur Hayes: Hyperliquid's success is hard to replicate, but the Perp DEX race remains undecided On November 3, in an interview on the Coin Bureau channel with host Guy, Arthur Hayes said that several up and coming Perp DEXs do have a chance to take market share from Hyperliquid, with success hinging on how well they execute market games such as token issuance and buybacks. He noted that Hyperliquid's rise from a few dollars to around $60 was a mini altseason in itself, yet no other project has replicated that success so far. Looking ahead 3–5 years, he expects Perp DEXs to siphon significant trading volume from CEXs. While he personally hopes Hyperliquid will be the ultimate winner, he added that it remains uncertain whether it can stay No. 1. Source：

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John: What's interesting about Ilya and SSI is that it's a venture-style bet: let the scientists experiment, maybe it will work out, and if it works it's huge. The expected value is high. What's crazy is that it's a venture-style bet at growth scale. And it's a massive amount of capital for something where the consensus is: "If he solves it, it's incredibly valuable, and he leap frogs everything. And if not, maybe he just gets lost in a sea of research and never really produces anything." Also: this type of capital deployment has been happening internally at Google for a long time, but it hasn't been that big of a deal because they have the engine for it.
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John: What's interesting about Ilya and SSI is that it's a venture-style bet: let the scientists experiment, maybe it will work out, and if it works it's huge. The expected value is high. What's crazy is that it's a venture-style bet at growth scale. And it's a massive amount of capital for something where the consensus is: "If he solves it, it's incredibly valuable, and he leap frogs everything. And if not, maybe he just gets lost in a sea of research and never really produces anything." Also: this type of capital deployment has been happening internally at Google for a long time, but it hasn't been that big of a deal because they have the engine for it.

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Elon Musk turned down all shares when he left OpenAI because he believed nonprofits are not meant for self-enrichment. "The reason I founded OpenAI was because I was concerned, based on my conversations with Larry Page, that he was not sufficiently concerned about the dangers of AI. At my birthday party, he, in front of a large group of people, called me a speciesist, for favoring humanity over computers. So after that, I was like, We got to have some counterbalance to Google, because Larry doesn't seem to care if humans make it or not. So I thought, what's the opposite of Google? It would be an open source nonprofit, and that's where the word open, in OpenAI comes from. It means open source. I provided all the money, recruited the key people, and taught them everything I know. I actually even got them to deal with Microsoft. And for all that, I did not seek any financial reward whatsoever. The reason I actually took down the offer for shares is because, I mean, I felt like what are the shares, and why like nonprofits supposed to have shares? Nonprofits are not supposed to be self enrichment, so that's why I turned on the offer of shares." — Elon Musk
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Elon Musk turned down all shares when he left OpenAI because he believed nonprofits are not meant for self-enrichment. "The reason I founded OpenAI was because I was concerned, based on my conversations with Larry Page, that he was not sufficiently concerned about the dangers of AI. At my birthday party, he, in front of a large group of people, called me a speciesist, for favoring humanity over computers. So after that, I was like, We got to have some counterbalance to Google, because Larry doesn't seem to care if humans make it or not. So I thought, what's the opposite of Google? It would be an open source nonprofit, and that's where the word open, in OpenAI comes from. It means open source. I provided all the money, recruited the key people, and taught them everything I know. I actually even got them to deal with Microsoft. And for all that, I did not seek any financial reward whatsoever. The reason I actually took down the offer for shares is because, I mean, I felt like what are the shares, and why like nonprofits supposed to have shares? Nonprofits are not supposed to be self enrichment, so that's why I turned on the offer of shares." — Elon Musk

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22,792,965 Aufrufe • vor 3 Monaten

E159: Hyperliquid: Housing all of Finance jeff.hl came back on the When Shift Happens Podcast to talk about the Hyperliquid journey since the TGE and what the future holds for one of the most loved and prolific protocols in the space Hyperliquid Timestamps 0:00 Intro 2:01 Singapore 2:27 Reminiscing on the Token Launch 5:00 Was This Scale Of Wealth Expected? 6:28 Doing The Right Thing In Crypto 9:07 The Responsibility that comes with Billions of $ 11:10 Jupiter KAST 11:51 Bringing Hyperliquid to the masses 15:21 Pre TGE and Post TGE: Operational difference 20:13 Choices on what to build Internally vs Externally 22:05 How to build a reliable team 24:51 Did the Team celebrate the HYPE wealth Generation event? 26:45 How to test talents for High Integrity 28:31 How much does the Hyperliquid team sleep? 30:05 Employee Vesting Fears 31:41 Dealing with FUD 32:28 How Does Jeff Personally Handle FUD 35:02 Token "Buybacks" critics 37:20 Why Hyperliquid can't have Discretionary "Buybacks" 39:04 HyperEVM, explained Simply 40:00 Paradex Zodl 40:41 HyperEVM: Success so Far? 44:05 HIP-3, explained Simply 47:44 What makes Hyperliquid's approach different 48:19 Why Should People Care? 51:33 Bring All Finance On Chain 52:08 Why Is The Hyperliquid Approach Better? 53:47 Key Numbers showing that Hyperliquid Is Doing it right 59:01 What Has the Unit team demonstrated with spot trading on Hyperliquid in 2025 1:03:29 HIP-4: Outcome Markets 1:08:01 Trezor Sui 1:08:58 What does "Housing All Of Finance" mean? 1:10:51 Why Hyperliquid is not a crypto company 1:12:23 Why Does Hyperliquid have A Stablecoin USDH (Native Markets) 1:14:39 What Is Kinetiq & Why Does It Matter? 1:16:15 Why Is What HyperLend Is Building Important For HyperLiquid 1:23:39 Where did Fairness cost the most? 1:24:47 What should Hyperliquid be Remembered for? 1:25:24 Why should people stay in Crypto when there's an AI brain drain? 1:28:10 Closing Thoughts
1:29:06

E159: Hyperliquid: Housing all of Finance jeff.hl came back on the When Shift Happens Podcast to talk about the Hyperliquid journey since the TGE and what the future holds for one of the most loved and prolific protocols in the space Hyperliquid Timestamps 0:00 Intro 2:01 Singapore 2:27 Reminiscing on the Token Launch 5:00 Was This Scale Of Wealth Expected? 6:28 Doing The Right Thing In Crypto 9:07 The Responsibility that comes with Billions of $ 11:10 Jupiter KAST 11:51 Bringing Hyperliquid to the masses 15:21 Pre TGE and Post TGE: Operational difference 20:13 Choices on what to build Internally vs Externally 22:05 How to build a reliable team 24:51 Did the Team celebrate the HYPE wealth Generation event? 26:45 How to test talents for High Integrity 28:31 How much does the Hyperliquid team sleep? 30:05 Employee Vesting Fears 31:41 Dealing with FUD 32:28 How Does Jeff Personally Handle FUD 35:02 Token "Buybacks" critics 37:20 Why Hyperliquid can't have Discretionary "Buybacks" 39:04 HyperEVM, explained Simply 40:00 Paradex Zodl 40:41 HyperEVM: Success so Far? 44:05 HIP-3, explained Simply 47:44 What makes Hyperliquid's approach different 48:19 Why Should People Care? 51:33 Bring All Finance On Chain 52:08 Why Is The Hyperliquid Approach Better? 53:47 Key Numbers showing that Hyperliquid Is Doing it right 59:01 What Has the Unit team demonstrated with spot trading on Hyperliquid in 2025 1:03:29 HIP-4: Outcome Markets 1:08:01 Trezor Sui 1:08:58 What does "Housing All Of Finance" mean? 1:10:51 Why Hyperliquid is not a crypto company 1:12:23 Why Does Hyperliquid have A Stablecoin USDH (Native Markets) 1:14:39 What Is Kinetiq & Why Does It Matter? 1:16:15 Why Is What HyperLend Is Building Important For HyperLiquid 1:23:39 Where did Fairness cost the most? 1:24:47 What should Hyperliquid be Remembered for? 1:25:24 Why should people stay in Crypto when there's an AI brain drain? 1:28:10 Closing Thoughts

MR SHIFT 🦁

578,769 Aufrufe • vor 5 Monaten