"Exclusive Interview with Hype CEO JEFF: How to Build a Truly Community-Owned Blockchain Finance?"

Suddenly, people have a real reason to distrust centralized exchanges. Many have lost significant amounts of money, and those exchanges did exactly what everyone feared—spending that money inappropriately. For us, this is a "eureka moment": decentralized finance (DeFi) has truly arrived.

Jeff Yan is the co-founder of Hyperliquid Labs, the company behind Hyperliquid, one of the most anticipated Layer 1 blockchains in the crypto space, which includes a decentralized perpetual contract exchange.

Q: How do you apply Jeff Bezos's business principles to the crypto space?

Jeff Yan: I think it ultimately comes down to building for the users. In the crypto space, many projects leave market incentives to market makers, and ordinary users often end up getting hurt, missing out on any early participation benefits.

Our philosophy is simple: create a product that users genuinely like and are willing to use.

We have an advantage in that our team's background allows us to avoid seeking venture capital (VC) funding. This makes it easier for us to make choices because we can focus on long-term product value rather than short-term profits.

Finding the right co-founder is also not easy, which is why I had to learn programming. Although I understood a bit before, to build a large-scale system like Hyperliquid, I had to truly master the ability to write and run complex code.

Many DeFi protocols seem interesting, but there is a problem: many designers do not understand finance. This creates a lot of arbitrage opportunities for quantitative strategies. When FTX collapsed, we realized this was an opportunity to create a truly decentralized and transparent system. The core of this transformation is: improving the user experience (UX) so that users can freely do what they want.

The emergence of Hyperliquid is like a decentralized "Amazon," making centralized exchanges look like traditional "brick-and-mortar stores." We are reshaping the infrastructure of the financial system. Although we are still in the growth phase, data has already shown a good organic liquidity baseline.

Compared to centralized exchanges, our growth rate is rapid, which gives me confidence in the business we are building.

We do not pay market makers, nor do we seek funding from investors. We reject the advice of so-called "growth marketing experts" in the market. We believe in creating real value for users, rather than just making money.

Q: Why leave quantitative trading?

Jeff Yan: Quantitative trading is a very elite and impactful industry. But for me, if I can build something that truly improves people's lives, and that thing is unique and irreplaceable, then I will definitely do it. That’s why I founded Hyperliquid.

The collapse of FTX was not only a lesson but also a warning for us. We are determined to create a system where users can participate equally and that is truly decentralized, purely based on alpha, rather than profiting through market manipulation.

If I were to explain Hyperliquid to my mother, I would say: throughout human history, individualism has been evolving, driving social progress. And Hyperliquid is a product of moving towards the next stage—a financial system that removes intermediaries, allowing users to directly control their wealth.

The core issue in the crypto industry is that it is too "exploitative." From project financing to token listings, every level is squeezing value from ordinary users. Hyperliquid's philosophy is: user-first, community-first, in stark contrast to the existing centralized and speculative culture.

We have made many technical innovations, almost "simultaneously building three companies"—creating our own Layer 1 blockchain, a decentralized perpetual trading exchange, and a universal financial infrastructure. We believe that in the long run, truly valuable things will be recognized by the market.

We are inspired by AWS (Amazon Web Services) and believe that the key to DeFi is building universal financial infrastructure that allows developers to create more applications on top of it. This is the core mission of Hyperliquid.

We believe that the future of crypto finance will lean more towards localization, such as serving regions with severe currency devaluation and unstable financial systems. Our principle is: focus on the immediate step while maintaining a long-term sense of direction.

When Hyperliquid first launched, many questioned its feasibility, but we proved our value through innovation and execution. This has given builders in the industry new hope: to truly build something of long-term significance rather than pursuing short-term speculation.

Thanks to Jeff for sharing. His story inspires builders in the crypto space: in the current weary market environment, stick to user-centricity and return to true innovation.

https://youtu.be/WeRh589I76o?si=KTB3RaJt2Y6TzbIQ

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