Wu learned that Hyperliquid co-founder Jeff responded to community criticism in a post, emphasizing that although the design of the "transparent order book" is controversial, it is forward-looking. He proposed four principles of market structure: opposing the misconception of privacy as an execution advantage, emphasizing the core role of competition in improving transaction quality, pointing out that repeated games are beneficial for optimizing behavior, and system level transparency is necessary to achieve information symmetry. Jeff believes that Hyperliquid has improved transaction quality and effectively filtered out "toxic traffic" by leveraging L4 transparent order book, cancellation of priority mechanism, etc., challenging traditional OTC and dark pool logic. https://www. (wublock123.com)/index.php? m=content&c=index&a=show&catid=6&id=43410