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4min chapter
Jeff Yan - High Frequency Crypto Market Making & the Hyperliquid Exchange (S6E2)
Flirting with Models
Building a Hyper Liquid Exchange on a Blockchain
L1s are the way to build a good exchange. DY DX, which is probably the front runner, is pivoting the building that on blockchain five years later. I think for them it was maybe some sort of legal pressures. The current thing that they're running is obviously not decentralized and everybody knows this. And I guess they will sunset that when they're ready. But from our perspective, L1s are really trying to get people to build on them because an L1 has no value unless people are building on it.
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