Unchained Toxic Flow, Cancel Wars, and the Unstoppable Rise of Onchain Perps – The Chopping Block - Ep. 854
35 snips
Jun 20, 2025 
This week, Jeff Yan, CEO and co-founder of Hyperliquid, joins the discussion. He’s at the forefront of DeFi's rapid evolution, with Hyperliquid claiming an astonishing 75% of onchain perp volume without any venture capital. They explore Jeff's minimalist strategy for bootstrapping a $1B airdrop and delving into the cancel wars that have crypto insiders buzzing. The conversation also covers the JellyJelly debacle with CZ, HIP-3's potential to revolutionize markets, and the implications of recent stablecoin regulations that sparked a surge in Circle’s stock.
AI Snips
Chapters
Transcript
Episode notes
Jeff on Users' Trading Desires
- Jeff Yan describes Hyperliquid as a product partly designed to enable users to either lose all their money or make a lot, focusing less on detailed payout structures.
- Haseeb Qureshi debates this, noting users want lottery tickets aligned with group wins, showing different views on user desires in trading.
Hyperliquid's Humble, Community-Driven Dominance
- Hyperliquid dominates on-chain perpetual volume with over 75%, built without VC funding or marketing, led by a small team.
- Jeff Yan emphasizes humility and community ownership as reasons for trust and success in the protocol.
Hyperliquid's Big Platform Vision
- Jeff Yan sees Hyperliquid not as a centralized exchange competitor but as a global finance platform with broader ambitions.
- He accepts centralized exchanges will continue to have volume but envisions Hyperliquid growing independently in scale and impact.