Steady Lads Has The Music Stopped? w/ Jeff from Hyperliquid
Apr 4, 2025
The guest is Jeff Yan, Co-founder and CEO of Hyperliquid, a decentralized exchange focused on perpetual swaps. He reveals the core vision behind Hyperliquid and the innovative technology shaping decentralized finance. The conversation dives into the dynamic battle between centralized and decentralized exchanges, gauging potential threats faced by CEXs. Jeff discusses building community trust within Hyperliquid's user base and reflects on the future of meme coins and stablecoins, all while sharing some light-hearted moments.
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Bitget's Reappearance
- Jeff Yan tweeted about Bitget's unfair trading practices when he had a small following.
- Years later, Bitget resurfaced during the Jelly Jelly situation on Hyperliquid, highlighting the interconnectedness of the crypto space.
HLP's Decentralized Vision
- Jeff Yan aimed to create a decentralized market-making vault (HLP) to avoid replicating FTX and Alameda's centralized model.
- This aimed to provide transparency and community involvement, addressing concerns about insider trading.
Jelly Jelly Vulnerability
- The Jelly Jelly incident revealed a vulnerability in Hyperliquid's system related to large short positions against low market cap tokens.
- Despite an existing OI cap, a coordinated short squeeze exposed the risk of unlimited losses when a single entity corners supply.