Jeff Yan

My guest this episode is Jeff Yan, founder of Chameleon Trading.   Jeff began his career in high frequency trading at Hudson River Trading but soon moved over to the world of crypto where he built one of the largest market making firms in the space. After Jeff gets me up to speed with the basics of high frequency market making, we dive into some of the more esoteric components, particularly with respect to centralized crypto exchanges.  These include infrastructure quirks, adversarial algorithms, and why HFT P&L might actually be predictive of medium-term price movement. In the back half of the conversation, Jeff explains the problems he sees with current decentralized exchanges and introduces Hyperliquid, a new decentralized trading platform built on its own blockchain to provide performant order book execution for perpetual futures. Please enjoy my conversation with Jeff Yan.

Jeff Yan, Co-founder of Hyperliquid, discusses developing the HyperBFT consensus algorithm, the Vault System, and plans to decentralize the Hyperliquid L1. He shares thoughts on competing with Centralized Exchanges and future plans. The podcast explores the evolution of onchain decentralized exchanges, consensus mechanisms, and the integration of a native EVM with Hyperliquid L1, highlighting their unique approach in the crypto space.