"How Jeff Yan Built Hyperliquid: No Venture Capital, No Marketing Department" (Translated by Thejaswini MA, Original by White55, Mars Finance) This article discusses how Jeff Yan, with a team of 10, no venture capital, and no marketing budget, created the decentralized derivatives trading platform Hyperliquid, capturing over 10% of the global perpetual contract market. He built a high-performance chain through technology, optimized the market-making mechanism, improved trading fairness and liquidity, and constructed an incentive model and ecosystem centered around users.
The platform has rapidly grown within a year of its launch, attracting a large number of professional traders and developers. In the future, it plans to expand its scale by creating an open market in collaboration with sovereign funds. Jeff emphasizes that the product comes first, rejecting hype, and aims to reshape the exchange model in a minimalist and efficient manner.
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