Summary of @chameleon_jeff on @tbpn: - Today Hyperliquid is the primary onchain venue for price discovery, not just an exchange, a blockchain to house all finance - The FTX crash was the impetus for realizing the original ethos of decentralized finance - Started as "what's one really big thing in crypto that could benefit from being on a permissionless platform?" As a trader at the time, felt many trading platforms were lacking. - Took lot of inspiration from Satoshi, like Bitcoin is a program rather than a product or top-down company - There will never be another Bitcoin but everything else in crypto is inspired by it. Lots of businesses in crypto are not crypto native, whereas Hyperliquid is a credibly neutral protocol that can house all of finance - Hyperliquid doesn't have VCs even though they provide a very important service to the world (efficient capital allocation) but history/origin is very important when you're building something that needs to be credibly neutral. - VCs can still build a position in HYPE just as they did with Bitcoin. History/origin matter more than ownership. - There will never be another Bitcoin, but can approximate Satoshi's ideals to the extent possible. You can't build a credibly neutral platform but also have given privileges to certain people at the beginning. - Grew up in Bay Area, inspired by tech success stories like Amazon & their first principles thinking. Didn't limit themselves to selling to retail but realized their cloud infrastructure could go B2B as AWS. Hyperliquid is liquidity infrastructure. - Trader mindset involves separating a bunch of signal from the tiny amount of noise. Different from academic mindset of operating in a perfect, theoretical or closed environment. - Hyperliquid team is not particularly data-driven, more intuition-driven, & thinking really hard about how the world should be. - Perps marry the tradfi instruments of futures & options, easy to understand for retail, no expiry or physical delivery, & highly liquid for institutions - Hyperliquid doesn't have anyone working on "marketing" The brand is product & community (both the shitposters & the builders) - Doesn't think about competition too much, not meant to be insulting, there's just simply too much to build. In the bull case, Hyperliquid is building something that doesn't exist yet in the world. Finally, some rapid fire... "How big can Hyperliquid get?" - "Finance as whole, which is to say, the coordination of human behavior" "When will a CEX shut down its perps product & launch a Hyperliquid frontend?" - "1 year" "What do you think of the market structure bill?" - Not very informed on the specific, but excited about the carve-outs for DeFi frontends. US is super important market, financial center of the world, dollar is reserve currency of the world, would love for Hyperliquid to be able to enter the US. "Why do centralized exchanges say Hyperliquid doesn't want to be listed?" - "Do they say that? We don't have a want, we're building what we're building." "Will Hyperliquid ship native coin margin?" - "It will happen, but unclear on path & what *native* looks like. If you want to house all of finance, surely you should be able to use multiple types of collateral." "When perps on commodities & equities?" - "There are already perps on gold & equities, but will be a lot more unlocked by HIP-3 in the next year." What is most misunderstood about Hyperliquid? - "Hyperliquid is a blockchain, not a centralized exchange. Probably good that we've abstracted the tech away so much so people only focus on the product." "What does Jeff miss most about the Bay Area?" - "Chick-fil-A & mountains." "Has Jeff found a great culture or community in Singapore?" - "Honestly a bit too busy to know. It's a great place to build, safe & modern." "What is Jeff's framework for hiring?" - "Doesn't think he's that great at recruiting, always hiring but the bar is very high (both competence & integrity). One of the most efficient engineering orgs he's aware of, but trying to grow. Moved to in-person because found remote didn't work well." "Are people who brag about doing 996 soft?" - "I personally work more than that but everyone burns out differently. Work quality is more important than hours worked." Great interview @jordihays & @johncoogan. Hyperliquid.