Hyperliquid’s Bold Vision for DeFi | Jeff Yan | S9 E3
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That's why centralized exchanges have been so successful so far is that you get to basically cut a lot cut a lot of these corners, or or I guess you just kinda, like, get to not think about a lot of these problems. Like, you know, MEV is one of them, but, like, you know, there's just, like, a lot of unsolved technical problems. Like, how do you how do you coordinate these validators? Like, do things that still allow for a seamless training experience. Right? But I think all these can be solved, and it's also like it's it's like a fun thing to solve. So I think it was like smart people naturall
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do you
go by El Jefe? What's the preference here, Jeff, for this topic? Jeff. I
don't know where Jefe came from. Not
sure. But it's it's a nice nickname. Okay. We have got an enormous amount of ground to cover today. So we we ended our last episode with Hasu and Rob Leshner, actually kind of on the subject of DEXs, and so we thought there'd be no one to better discuss the future of DEXs in general within than you. And maybe before we get into it, could you just give us a really quick, maybe two minute overview of the history of Hyperliquid and how you guys have gotten to this point? Because I think in the last year, you've not only dominated in terms of volumes, but the architecture and kind of the future vi
Yeah. Sounds good. So I'm Jeff. I lead Hyper Liquid, development, and we're a super small team, mostly Americans. I myself grew up in The US, went to school, Harvard, studied math and CS, and after school went to do market making in TradFi, so at a firm called Hudson River Trading. Learned a lot about markets and thinking about them rigorously, but ultimately was pulled into crypto and, yeah, wanted to build. Basically, DeFi kind of spoke to me even in 2018 when, there were basically no users yet. So kinda got waylaid and ultimately ended up just doing prop trading in crypto there. And from th
can I can I interrupt and ask maybe a slightly heretical question? Is there anything that you think FTX did particularly well? Because I remember at the time, FTX was a beloved, exchange, especially for traders, and they had a lot of good stuff to say. And, you know, the I'm front running a question that I wanted to ask you later, but it seems like the go to market for a lot of new exchanges who've been able to make a splash on the scale that Hyperliquid has is you start to kind of innovate around listing assets more quickly. Right? And this is kind of everyone from Binance to I'm not comparin
Yeah. It's a good question. So so we actually never touched FTX at all. Like, I was always just suspicious that, Alameda and that so, basically, you you just hear all the stories. It's like they they share the office. Right? There's, like, really like, same people running the two. So, yeah, obviously, hindsight is twenty twenty, but I will say we we never touched it. We we just it was for us, it was just like a red flag from the beginning. And so I I can't speak to the, you know, l
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