Founder of Hyperliquid on Entrepreneurial Journey: Self-Taught Programming, VC Rejection

By: blockbeats|2024/12/04 07:15:01
シェア
copy
Interview: When Shift Happens
Compilation: Yuliya, PANews

The interview for When Shift Happens previously invited Jeff, the founder of Hyperliquid Labs. Hyperliquid is a decentralized perpetual contract trading platform and also a Layer 1 project. In a one-hour conversation, Jeff shared his entrepreneurial journey, project vision, and observations on the DeFi industry. PANews has compiled the interview content, covering the project's technological innovation, operational model, user experience improvements, and also discussed the development trends and challenges in the cryptocurrency industry.

Entrepreneurial Journey

Host: Jeff, can you share with us how you embarked on the entrepreneurial path?

Jeff: Let's start from early 2020. At that time, I began researching some simple trading scripts, mainly focusing on centralized cryptocurrency exchanges (CEX). Although many large market makers had already entered the scene, sometimes "ignorance is bliss" can work in one's favor. I thought of trying my luck to make some money.

The initial research results were promising, so I decided to take this seriously. To be honest, I wasn't very skilled in coding before, but to achieve my goal, I started self-learning programming. By 2022, we had grown to become one of the largest traders on many exchanges, possibly one of the best in high-frequency market making.

Host: What prompted you to transition from successful quantitative trading to creating Hyperliquid?

Jeff: There were mainly two reasons:

First, we started paying attention to the DeFi space and discovered many interesting protocol designs. There's an intriguing phenomenon in DeFi: many non-financial experts are attempting to build financial systems, which in turn has brought many opportunities for quantitative strategies.

Second, FTX's breakdown was a significant turning point. This incident made people acutely aware that blind trust in centralized exchanges is a mistake. It was not some abstract theoretical discussion but a real loss of funds. For us, this was a crucial insight—the world is finally ready for true DeFi.

Product Concept

Host: Can you explain in simple terms what Hyperliquid is all about?

Jeff: From a historical perspective, society has always been moving towards individualism. Every step towards individualism, human rights, and similar progress has been positive in terms of outcome, whether measured by GDP or happiness.

Hyperliquid is continuing this trend: from the early days of needing weapons to protect one's farm, to later being able to store money in a bank, to now with Hyperliquid—you can have complete control over your funds through cryptographic technology.

Specifically, we are building a system that can:

· Meet all user expectations from Web2 finance

· Offer low fees

· Support fast transactions

· Enable instant settlement

· Provide liquidity comparable to centralized exchanges

· Allow trustless integration with other applications

· Support collateralized borrowing

· Empower users to truly freely use their funds

Funding Strategy

Host: Why choose not to accept any investment? This is uncommon in the industry.

Jeff: This is indeed not a traditional business project. It may be the first time in DeFi or even the entire cryptocurrency space to do this, but if you look at the example of Amazon, Bezos also did not profit from it for a long time in the early days.

We have several deep reasons for doing this:

· The cryptocurrency industry places too much emphasis on short-term gains

· If we are to create a new financial paradigm, having VCs hold 50% of the network in the early stages would be a permanent stain

· Our team has the capability to not rely on external funding, allowing us to stick to this decision

Industry Perspective

Host: Do you have any criticisms of the current cryptocurrency industry?

Jeff: To be frank, the most "successful" products in the industry currently are often issuing fraudulent tokens. Very few projects truly follow a user-first approach because acquiring real users is indeed challenging. Most projects take shortcuts: first securing investment from large market makers, then attracting trades through incentive programs. This model is unsustainable in the long run.

Host: How do you view the current state of the cryptocurrency industry?

Jeff: While many see cryptocurrency as a failed experiment, I believe it is humanity's only hope to reinvent the financial system. Finance is one of humanity's greatest inventions, allowing us to:

· Represent value in a more abstract way

· Achieve better capital allocation

· Establish a complete economic system

Without these, all other progress may have been impossible. Human society might still be stuck in the agricultural or even hunter-gatherer stage.

Software should be able to fundamentally transform finance, but the reality is that finance (and perhaps healthcare) is one of the few large industries that has not seen substantial innovation.

Technological Innovation

Host: Could you elaborate on the concept of Builder Codes?

Jeff: This is a simple yet powerful concept. It allows anyone to build financial applications on top of Hyperliquid, such as:

· Innovative mobile wallets

· Social trading platforms

· Regional exchanges

· Fiat onramps

Developers can:

· Build their exchange business

· Utilize our neutral backend

· Collect fees in a trustless manner

· Earn revenue directly at the protocol level, rather than relying on private agreements with centralized exchanges

This will unlock a new way of building businesses in DeFi, enabling specialization. Those who understand the specific needs of certain regions can focus on serving those users, while Hyperliquid provides support in the background.

Future Outlook

Host: How do you envision the long-term development of the project?

Jeff: I like to use the analogy of Go and chess. You don't need to be entirely sure where you'll end up, but you need to ensure that each move is in the right direction. It's crucial to make each step count rather than being overly fixated on a distant endpoint. That's why we are more focused on building infrastructure rather than short-term market performance.

Host: What is Hyperliquid's long-term vision?

Jeff: Our core idea is:

· Cryptocurrency will change the way finance operates

· Traditional finance will eventually migrate to cryptocurrency

· Hyperliquid will become the foundational platform hosting these financial activities

The specific path to realization is hard to predict, but that is not the most important part. We focus on building the infrastructure that will play a significant role regardless of how the future unfolds:

· Builder Codes system

· EVM integrated with on-chain native components

· Sustainable high-quality liquidity

These are challenging yet essential infrastructure components. I believe that no matter how cryptocurrency evolves in 10 years, they will be indispensable cornerstones.

Original Link

関連記事

AIが仮想通貨トレーダーの市場分析、リスク管理、取引をよりスマートに支援

暗号通貨取引は、もはや良いアイデアを持っているだけで終わりではありません。 データ量と市場のスピードが増すにつれ、従来の手動分析では限界に達しています。 AIは、市場の分析方法、センチメントの解釈方法、リスクの制御方法を変革することで、トレーダーがこれらの限界を超えることを支援します。 この記事では、AIが暗号取引をどのように変革しているか、そしてそれが今日のトレーダーにとってどのような意味を持つかを探っています。

WEEX × LALIGA: 卓越性の基準を共有する7つの星

サッカーの真の卓越性は偶然ではない。 規律と一貫性、そしてプレッシャーの中でシーズンごとに提供する能力の上に成り立っています。 プロのトレードでも同じ原理で、短期的な勢いよりも長期的なパフォーマンスが重要になります。 WEEXは、LALIGAの公式リージョナルパートナーとして、リーグの競争心とグローバルな魅力を体現する7人の傑出した選手にスポットライトを当てています。 それぞれがピッチにユニークなスタイルをもたらし、それでもWEEXの安定性、精度、プロフェッショナルな実行へのコミットメントに密接に合致した価値観を共有しています。 このパートナーシップは、一貫性とコントロールがプレッシャーの下でのパフォーマンスを定義する、共有標準の上に成り立っています。

武漢からシリコンバレーまで、マヌスはわずか9カ月で成し遂げました。

「ラッパー」と呼んでもいいでしょうが、Metaまでくるんでくれました。

WEEXはLALIGAと提携し、グローバル展開の拡大と主流のスポーツ文化へのクリプトの統合を実現

香港、2026年1月1日。 WEEXは、LALIGAの台湾・香港におけるオフィシャルリージョナルパートナーとして、新たにLALIGAとパートナーシップを締結。 この合意により、WEEXはLALIGAの地域協力者のネットワークに加わり、シーズン中にファンとトレーダーの両方と関わる新しい方法の扉が開かれます。

仮想通貨でのAI取引: トレーダーが実際の仮想通貨市場でAIを実際に適用する方法

人工知能は暗号市場での実験を超えた動きを見せています。 2025年、AI主導の取引ツールは、変動の激しい市場において、規律の向上、執行の迅速化、より体系的な意思決定を求めるトレーダーによってますます利用されています。 このガイドでは、実際の取引環境でこれらの戦略がどのように実行されるかに焦点を当てて、AIが暗号取引で実際にどのように使用されているかを順を追って説明します。

マーケットアップデート:12月31日

韓国やOECDが暗号規制やコンプライアンスの枠組みの導入を加速し、TAO ETF、プライバシー技術、マイニング、ビットコイン準備金が同時開発される一方で、セキュリティインシデントや金融損失は増加の一途をたどっており 、 「 強力な規制+技術の進化+リスクの増幅」という複数の課題がある中で、暗号市場は新たな局面を迎えている。

人気のコイン

最新暗号資産ニュース

もっと見る