KEYTAKEAWAYS
- Jeff Yan, a Harvard grad, founded Hyperliquid, a decentralized exchange prioritizing user experience, self-funded and community-driven, redefining finance post-FTX collapse.
- Hyperliquid, led by Jeff Yan, transforms decentralized finance with a lean 11-person team, focusing on high-performance blockchain and community ownership.
- From Wall Street to crypto, Jeff Yan’s Hyperliquid blends user-centric design and decentralization, aiming to revolutionize financial interactions via a scalable protocol.
- KEY TAKEAWAYS
- FROM HARVARD TO WALL STREET: SHARPENING A QUANT MIND
- COMMUNITY-DRIVEN AND LEAN PHILOSOPHY: REDEFINING FINANCIAL INTERACTION
- GRAND VISION AND INDUSTRY INSIGHTS: BUILDING THE FOUNDATION OF DECENTRALIZED FINANCE
- MARKET STANCE AND OUTLOOK: FOCUS ON BUILDING, IGNORE FLUCTUATIONS
- DISCLAIMER
- WRITER’S INTRO
CONTENT
In the fast-changing world of crypto, Hyperliquid has risen quickly with its innovative decentralized exchange model. It became one of the most influential crypto protocols of the past year. In a recent interview, founder Jeff Yan shared his path from traditional quant trading to crypto. He also told how a small, sharp team, guided by a strong belief in decentralization, built Hyperliquid, which some call “the next Binance.” This article looks at Jeff’s background, the birth of Hyperliquid, its disruptive decentralized vision, and his views on the future of crypto.
FROM HARVARD TO WALL STREET: SHARPENING A QUANT MIND
Jeff Yan was born and raised in the United States. His parents are Chinese immigrants. This gave him a mix of Eastern and Western values. In 2017, he graduated from Harvard University with a major in math and computer science. At that time, the startup boom in tech had cooled, and AI had not yet taken off. He faced two choices: continue in academia or join quantitative trading in traditional finance. He chose the latter and joined Hudson River Trading (HRT), one of the biggest market makers in U.S. equities and other traditional markets.
His time at HRT had a deep impact on his career. He described it as a trading shop with a strong startup feel—both “very cool” and challenging. He had the chance to study hard math problems, learn the core logic of markets, and apply quant thinking to high-frequency trading. These experiences improved his technical skills. They also gave him a deep view of market efficiency and structure. This set a strong base for his later work in crypto.
In 2018, Jeff first learned about Ethereum. After reading its yellow paper, he was deeply drawn to the potential of blockchain. He thought, “This will be the future of finance.” This belief pushed him to pivot into crypto and explore decentralized finance.
THE FTX COLLAPSE AS CATALYST: HYPERLIQUID’S BIRTH AND USER EXPERIENCE
In 2022, the crypto industry was shaken by the collapse of FTX. This crisis became the key turning point for Hyperliquid. Jeff and his team saw how a centralized exchange failure could destroy user assets. This made them even more firm about decentralization. They believed FTX showed the weakness of centralized institutions. Users would learn the value of “self-custody” and move to decentralized trading.
At the same time, Jeff saw that most decentralized exchanges then had poor user experience and complex flows. They did not attract mainstream users. So Jeff and his team set out to build a truly user-centered DEX—Hyperliquid. From day one, UX was built into Hyperliquid’s core design. Jeff stressed that their goal was not only a decentralized trading venue. It also had to feel simple, clear, and efficient to use.
Building Hyperliquid was hard. The project was fully self-funded. There was no outside capital. They drew on their quant background and put all resources into product work. This independence let them follow their vision without pressure from outside investors.
COMMUNITY-DRIVEN AND LEAN PHILOSOPHY: REDEFINING FINANCIAL INTERACTION
Rejecting Venture Capital, Embracing Community Ownership
A defining trait of Hyperliquid is its self-funded model. Jeff says he did not create Hyperliquid to get rich. As a quant, he already saw money as “numbers.” He is not interested in materialism. His real drive is to build something interesting and useful. He defines Hyperliquid’s vision as “redefining how people interact with finance and value,” breaking old barriers with decentralization.
Jeff is critical of common VC funding paths in crypto. Many projects raise multiple rounds to create the appearance of “progress,” while real value flows to early investors, not users. Hyperliquid chose a different path: community-driven ownership, so users are the true beneficiaries. This idea drew strong support and built a tight community.
Hyperliquid also took a unique stance on token listings. Jeff decided not to list the token on centralized exchanges. Partly, the team is small and lacks resources for heavy BD and institution work. More importantly, he believes that if Hyperliquid is good enough, users will come and use it directly, without relying on centralized exchanges. This makes promotion harder in the short term, but strengthens decentralization in the long run.
Jeff does not deny the value of VC in all cases. For startups that need large upfront capital, venture money can be key. But for Hyperliquid, which is self-funded and belief-driven, community ownership is fairer and better for long-term DeFi goals.
Lean Team, Efficient Execution
Hyperliquid’s core team has only 11 people. Half are engineers, and the rest handle non-technical work. Jeff calls it a small team “in the same boat,” where everyone carries weight. His management idea is clear: hire slow and carefully. Hiring the wrong person is worse than not hiring. He aims to bring in top talent and give them high autonomy and full ownership. He pushes them to stretch and to complete complex tasks independently.
As a leader, Jeff is hands-on. He goes deep into technical details to ensure correctness and performance of the chain. In a high-performance decentralized protocol, details matter. His style mixes high expectations with trust. This drives the team to keep pushing while staying highly aligned.
GRAND VISION AND INDUSTRY INSIGHTS: BUILDING THE FOUNDATION OF DECENTRALIZED FINANCE
From Exchange to Protocol: Hyperliquid’s Shift
Hyperliquid started as a user-friendly, high-performance DEX for perpetual contracts. But Jeff’s vision goes beyond that. Over time, Hyperliquid has shifted toward a general-purpose blockchain protocol. Anyone can build diverse financial apps on it, such as stablecoins and tokenized stocks. Jeff says the core goal is a high-performance, scalable, neutral platform that provides the base for the DeFi ecosystem.
He believes a large, centralized team does not fit the decentralized nature of crypto. Instead, a protocol-driven model—where developers can build freely and users can interact freely—is the future of finance. This model follows decentralization and sparks innovation, competition, and cooperation.
Industry Insight: A Golden Age for Crypto
Jeff is optimistic about crypto’s future. He thinks legacy financial infrastructure is outdated. Crypto tech is the only way to rebuild finance from the ground up. Today the industry suffers from “extractive” profit models, such as token speculation and arbitrage. But he believes crypto still has huge potential, especially as policy improves and tech optimism grows.
He expects the next few years to be a “golden age” for crypto. Successful decentralized projects will draw more talent, creating a self-reinforcing loop. Jeff encourages young people and startups to join crypto and focus on building real products, not chasing short-term market moves.
Cultural Fusion: East–West Values in Harmony
As a first-generation immigrant, Jeff blends East and West. The American spirit of innovation—believing small teams can do big things and daring to challenge the status quo—shaped him. From Eastern culture, he carries humility, hard work, and “say less, do more.” This mix supports Hyperliquid’s success, making it both innovative and steady in vision and tech.
MARKET STANCE AND OUTLOOK: FOCUS ON BUILDING, IGNORE FLUCTUATIONS
Jeff is careful about market predictions. His quant background taught him that long-term trends are hard to forecast. He suggests that people in the industry should put energy into building valuable products, not chasing bull and bear cycles. He thinks building in down markets can be more effective. There are fewer distractions, and teams can focus.
Jeff’s story and Hyperliquid’s rise are not only a case of technical success. They are also a deep example of decentralized ideals, community-driven ownership, and lean team execution. With the rigor of a mathematician, the drive of a founder, and a blend of East and West, Jeff is leading Hyperliquid on a unique path in crypto. It offers a compelling model for the future of the industry.
