{"id":"jeff-yan","title":"Jeff Yan","content":"**Jeff Yan** is the CEO and co-founder of [Hyperliquid](https://iq.wiki/wiki/hyperliquid), a [decentralized exchange](https://iq.wiki/wiki/decentralized-exchange) built on its own [Layer-1](https://iq.wiki/wiki/layer-1) [blockchain](https://iq.wiki/wiki/blockchain). With a background in computer science and experience in market making, he transitioned from traditional finance to the [crypto](https://iq.wiki/wiki/cryptocurrency) space, focusing on innovative trading solutions and [decentralized finance](https://iq.wiki/wiki/defi). [[2]](#cite-id-qMV6IcgdK3) [[4]](#cite-id-are830pA7i)\n\n## Education\n\nYan graduated from Harvard University with an AB/SM in Mathematics and Computer Science in 2017. [[1]](#cite-id-jFHNjj7yQa)\n\n## Career\n\nAfter graduating, Yan joined Hudson River Trading, a prominent market maker in U.S. equities, where he gained valuable experience working on complex problems, blending engineering and mathematics. In 2018, driven by the rise of [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) and [Ethereum](https://iq.wiki/wiki/ethereum), he left to develop an [L2](https://iq.wiki/wiki/layer-2) exchange protocol as a prediction market. Despite raising funds and moving to San Francisco to build a team, the project was eventually shut down due to regulatory uncertainties and a lack of user adoption, as most people were more interested in token speculation than [decentralized finance](https://iq.wiki/wiki/defi).\n\nAfter this, Yan returned to trading, initially focusing on [crypto](https://iq.wiki/wiki/cryptocurrency) as a side project. However, he quickly recognized the inefficiencies in the market and scaled his efforts rapidly. By early 2020, he had grown with the market, and his team became one of the largest market makers on [centralized exchanges](https://iq.wiki/wiki/cex-centralized-exchange). About a year ago, Yan turned his attention to [DeFi](https://iq.wiki/wiki/defi) trading, observing inefficiencies in the protocols and growing demand for decentralized products following the [FTX](https://iq.wiki/wiki/ftx) incident. This led him to shift his focus to building [Hyperliquid](https://iq.wiki/wiki/hyperliquid) while maintaining his HFT operations on autopilot in the background. [[1]](#cite-id-jFHNjj7yQa) [[3]](#cite-id-u8zPesVwki)\n\n### Hyperliquid\n\nIn an interview with Blocmates, Yan discussed [Hyperliquid](https://iq.wiki/wiki/hyperliquid), a [decentralized exchange (DEX)](https://iq.wiki/wiki/decentralized-exchange) he and his team developed after recognizing inefficiencies in the [decentralized finance (DeFi)](https://iq.wiki/wiki/defi) space. The team originally operated as a [crypto](https://iq.wiki/wiki/cryptocurrency) market-making firm on [centralized exchanges](https://iq.wiki/wiki/cex-centralized-exchange) since the 2020 bull run, successfully executing high-volume strategies. By late 2022, they began exploring [DeFi](https://iq.wiki/wiki/defi) and were surprised by the flaws in many existing protocols, particularly their exploitable market structures. Realizing that despite these flaws, there was significant demand for [DeFi](https://iq.wiki/wiki/defi) platforms, they decided to create a fully [decentralized exchange](https://iq.wiki/wiki/decentralized-exchange) that could match centralized exchanges' performance and user experience. To achieve this, they built their own [Layer 1 (L1)](https://iq.wiki/wiki/layer-1) [blockchain](https://iq.wiki/wiki/blockchain) that supports a fully on-chain order book, avoiding the limitations of [Layer 2 (L2)](https://iq.wiki/wiki/layer-2) solutions like [Arbitrum](https://iq.wiki/wiki/arbitrum), which they found too costly for high-frequency market-making. The [Hyperliquid](https://iq.wiki/wiki/hyperliquid) [L1](https://iq.wiki/wiki/layer-1) is designed to provide fast, low-latency trades while keeping users in control of their funds with full transparency. Yan emphasized that [Hyperliquid's](https://iq.wiki/wiki/hyperliquid) goal is to merge the best aspects of [centralized](https://iq.wiki/wiki/cex-centralized-exchange) and [decentralized exchanges](https://iq.wiki/wiki/decentralized-exchange), offering a seamless user experience with the security and autonomy of [DeFi](https://iq.wiki/wiki/defi). [[5]](#cite-id-0BG8BZusSn)\n\n## Interviews\n\n### Winning in Crypto\n\nYan shared insights into developing [Hyperliquid’s](https://iq.wiki/wiki/hyperliquid) decentralized platform to disrupt traditional finance systems on the When Shift Happens podcast. His journey began with experimenting in [crypto](https://iq.wiki/wiki/cryptocurrency) trading, eventually realizing the potential for [decentralized finance (DeFi)](https://iq.wiki/wiki/defi) after [centralized exchanges](https://iq.wiki/wiki/cex-centralized-exchange) like [FTX](https://iq.wiki/wiki/ftx) collapsed. [Hyperliquid](https://iq.wiki/wiki/hyperliquid), which provides a user-centric platform, avoids typical startup approaches like raising funds from VCs or incentivizing market makers. Instead, the team prioritizes creating a product that users love, building from first principles. Despite the challenges and risks, Yan is committed to pushing [DeFi](https://iq.wiki/wiki/defi) forward, believing that offering better user experience and truly decentralized systems is the path toward real market change. [[6]](#cite-id-MJu97BI6ug)\n\n### Better Perp DEX\n\nOn the 0xResearch podcast, Yan discussed the development of [Hyperliquid’s](https://iq.wiki/wiki/hyperliquid) decentralized perpetual exchange (perp [DEX](https://iq.wiki/wiki/decentralized-exchange)) and the company’s expansion into launching a [Layer 1 (L1)](https://iq.wiki/wiki/layer-1) [blockchain](https://iq.wiki/wiki/blockchain). Initially focused on building a successful perp [DEX](https://iq.wiki/wiki/decentralized-exchange) with a strong user base, [Hyperliquid](https://iq.wiki/wiki/hyperliquid) leveraged its team's background in quantitative trading and low-level infrastructure to solve technical challenges such as [liquidity](https://iq.wiki/wiki/pol-protocol-owned-liquidity) and [slippage](https://iq.wiki/wiki/slippage), ensuring a competitive edge over [centralized exchanges](https://iq.wiki/wiki/cex-centralized-exchange). Yan explained that the [L1](https://iq.wiki/wiki/layer-1), initially built to support their [DEX](https://iq.wiki/wiki/decentralized-exchange), now serves as a broader infrastructure for financial ecosystems, attracting users and [liquidity](https://iq.wiki/wiki/pol-protocol-owned-liquidity). He emphasized the importance of custom-built solutions like the Vault system, which allows users to create decentralized copy-trading strategies. While initially not part of the plan, [Hyperliquid's](https://iq.wiki/wiki/hyperliquid) pivot to an [L1](https://iq.wiki/wiki/layer-1) was influenced by the realization that existing decentralized platforms were insufficient, particularly following the collapse of [FTX](https://iq.wiki/wiki/ftx). This shift allowed them to create a platform capable of scaling [decentralized finance](https://iq.wiki/wiki/defi) to match traditional finance. [[7]](#cite-id-LywTmZBw3L)\n\n## Panels\n\n### DEXplosion\n\nAt [TOKEN2049](https://iq.wiki/wiki/token2049) Singapore 2023, several [DEX](https://iq.wiki/wiki/decentralized-exchange) founders discussed the growth and challenges of [DEXs](https://iq.wiki/wiki/decentralized-exchange) post-[FTX](https://iq.wiki/wiki/ftx). Yan, Cindy Leo from Drift,  [Julian Koh](https://iq.wiki/wiki/julian-koh) from [Ribbon Finance](https://iq.wiki/wiki/ribbon-finance), and Suyang Yang from Circuit shared insights into their platforms and the broader [DEX](https://iq.wiki/wiki/decentralized-exchange) landscape. They identified [liquidity](https://iq.wiki/wiki/pol-protocol-owned-liquidity) as a major barrier for [DEXs](https://iq.wiki/wiki/decentralized-exchange) to compete with [centralized exchanges (CEXs)](https://iq.wiki/wiki/cex-centralized-exchange), noting that [liquidity](https://iq.wiki/wiki/pol-protocol-owned-liquidity) must significantly improve for [DEXs](https://iq.wiki/wiki/decentralized-exchange) to attract institutional traders and power users. They also highlighted challenges such as long onboarding times, the need for smoother user experiences, and the importance of censorship resistance and transparency in the decentralized space. The founders emphasized that despite these hurdles, [DEXs](https://iq.wiki/wiki/decentralized-exchange) offer key advantages like better privacy, community ownership, and security. They also discussed technical decisions, such as building on custom [layer-1](https://iq.wiki/wiki/layer-1) or [layer-2](https://iq.wiki/wiki/layer-2) solutions to avoid congestion and maintain performance during market volatility. [[8]](#cite-id-XYZJf0hmaG)","summary":"Jeff Yan is the CEO and co-founder of Hyperliquid, a decentralized exchange on its own Layer-1 blockchain, known for his innovative approach to DeFi.","images":[{"id":"QmPaSdqSQh5cTBU6iH6FwdKyPv8Gy5nqNGJioRywsiXhMc","type":"image/jpeg, image/png"}],"categories":[{"id":"people","title":"people"}],"tags":[{"id":"Founders"},{"id":"DEXes"},{"id":"Ethereum"},{"id":"PeopleInDeFi"},{"id":"Developers"}],"media":[{"id":"QmVxj7voonFkg8Be9T8gjCDLJ4rji45yUXTHW6Ldubiyf5","type":"GALLERY","source":"IPFS_IMG"},{"id":"QmPG8gmSD8nvnbyf9BAKybV8QF1jENVM5JVh4GF9Av8UFx","type":"GALLERY","source":"IPFS_IMG"},{"id":"QmcWVAoUkG9whSr3VmnvKNz3otJjMYtRySGSMTiGBxLgdy","type":"GALLERY","source":"IPFS_IMG"},{"id":"QmbzheeQK2WPGAH5qajhT5BrtefWDpxX75yxu7rwrsaFCA","type":"GALLERY","source":"IPFS_IMG"},{"id":"QmNnMQS15GepUycAR5UwEu5SW8ojh7A7WrvUxPa3MXuqZY","type":"GALLERY","source":"IPFS_IMG"}],"metadata":[{"id":"references","value":"[{\"id\":\"jFHNjj7yQa\",\"url\":\"https://www.linkedin.com/in/jeffrey-yan-a8862871/\",\"description\":\"Experience: Hudson River Trading · Education: Harvard College · Location: United States · 180 connections on LinkedIn. View Jeffrey Yan’s profile on LinkedIn, a professional community of 1 billion members.\",\"timestamp\":1742235827775},{\"id\":\"qMV6IcgdK3\",\"url\":\"https://hyperfoundation.org/\",\"description\":\"Hyperliquid is the blockchain to house all finance. For the first time, build projects, create value, and exchange assets on the same hyper-performant chain.\",\"timestamp\":1742235827009},{\"id\":\"u8zPesVwki\",\"description\":\"High-Frequency Crypto Market Making | YouTube\",\"timestamp\":1742235827636,\"url\":\"https://www.youtube.com/watch?v=HqCksxcX49w\\\\&ab\\\\_channel=FlirtingwithModels\"},{\"id\":\"are830pA7i\",\"url\":\"https://x.com/chameleon\\\\_jeff?lang=en\",\"description\":\"Citation 4\",\"timestamp\":1742235827072},{\"id\":\"0BG8BZusSn\",\"description\":\"What is Hyperliquid? | YouTube\",\"timestamp\":1742236151077,\"url\":\"https://www.youtube.com/watch?v=VpzTGBsG_1I&pp=ygUUamVmZiB5YW4gaHlwZXJsaXF1aWQ%3D\"},{\"id\":\"MJu97BI6ug\",\"description\":\"How to win in crypto by (by building for users, not VCs) | YouTube\",\"timestamp\":1742236188533,\"url\":\"https://www.youtube.com/watch?v=WeRh589I76o&pp=ygUUamVmZiB5YW4gaHlwZXJsaXF1aWQ%3D\"},{\"id\":\"LywTmZBw3L\",\"description\":\"Hyperliquid's Unique Approach to a Better Perp DEX | YouTube\",\"timestamp\":1742236258829,\"url\":\"https://www.youtube.com/watch?v=cxyUtPoC1-E&pp=ygUUamVmZiB5YW4gaHlwZXJsaXF1aWTSBwkJUQkBhyohjO8%3D\"},{\"id\":\"XYZJf0hmaG\",\"description\":\"DEXplosion: Unleashing the Power of DEXs | YouTube\",\"timestamp\":1742236296046,\"url\":\"https://www.youtube.com/watch?v=p4wxofESL_8&pp=ygUUamVmZiB5YW4gaHlwZXJsaXF1aWQ%3D\"}]"},{"id":"twitter_profile","value":"https://x.com/chameleon_jeff"},{"id":"commit-message","value":"\"Publishing the wiki for Jeff Yan, CEO and co-founder of Hyperliquid.\""}],"events":[],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"language":"en","version":1,"linkedWikis":{"blockchains":["hyperliquid"],"founders":[],"speakers":[]}}