{"id":"jeff-yan","title":"Jeff Yan","content":"**Jeff Yan** is the founder of [Hyperliquid](https://iq.wiki/wiki/hyperliquid), a [decentralized exchange](https://iq.wiki/wiki/decentralized-exchange) for perpetual futures built on a custom [Layer 1](https://iq.wiki/wiki/layer-1) [blockchain](https://iq.wiki/wiki/blockchain). With a background in mathematics, computer science, and high-frequency trading, he transitioned from traditional finance to the [crypto](https://iq.wiki/wiki/cryptocurrency) space. Yan bootstrapped [Hyperliquid](https://iq.wiki/wiki/hyperliquid) entirely with profits from his prior trading firm, rejecting all venture capital to create a community-focused platform. [\\[13\\]](#cite-id-e62lqtjdDWuOyJ7d)​\n\n## Education\n\nIn 2013, while in high school, Yan represented the United States in the International Physics Olympiad and won a gold medal. He later graduated from Harvard University with a degree in mathematics and computer science. [\\[13\\]](#cite-id-e62lqtjdDWuOyJ7d) [\\[11\\]](#cite-id-DUWTDnalwA)​\n\n## Career\n\nAfter graduating from Harvard, Yan had a brief stint at Google before joining Hudson [River](https://iq.wiki/wiki/river) Trading, a prominent high-frequency trading (HFT) firm. There, he gained experience in low-latency strategies and complex problems blending engineering and mathematics. [\\[13\\]](#cite-id-e62lqtjdDWuOyJ7d) [\\[11\\]](#cite-id-DUWTDnalwA) [\\[12\\]](#cite-id-NUXFVVqPmX) In 2018, driven by the rise of [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) and [Ethereum](https://iq.wiki/wiki/ethereum), he left to develop a [Layer 2](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). [\\[1\\]](#cite-id-u8zPesVwki) [\\[11\\]](#cite-id-DUWTDnalwA)​\n\nFollowing this, during the 2020–2021 bull run, Yan founded the crypto market-making firm Chameleon Trading, which became one of the largest in the space. The collapse of [FTX](https://iq.wiki/wiki/ftx) in late 2022 served as a key catalyst for Yan, who saw an opportunity to build a superior decentralized alternative for traders seeking self-custody. This led him to launch [Hyperliquid](https://iq.wiki/wiki/hyperliquid) in 2023, while his HFT operations continued to run in the background. For his work on [Hyperliquid](https://iq.wiki/wiki/hyperliquid), Yan was named to CoinDesk's \"Most Influential 2025\" list. [\\[13\\]](#cite-id-e62lqtjdDWuOyJ7d) [\\[14\\]](#cite-id-5E7GidG3AUF7XzmX) [\\[1\\]](#cite-id-u8zPesVwki)​\n\n## Hyperliquid\n\nYan founded [Hyperliquid](https://iq.wiki/wiki/hyperliquid) in 2023, motivated by the collapse of [FTX](https://iq.wiki/wiki/ftx) and the market's need for a high-performance, self-custodial trading platform. The project was built by a small team of 11 core contributors and entirely bootstrapped with profits from Yan's trading firm, Chameleon Trading. [\\[13\\]](#cite-id-e62lqtjdDWuOyJ7d)​\n\nThe platform is built on a custom [Layer 1](https://iq.wiki/wiki/layer-1) [blockchain](https://iq.wiki/wiki/blockchain) designed to support a fully on-chain order book. This architecture provides a user experience comparable to centralized exchanges, with sub-second transaction finality, while maintaining the transparency and security of [decentralized finance (DeFi)](https://iq.wiki/wiki/defi). [\\[3\\]](#cite-id-7iBxQr9EIH) [\\[13\\]](#cite-id-e62lqtjdDWuOyJ7d)​\n\n​[Hyperliquid](https://iq.wiki/wiki/hyperliquid) experienced rapid organic growth, relying on its product performance rather than large marketing campaigns. By late 2025, the platform had amassed over 570,000 users and was processing approximately 308 billion for the month of October 2025. The native HYPE token launched in late 2024, with approximately 31% of the supply distributed to early users. [\\[13\\]](#cite-id-e62lqtjdDWuOyJ7d)​\n\nKey developments on the platform include:\n\n* **HyperEVM:** Launched on February 19, 2025, this [Ethereum](https://iq.wiki/wiki/ethereum)-compatible virtual machine allows developers to build financial applications directly on Hyperliquid’s blockchain. [\\[2\\]](#cite-id-are830pA7i) [\\[13\\]](#cite-id-e62lqtjdDWuOyJ7d)\n* **Wallet Integration:** In July 2025, [Phantom Wallet](https://iq.wiki/wiki/phantom-wallet) launched its perpetuals trading feature, \"Phantom Perps,\" using [Hyperliquid](https://iq.wiki/wiki/hyperliquid) as its core on-chain infrastructure. [\\[2\\]](#cite-id-are830pA7i)\n* **Permissionless Markets (HIP-3):** Launched in November 2025, this feature enabled protocols like Tradexyz, Ventuals, and [Felix Protocol](https://iq.wiki/wiki/felix-protocol) to build and deploy their own perpetuals markets on the platform. [\\[2\\]](#cite-id-are830pA7i) [\\[13\\]](#cite-id-e62lqtjdDWuOyJ7d)\n\nIn October 2025, [Hyperliquid](https://iq.wiki/wiki/hyperliquid) Strategies, a digital asset treasury company, announced plans to raise up to $1 billion to accumulate the HYPE token. [\\[13\\]](#cite-id-e62lqtjdDWuOyJ7d)​\n\n### Liquidation System Criticism\n\nDuring a market crash on October 10, 2025, Hyperliquid's liquidation system faced public criticism. In response, Yan published a technical defense explaining that the platform's liquidation models are designed to minimize systemic risk for all users, rather than to maximize protocol revenue from individual liquidations. He also noted that during the high volatility, the platform maintained 100% uptime with zero bad debt. [\\[13\\]](#cite-id-e62lqtjdDWuOyJ7d) [\\[2\\]](#cite-id-are830pA7i)​\n\n## Philosophy and Approach\n\n### Rejection of Venture Capital\n\nYan has taken an unconventional approach to building [Hyperliquid](https://iq.wiki/wiki/hyperliquid) by rejecting all venture capital (VC) funding, opting to self-fund the project entirely using profits from his trading company. He has stated that his motivation was never primarily financial but rather to create something interesting and valuable. According to Yan, VCs often foster an \"illusion of progress\" by inflating valuations without delivering real utility to users, and he believes VCs holding large stakes can become a \"scar on the network.\" By avoiding external investors, he aimed to focus on what is best for the platform's users and community. [\\[4\\]](#cite-id-rSGwuOxYuO) [\\[5\\]](#cite-id-OJNVl5uaCd) [\\[13\\]](#cite-id-e62lqtjdDWuOyJ7d)​\n\nThis community-first ethos is reflected in the platform's [tokenomics](https://iq.wiki/wiki/tokenomics). When the HYPE token launched in November 2024, approximately 31% of the supply was allocated directly to users based on their trading activity—a move made possible by the absence of VCs demanding priority distribution. All protocol fees are distributed exclusively to [liquidity providers](https://iq.wiki/wiki/liquidity-providers) and insurance funds, with the development team receiving no share. This strategy has allowed [Hyperliquid](https://iq.wiki/wiki/hyperliquid) to grow organically, operated by a small, focused team of just 11 full-time members. [\\[4\\]](#cite-id-rSGwuOxYuO) [\\[5\\]](#cite-id-OJNVl5uaCd) [\\[13\\]](#cite-id-e62lqtjdDWuOyJ7d)​\n\n### Stance on Market Makers\n\nIn line with his independent approach, Yan has clarified that [Hyperliquid](https://iq.wiki/wiki/hyperliquid) has no private arrangements, profit-sharing deals, or special partnerships with market makers. He has dispelled rumors of such collaborations, stating that avoiding these deals, while potentially slowing short-term growth, was the right long-term decision to maintain the platform's integrity and independence. Yan believes that for a [decentralized exchange](https://iq.wiki/wiki/decentralized-exchange), it is critical to avoid reliance on internal desks or designated market makers from the outset. [\\[4\\]](#cite-id-rSGwuOxYuO) [\\[6\\]](#cite-id-U5E4frxCBU) [\\[12\\]](#cite-id-NUXFVVqPmX)​\n\nThe platform's only [liquidity pool](https://iq.wiki/wiki/liquidity-pool) is the [Hyperliquid](https://iq.wiki/wiki/hyperliquid) Pool (HLP), which is protocol-owned and open for any user to deposit into, ensuring no single entity controls it. This approach was part of a broader strategy to let users discover the platform organically and preserve its authenticity and decentralization, rather than driving superficial traction through partnerships. [\\[4\\]](#cite-id-rSGwuOxYuO) [\\[6\\]](#cite-id-U5E4frxCBU) [\\[12\\]](#cite-id-NUXFVVqPmX)​\n\n### Advocacy for Transparent Markets\n\nYan is a proponent of transparent markets, arguing that they can lead to fairer and more efficient trading. He has defended Hyperliquid's model, which utilizes a fully visible on-chain order book. He challenges the notion that privacy is necessary for better trading execution, suggesting that many benefits of privacy actually stem from the ability to select counterparties. [Hyperliquid's](https://iq.wiki/wiki/hyperliquid) system applies this screening while keeping order information public, which helps prevent insider advantages from hidden deals. To address issues like latency [arbitrage](https://iq.wiki/wiki/arbitrage), the platform's order matching engine deprioritizes fast \"taker\" orders under certain conditions. This gives market makers a fair chance to update their prices, which encourages them to quote tighter spreads and ultimately provides better prices and liquidity for all users. [\\[7\\]](#cite-id-aCncGxV0nm) [\\[11\\]](#cite-id-DUWTDnalwA)​\n\nIn response to concerns that visible order data could expose large traders to front-running or [liquidation](https://iq.wiki/wiki/liquidation) hunting, Yan argues that providing equal access to data mitigates this risk. He explained that on [centralized exchanges](https://iq.wiki/wiki/cex-centralized-exchange), insiders can exploit [liquidation](https://iq.wiki/wiki/liquidation) information, whereas on [Hyperliquid](https://iq.wiki/wiki/hyperliquid), everyone sees the same data, which levels the playing field. He compared the platform's transparency to public ETF rebalances in traditional finance, where visibility does not prevent efficient execution. By distributing order data [across](https://iq.wiki/wiki/across) many market makers, the system fosters a competitive environment that can lead to better pricing and lower [slippage](https://iq.wiki/wiki/slippage) for all traders, including large \"whales.\" [\\[7\\]](#cite-id-aCncGxV0nm)​\n\n## Personal Life and Values\n\nYan is a first-generation Chinese-American, born and raised in Palo Alto, California, after his parents immigrated from China. He speaks some Chinese but is more fluent in English, particularly for technical subjects. In an interview, he described his worldview as a blend of complementary Eastern and Western values that he believes have contributed to [Hyperliquid](https://iq.wiki/wiki/hyperliquid)'s success. He credits this dual perspective for combining the \"very American way of thinking\"—dreaming big, believing a small team can change the world, and not accepting the status quo—with traditional Eastern values of \"humility, doing more than talking, and a strong work ethic.\" [\\[12\\]](#cite-id-NUXFVVqPmX) [\\[13\\]](#cite-id-e62lqtjdDWuOyJ7d)​\n\n## Interviews\n\n### WuBlockchain Podcast\n\nIn an August 2025 interview on the WuBlockchain Podcast, Yan elaborated on [Hyperliquid](https://iq.wiki/wiki/hyperliquid)'s foundational principles and future direction. He reiterated that the project was entirely self-funded, driven by a desire to build something valuable rather than for monetary gain, and to ensure ownership was community-driven. He criticized the [common](https://iq.wiki/wiki/common) VC fundraising model in crypto as creating \"fake progress,\" where success is measured by fundraising rounds rather than user value. Yan explained that the decision not to list the HYPE token on centralized exchanges stemmed from a lack of capacity and a \"laser focus\" on core development, trusting that good technology would eventually be listed organically. [\\[12\\]](#cite-id-NUXFVVqPmX) [\\[5\\]](#cite-id-OJNVl5uaCd)​\n\nHe also discussed the team's small size of 11 people, emphasizing a selective hiring process focused on finding smart, driven individuals with high integrity, noting that hiring the wrong person is \"much worse than not hiring anyone at all.\" He described his management style as hands-on with technical details but not micromanaging, preferring to give team members full ownership of challenging tasks. Looking ahead, Yan stated that [Hyperliquid](https://iq.wiki/wiki/hyperliquid) is transitioning from an application to a protocol, with the goal of making the [blockchain](https://iq.wiki/wiki/blockchain) a performant and scalable [foundation](https://iq.wiki/wiki/foundation) for others to build financial products like stablecoins and tokenized assets. He confirmed [Hyperliquid](https://iq.wiki/wiki/hyperliquid) itself would not be issuing these products. [\\[12\\]](#cite-id-NUXFVVqPmX) [\\[6\\]](#cite-id-U5E4frxCBU)​\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. \n\nInstead, the team prioritizes creating a product that users love, building from first principles. Despite the challenges and risks, Yan is committed to pushing DeFi forward, believing that offering better user experience and truly decentralized systems is the path toward real market change. [\\[8\\]](#cite-id-QjgVrKg9eK)​\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](https://iq.wiki/wiki/layer-1) [blockchain](https://iq.wiki/wiki/blockchain). Initially focused on building a successful perp DEX with a strong user [base](https://iq.wiki/wiki/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). \n\nYan explained that the Layer 1, initially built to support their DEX, now serves as a broader infrastructure for financial ecosystems, attracting users and 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 pivot to an 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. [\\[9\\]](#cite-id-ghpdV0s5Ic)​\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 post-[FTX](https://iq.wiki/wiki/ftx). Yan, [Cindy Leo](https://iq.wiki/wiki/cindy-leow) from [Drift](https://iq.wiki/wiki/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 landscape. They identified liquidity as a major barrier for DEXs 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 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. \n\nThe founders emphasized that despite these hurdles, DEXs 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. [\\[10\\]](#cite-id-xyRHGFBINm)​","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":"QmNmAozZiAy8KZXjTFL7bmKtjVy6CDB6YMGr7zVrYiTTWZ","type":"image/jpeg, image/png"}],"categories":[{"id":"people","title":"People in crypto"}],"tags":[{"id":"Founders"},{"id":"Developers"},{"id":"PeopleInDeFi"}],"media":[],"metadata":[{"id":"twitter_profile","value":"https://x.com/chameleon_jeff"},{"id":"linkedin_profile","value":"https://www.linkedin.com/in/jeffrey-yan-a8862871/"},{"id":"references","value":"[{\"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\":\"7iBxQr9EIH\",\"url\":\"https://www.youtube.com/watch?v=VpzTGBsG\\\\_1I\\\\&pp=ygUUamVmZiB5YW4gaHlwZXJsaXF1aWQ%3D\",\"description\":\"What is Hyperliquid? | YouTube\",\"timestamp\":1755834674987},{\"id\":\"rSGwuOxYuO\",\"url\":\"https://coinedition.com/hyperliquids-founder-jeff-yan-explains-why-they-rejected-all-venture-capital/\",\"description\":\"Hyperliquid’s Founder Jeff Yan Explains Why They Rejected All Venture Capital\",\"timestamp\":1755834674987},{\"id\":\"OJNVl5uaCd\",\"url\":\"https://www.ccn.com/news/crypto/hyperliquid-tvl-unconventional-approach/\",\"description\":\"Jeff Yan on How Hyperliquid Built a DeFi Unicorn With No VCs and No Shortcuts\",\"timestamp\":1755834674987},{\"id\":\"U5E4frxCBU\",\"url\":\"https://www.cryptopolitan.com/hyperliquid-ceo-denies-market-makers-deals/\",\"description\":\"Hyperliquid founder denies cooperation with market makers\",\"timestamp\":1755834674987},{\"id\":\"aCncGxV0nm\",\"url\":\"https://www.ainvest.com/news/hyperliquid-ceo-defends-transparent-crypto-markets-fairer-trading-2506/\",\"description\":\"Hyperliquid CEO Defends Transparent Crypto Markets for Fairer Trading\",\"timestamp\":1755834674987},{\"id\":\"QjgVrKg9eK\",\"url\":\"https://www.youtube.com/watch?v=WeRh589I76o\\\\&pp=ygUUamVmZiB5YW4gaHlwZXJsaXF1aWQ%3D\",\"description\":\"How to win in crypto by (by building for users, not VCs) | YouTube\",\"timestamp\":1755834674987},{\"id\":\"ghpdV0s5Ic\",\"url\":\"https://www.youtube.com/watch?v=cxyUtPoC1-E\\\\&pp=ygUUamVmZiB5YW4gaHlwZXJsaXF1aWTSBwkJUQkBhyohjO8%3D\",\"description\":\"Hyperliquid's Unique Approach to a Better Perp DEX | YouTube\",\"timestamp\":1755834674987},{\"id\":\"xyRHGFBINm\",\"url\":\"https://www.youtube.com/watch?v=p4wxofESL\\\\_8\\\\&pp=ygUUamVmZiB5YW4gaHlwZXJsaXF1aWQ%3D\",\"description\":\"DEXplosion: Unleashing the Power of DEXs | YouTube\",\"timestamp\":1755834674987},{\"id\":\"DUWTDnalwA\",\"url\":\"https://www.panewslab.com/en/articles/24vs7xe6\",\"description\":\"Hyperliquid founder Jeff Yan: How to outperform Binance in 10 years in just 2 years?\",\"timestamp\":1758041785837},{\"id\":\"NUXFVVqPmX\",\"url\":\"https://wublock.substack.com/p/exclusive-interview-with-hyperliquid\",\"description\":\"Exclusive interview with Hyperliquid founder Jeff: How 11 people built \\\"Binance onchain\\\"?\",\"timestamp\":1758041785837},{\"id\":\"e62lqtjdDWuOyJ7d\",\"url\":\"https://www.coindesk.com/business/2025/12/19/most-influential-jeff-yan\",\"description\":\"Most Influential 2025: Jeff Yan\",\"timestamp\":1770992856709},{\"id\":\"5E7GidG3AUF7XzmX\",\"url\":\"https://www.linkedin.com/posts/coreyhoffstein\\\\_my-guest-this-episode-is-jeff-yan-founder-activity-7061287395370905601-iWko\",\"description\":\"Jeff Yan is founder of Chameleon Trading and Hyperliquid\",\"timestamp\":1770992856709}]"},{"id":"previous_cid","value":"\"https://ipfs.everipedia.org/ipfs/QmZuHm2uCBwCj62fZXbcN5yeT1jE54BKWKN5KB2b1eGooY\""},{"id":"commit-message","value":"\"Removed biography of Jeff Yan\""},{"id":"previous_cid","value":"QmZuHm2uCBwCj62fZXbcN5yeT1jE54BKWKN5KB2b1eGooY"}],"events":[],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x8AF7a19a26d8FBC48dEfB35AEfb15Ec8c407f889"},"operator":{"id":"0x212Cb3F4aE6611054637f9f78F18fB628AD258bb"},"language":"en","version":1,"linkedWikis":{"blockchains":["hyperliquid"],"founders":[],"speakers":[]},"recentActivity":"{\"items\":[{\"id\":\"c2e2b521-5ae3-4afb-9144-e6dab660efa1\",\"title\":\"Jeff Yan\",\"description\":\"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.\",\"timestamp\":\"2026-02-13T14:42:50.463Z\",\"category\":\"People in crypto\",\"status\":{\"icon\":\"RiGlobalLine\",\"label\":\"Wiki Updated\",\"iconClassName\":\"text-green-500\"},\"user\":{\"name\":\"0x8AF7a19a26d8FBC48dEfB35AEfb15Ec8c407f889\",\"address\":\"0x212Cb3F4aE6611054637f9f78F18fB628AD258bb\"},\"button\":{\"label\":\"View Summary\",\"icon\":\"RiFileTextLine\"},\"summarySections\":[{\"title\":\"Introduction\",\"subtitle\":\"The introductory summary was rewritten to change Jeff Yan's title from co-founder to founder and update his background and the description of Hyperliquid.\",\"variant\":\"modified\",\"changeCount\":4,\"changes\":[\"Changed title from \\\"CEO and co-founder\\\" to \\\"founder\\\" of Hyperliquid.\",\"Updated the description of Hyperliquid from a generic decentralized exchange to one for perpetual futures on a custom Layer 1.\",\"Revised background from \\\"computer science and experience in market making\\\" to \\\"mathematics, computer science, and high-frequency trading\\\".\",\"Added details about bootstrapping Hyperliquid with profits from his trading firm and rejecting all venture capital. [[13]](#cite-id-e62lqtjdDWuOyJ7d)\"]},{\"title\":\"Education\",\"subtitle\":\"Details about Jeff Yan's university degree were generalized.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Changed Harvard degree from \\\"AB/SM in Mathematics and Computer Science in 2017\\\" to a general \\\"degree in mathematics and computer science\\\". [[13]](#cite-id-e62lqtjdDWuOyJ7d) [[11]](#cite-id-DUWTDnalwA)\"]},{\"title\":\"Career\",\"subtitle\":\"Jeff Yan's career history was updated with a new role, an award, and a revised narrative for founding Hyperliquid.\",\"variant\":\"modified\",\"changeCount\":3,\"changes\":[\"Added that Yan had a brief stint at Google before joining Hudson River Trading. [[13]](#cite-id-e62lqtjdDWuOyJ7d) [[11]](#cite-id-DUWTDnalwA) [[12]](#cite-id-NUXFVVqPmX)\",\"Updated the narrative to specify that the collapse of FTX was a key catalyst for launching Hyperliquid.\",\"Added that Yan was named to CoinDesk's \\\"Most Influential 2025\\\" list for his work on Hyperliquid. [[13]](#cite-id-e62lqtjdDWuOyJ7d) [[14]](#cite-id-5E7GidG3AUF7XzmX) [[1]](#cite-id-u8zPesVwki)\"]},{\"title\":\"Hyperliquid\",\"subtitle\":\"The section on Hyperliquid was extensively rewritten to include specific milestones, updated metrics, and a new structure.\",\"variant\":\"modified\",\"changeCount\":4,\"changes\":[\"Restructured the section to highlight the founding year (2023) and its bootstrapping with profits from Chameleon Trading. [[13]](#cite-id-e62lqtjdDWuOyJ7d)\",\"Updated platform growth metrics to over 570,000 users and processing approximately $308 billion for October 2025.\",\"Added a list of key developments: the launch of HyperEVM, integration with Phantom Wallet, and the introduction of Permissionless Markets (HIP-3). [[2]](#cite-id-are830pA7i) [[13]](#cite-id-e62lqtjdDWuOyJ7d)\",\"Replaced information about Sonnet BioTherapeutics with news that Hyperliquid Strategies plans to raise up to $1 billion to accumulate the HYPE token. [[13]](#cite-id-e62lqtjdDWuOyJ7d)\"]},{\"title\":\"Liquidation System Criticism\",\"subtitle\":\"A new section was added addressing criticism of Hyperliquid's liquidation system.\",\"variant\":\"added\",\"changeCount\":1,\"changes\":[\"Added details about public criticism of the liquidation system during a market crash on October 10, 2025, and Yan's technical defense of the platform's models. [[13]](#cite-id-e62lqtjdDWuOyJ7d) [[2]](#cite-id-are830pA7i)\"]},{\"title\":\"Personal Life and Values\",\"subtitle\":\"Added specific location detail to Jeff Yan's personal background.\",\"variant\":\"modified\",\"changeCount\":1,\"changes\":[\"Added that Yan was born and raised in Palo Alto, California. [[12]](#cite-id-NUXFVVqPmX) [[13]](#cite-id-e62lqtjdDWuOyJ7d)\"]},{\"title\":\"References\",\"subtitle\":\"The list of references was updated, with two sources removed and two new ones added.\",\"variant\":\"modified\",\"changeCount\":4,\"changes\":[\"Removed reference with ID 'jFHNjj7yQa' (LinkedIn Profile).\",\"Removed reference with ID 'qMV6IcgdK3' (Hyperliquid Foundation).\",\"Added reference 'Most Influential 2025: Jeff Yan' from coindesk.com.\",\"Added reference 'Jeff Yan is founder of Chameleon Trading and Hyperliquid' from a LinkedIn post.\"]}]}]}"}