"One of the many remarkable features of crypto is how often upstarts appear out of nowhere and, in a year or less, become one of the industry's top dogs. This happened in 2016 when Binance exploded on the scene, and in 2023 when Blur gobbled up the NFT market (RIP) from OpenSea. Now, the same thing is happening in DeFi where Hyperliquid-and its 11 or so employees-is doing more than $100 billion in trading volume while going toe-to-toe with long-established giants like Binance and Bybit."
"It was only after reading this smart Hyperliquid profile, by Fortune Crypto 's Ben Weiss and Leo Schwartz, that I came to appreciate what a big deal the platform has become. This is in part thanks to its no-nonsense cofounder Jeff Yan, whose credentials include a Harvard degree and a gold in the International Physics Olympiad. But it is also due to Hyperliquid's being a decentralized platform that is winning market share from centralized exchanges."
"In Hyperliquid's case, it is pulling in roughly $600 million of annual revenue, and its token is worth more than Uniswap's cryptocurrency. On top of this, Hyperliquid mostly walks the walk when it comes to decentralization. While some complain the project has too few validators-which can give rise to centralized control-it does have some decidedly DeFi elements like non-custodial wallets and an on-chain order book. Hyperliquid also lacks Know-Your-Customer policies."
Hyperliquid is a decentralized derivatives platform achieving over $100 billion in trading volume and roughly $600 million in annual revenue. The platform serves professional traders who use highly leveraged perpetual futures (perps). The team is small, with around 11 employees, and cofounder Jeff Yan holds a Harvard degree and an International Physics Olympiad gold. The platform uses non-custodial wallets and an on-chain order book while lacking KYC requirements. Critics warn that a small number of validators could concentrate control. Hyperliquid competes directly with centralized exchanges like Binance and Bybit and appeals to crypto purists while facing regulatory scrutiny.
Read at Fortune
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