Summary of @chameleon_jeff's key points on @_choppingblock: - Not plugged into day-to-day dialogue of CT, but if Hyperliquid is widely beloved, probably because it enables ppl to dream again about what DeFi can do - There are a lot of people working on Hyperliquid (Jeff is just the Founder/CEO of Hyperliquid Labs & its 11 developers) - Lots of respect for Satoshi but with more eyeballs on crypto today, can't really take the completely anon approach, ppl want to trust the team behind a project - People have the misconception of Hyperliquid as a centralized exchange, he thinks of it as a platform to house all of finance (perhaps less well-defined & harder to build towards than a CEX) - Sees a future where Hyperliquid succeeds & yet CEXes still do more volume, another future where Hyperliquid does magnitudes more volume & yet CEXes also haven’t failed - Metrics (volume, token price, etc) are good to track but not objective functions for success, for example, Hyperliquid prioritizes cancels despite that objectively leading to less volume - Markets are mechanisms for moving risk around so any actor can be a “real user”, hard to define more than that - Easier to define a bad user, relatively confident that a bad user is someone whose counterparty immediately regrets the trade after, a toxic taker, they don’t improve the market, just extract value - Transparency of Hyperliquid allows you to see who is filling your bids, & over time discriminate between dumb & toxic flow, vs the black box of trading on Binance - Good to have an adversarial mindset & design systems to flourish even if other actors coordinate against you, at least 5 learnings from JELLYJELLY that took months to implement, but now confident the system can rebound from future attacks - As a kid, was drawn to physics & being able to calculate things like how long a ball will take to roll down a ramp, later found economics beautiful with how incentives can shape very messy systems - Once you understand an economic system, you can participate in it & profit from it, or you can build something (i.e. Hyperliquid) to make it better - HIP-3 is general purpose perps infrastructure, you could build a market with no oracle, or a market with no funding (like a pre-launch market), everything is customizable - General purpose perps markets are an awesome crypto-native innovation, not a replacement for futures but probably a better option for > 50% of futures flows - Retail in particular much better suited for perps than options, because they’re not interested in trading volatility, they actually just want leverage - There will be a lot of interfaces built on top of perps, for example, you could construct a very good lottery ticket with perps, where users either want a lot of money or $0 left - Unlike other crypto treasury companies, HYPE treasury vehicles do add some value by offering exposure to an asset that's relatively difficult to buy otherwise (HYPE becoming a productive asset through HIP-3 also relevant) - Important to stay humble, keep building & not rest on the laurels. No crack, no coke, no whores, no gambling.