WuBlockchain
Hyperliquid Labs co-founder Jeff Yan said at DAS Asia 2026 on October 7 that the protocol should be treated as neutral public infrastructure rather than another exchange.
Yan compared Hyperliquid with the internet and Linux, arguing that it should provide a shared foundation rather than duplicate systems serving the same purpose. He noted that Hyperliquid has been compared over time with DeFi protocols, major crypto exchanges, CME and Nasdaq, but said none is a perfect parallel.
The framing positions Hyperliquid as a technology layer for existing venues. Yan said the community does not aim to replace platforms and instead wants to equip them with technology that can help them serve users better.
Frequently asked questions
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How does Jeff Yan characterize Hyperliquid?
Yan describes Hyperliquid as neutral public infrastructure, closer to the internet or Linux than to a traditional exchange.
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Why does Yan reject simple comparisons with other trading venues?
Hyperliquid has been compared with DeFi protocols, major crypto exchanges, CME and Nasdaq, but Yan says none of those categories is a perfect parallel.
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Does Hyperliquid want to replace established crypto exchanges?
No. Yan said the Hyperliquid community is not trying to replace existing platforms and instead wants to help them serve their users better.
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What could other venues gain by using Hyperliquid's technology?
The stated gain is better service for their own users. Hyperliquid's role is framed as a technology layer rather than a replacement exchange.
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Why is the Linux and internet comparison central to Yan's argument?
The analogy emphasizes neutral, shared infrastructure. Hyperliquid can underpin different platforms without requiring each to build a separate system for the same function.
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