19 Feb 2026

Hyperliquid Founder: Why Crypto Must Fix Finance Before AI Takes Over - Jeff Yan | E159

When Shift Happens

Jeff Yan, founder and CEO of Hyperliquid Labs, discusses Hyperliquid's vision to become the internet for money by housing all of finance on a decentralized, neutral platform. Yan emphasizes that Hyperliquid is not a crypto company but a finance company using crypto rails to upgrade the financial system. He highlights the importance of decentralized building, where many teams contribute and plug into each other, creating network effects. Yan points out that Hyperliquid burns its protocol fees in an automated way, similar to Ethereum, to avoid discretionary buybacks. He also addresses the AI brain drain, arguing that crypto is essential for building a financial system that AI can plug into, ensuring humans retain a stake.

Outlines

Part 1: Vision, Values, and Crypto’s Reputation

Part 2: System Design and Execution Principles

Part 3: Decentralized Development and Team Culture

Part 4: Addressing Misinformation and Protocol Identity

Part 5: Technical Infrastructure: Hyper-EVM and HIP3

Part 6: On-Chain Finance and Market Primitives

Part 7: Ecosystem Integration and Synergy

Part 8: Future Outlook and Closing

Continue

Preview

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Hyperliquid Founder: Why Crypto Must Fix Finance Before AI Takes Over - Jeff Yan | E159

When Shift Happens

Part 1: Vision, Values, and Crypto’s Reputation

00:00Hyperliquid's Token Buyback Criticism and Protocol Fee Burning Explained

Hyperliquid's Token Buyback Criticism and Protocol Fee Burning Explained

00:15Hyperliquid's Vision: Upgrading Finance with DeFi Values

Hyperliquid's Vision: Upgrading Finance with DeFi Values

00:53Housing All of Finance: Decentralization and Singapore as a Building Hub

Housing All of Finance: Decentralization and Singapore as a Building Hub

02:26Hyperliquid's Token Launch Success and the Uniqueness of Crypto Ownership

Hyperliquid's Token Launch Success and the Uniqueness of Crypto Ownership

04:10The Journey, Not the Destination: Hyperliquid's Vision and Positive Crypto Representation

The Journey, Not the Destination: Hyperliquid's Vision and Positive Crypto Representation

06:27Crypto's Reputation Problem: Mismatch Between Potential and Builders

Crypto's Reputation Problem: Mismatch Between Potential and Builders

07:50Building the Right Way: Hyperliquid's Community and Responsibility in Finance

Building the Right Way: Hyperliquid's Community and Responsibility in Finance

Part 2: System Design and Execution Principles

09:53Executing Flawlessly: Neutrality, Fairness, and Robustness in System Design

Executing Flawlessly: Neutrality, Fairness, and Robustness in System Design

11:09Community Testing and the Evolution of Hyperliquid's "Cult" Following

Community Testing and the Evolution of Hyperliquid's "Cult" Following

13:04Building Value, Not Cults: Passion and Alignment in the Hyperliquid Community

Building Value, Not Cults: Passion and Alignment in the Hyperliquid Community

14:14Bridging the Technical Disconnect: Execution and Integrity in DeFi

Bridging the Technical Disconnect: Execution and Integrity in DeFi

15:20Decentralization Milestone: Hyperliquid's Genesis and Proof-of-Stake Consensus

Decentralization Milestone: Hyperliquid's Genesis and Proof-of-Stake Consensus

Part 3: Decentralized Development and Team Culture

16:11Decentralized Building: Hyperliquid's Small Team and Ecosystem Contributions

Decentralized Building: Hyperliquid's Small Team and Ecosystem Contributions

17:41Decentralized Development: Tokenization and Team Dynamics at Hyperliquid

Decentralized Development: Tokenization and Team Dynamics at Hyperliquid

20:11Building Externally: HIP3 and the Long-Term Health of the Financial System

Building Externally: HIP3 and the Long-Term Health of the Financial System

21:56Motivating a Rich Team: Integrity, Values, and the Love of Building

Motivating a Rich Team: Integrity, Values, and the Love of Building

24:44No Celebration: Hyperliquid's Focus on the Journey and Future Goals

No Celebration: Hyperliquid's Focus on the Journey and Future Goals

26:44Testing for Integrity: Soft Signals and Consensus in Hiring

Testing for Integrity: Soft Signals and Consensus in Hiring

28:29Sleep and Productivity: Trust and Flexibility in Work Culture

Sleep and Productivity: Trust and Flexibility in Work Culture

30:26Employee Vesting and Financial Privacy: Respecting Personal Boundaries

Employee Vesting and Financial Privacy: Respecting Personal Boundaries

Part 4: Addressing Misinformation and Protocol Identity

31:40Addressing FUD: Correcting False Information and Misconceptions

Addressing FUD: Correcting False Information and Misconceptions

32:26Personal Impact of FUD: Transparency and Misinformation in Crypto

Personal Impact of FUD: Transparency and Misinformation in Crypto

35:02Discretionary Buybacks: Addressing Criticism and Clarifying Hyperliquid's Protocol

Discretionary Buybacks: Addressing Criticism and Clarifying Hyperliquid's Protocol

37:19Hyperliquid as a Protocol: Neutrality, Decentralization, and the Internet for Money

Hyperliquid as a Protocol: Neutrality, Decentralization, and the Internet for Money

Part 5: Technical Infrastructure: Hyper-EVM and HIP3

39:04Hyper-EVM: Enabling Smart Contracts on Hyperliquid

Hyper-EVM: Enabling Smart Contracts on Hyperliquid

39:59Hyper-EVM's Success: Tapping into Native On-Chain Primitives

Hyper-EVM's Success: Tapping into Native On-Chain Primitives

42:01Hyper-EVM and Native USDC: Seamless Integrations and Unique Interactions

Hyper-EVM and Native USDC: Seamless Integrations and Unique Interactions

43:42HIP3: Permissionless Perps and Efficient Price Discovery

HIP3: Permissionless Perps and Efficient Price Discovery

46:01Building HIP3: Overcoming Challenges and Bootstrapping Network Effects

Building HIP3: Overcoming Challenges and Bootstrapping Network Effects

47:43Hyperliquid's Approach: Domain Experts and Decentralized Building

Hyperliquid's Approach: Domain Experts and Decentralized Building

Part 6: On-Chain Finance and Market Primitives

50:33User Sovereignty: Decentralization and Core Primitive Building

User Sovereignty: Decentralization and Core Primitive Building

51:32Bringing Finance On-Chain: Keeping Pace with Technological Development

Bringing Finance On-Chain: Keeping Pace with Technological Development

52:32DeFi Values: Neutrality, Programmability, and Accessibility

DeFi Values: Neutrality, Programmability, and Accessibility

53:46Permissionless Protocol: Silver Trading and Global Price Discovery

Permissionless Protocol: Silver Trading and Global Price Discovery

55:30Quality Builders: Hyperliquid's Focus on Primitives and Liquidity Infrastructure

Quality Builders: Hyperliquid's Focus on Primitives and Liquidity Infrastructure

56:26Unassailable Principles: Adapting to Market Changes and Building Primitives

Unassailable Principles: Adapting to Market Changes and Building Primitives