Hyperliquid needs no introduction—its dominance in trading volume and popularity among perps traders, seamless on-chain execution, and self-sustaining value accrual model speak for themselves. Crypto’s real game is trading—always has been, and two pillars dominate value capture in crypto: L1 chains and exchanges. What makes Hyperliquid different is that it actually built both from scratch, optimized as a single platform—it’s building crypto’s kingmaker: the entire stack, from chain to exchange.
Custom-built from scratch by a lean team and with no VC backing, token holders can enjoy a CEX-like UX with little token dilution devaluing their holdings. What started with Binance being the most dominant CEX, later on launching its own L1 to leverage its distribution has now become the broader vision and ambition for Jeff’s thesis: the chain ecosystem and the exchange should be bolted together.
The thesis below explores why Hyperliquid is a one-of-a-kind moat that will be increasingly hard to replicate. The actual vision, combined with a remarkable track record of execution, denotes that Hyperliquid can actually represent one of the most ambitious endeavors for value accrual in crypto: trading infrastructure and L1 chain, all vertically integrated in a single platform.
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