Hyperliquid Co-founder: Transparent Trading is Controversial but Forward-looking

ChainCatcher news, Hyperliquid co-founder Jeff Yan published a lengthy article responding to the previous controversy regarding "whether a fully transparent order book is suitable for large transactions," emphasizing that the design of a "transparent order book," while controversial, is forward-looking.

He proposed four key market structure principles: opposing the misconception that privacy equates to execution advantage, emphasizing the core role of competition in improving execution quality, pointing out that repeated games benefit behavior optimization, and stating that system-level transparency is necessary to achieve information symmetry. Jeff believes that Hyperliquid, through its L4 transparent order book and the elimination of priority mechanisms, has improved transaction quality and effectively filtered "toxic flow," challenging traditional OTC and dark pool logic.