Hyperliquid founder: Transparent transactions are not a shortcoming, but the ultimate in efficiency

Odaily News Hyperliquid co-founder Jeff Yan published a long article in response to the previous controversy about "whether a fully transparent order book is suitable for large transactions", emphasizing that the design of a "transparent order book" is controversial but forward-looking. He proposed four major market structure principles: opposing the misconception of privacy as an execution advantage, emphasizing the core role of competition in improving transaction quality, pointing out that repeated games are conducive to optimizing behavior, and that system-level transparency can achieve information symmetry. Jeff believes that Hyperliquid has improved transaction quality with the help of L4 transparent order books, cancellation priority mechanisms, etc., and can effectively filter "toxic traffic", challenging traditional OTC and dark pool logic.