Jeff Yan: Hyperliquid Is More Like the Internet or Linux Than a Traditional Exchange Hyperliquid Labs co-founder Jeff Yan @chameleon_jeff said at DAS Asia 2026 on October 7 that Hyperliquid should not simply be viewed as a competitor to any particular exchange. He noted that Hyperliquid was initially compared to DeFi protocols, then major crypto exchanges, and now even traditional giants like CME and Nasdaq, yet none is a perfect comparison. Yan argued that Hyperliquid is more like the internet or Linux, providing neutral public infrastructure rather than building multiple systems that serve the same purpose. He emphasized that the Hyperliquid community is not trying to replace existing platforms, but hopes to empower them with technology that helps them better serve their users.