Jeff Yan Says Hyperliquid Is Neutral Public Infrastructure

Hyperliquid Labs co-founder Jeff Yan described Hyperliquid as neutral public infrastructure at DAS Asia 2026 on Oct. 7, saying comparisons with crypto and traditional exchanges do not fully fit the network.

Yan said Hyperliquid had been compared with DeFi protocols, then major crypto exchanges, and more recently with CME and Nasdaq. He called those comparisons imperfect and likened the network to the internet and Linux.

He described Hyperliquid as infrastructure that provides a neutral base, rather than an effort to build multiple systems that serve the same purpose. The remarks echo Yan’s earlier view that Hyperliquid has no competitors.