Jeff Yan @chameleon_jeff used Odd Lots to pitch @HyperliquidX to regulators and TradFi as financial infrastructure, not a crypto exchange. It was his first big mainstream interview. The core idea running through it: the protocol stays neutral, and deployers are where control and oversight sit. → Positioning: He calls Hyperliquid a protocol, not an exchange, with the long-term aim to “house all of finance.” Markets on it are “deployed,” not “issued.” He said even 90% of finance would be a huge win, and that they’re a long way from it. → Regulation: He agreed that regulators could oversee deployers rather than the protocol, the way TCP/IP itself isn’t regulated. His strongest pitch was that solvency can be checked onchain by anyone at any time, instead of through audits on request. He was firm that US users on VPNs are breaking the terms of service. → Incumbents: He doesn’t see banks as “legacy.” In his view they keep their customers and brands and plug into better rails, the way companies moved onto AWS. Banks becoming deployers is, in his words, important but not remarkable. → HIP-3: • A deployer stakes 500K $HYPE and wins a slot in a Dutch auction held every 31 hours. • Each auction restarts at twice the last clearing price, and the 31-hour cycle means the start time rotates through every hour of the day. • The protocol makes no judgment on whether a market makes sense. It only limits each oracle update to a 1% move. → Oracles: Perp volume far above the underlying is fine as long as traders step in when prices drift from real value. Weekend pricing for markets like WTI is the deployer’s problem.