Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Finance
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Most Influential: Jeff Yan
Jeff Yan, found
Finance
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Most Influential: Jeff Yan
Jeff Yan, found
Most Influential: Jeff Yan
Most Influential: Jeff Yan
Jeff Yan, founder of Hyperliquid, has quietly built a $308 billion volume DEX with over half a million users, influencing DeFi while avoiding public attention.
By Francisco Rodrigues|Edited by Cheyenne Ligon
Updated Dec 19, 2025, 3:23 p.m. Published Dec 19, 2025, 3:00 p.m.
Jeff Yan rarely speaks in public, avoids social media, and has never taken venture capital money. But in 2025, few individuals have had a bigger influence on the shape of decentralized finance (DeFi) and the crypto space itself.
This feature is a part of CoinDesk's Most Influential 2025 list.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Sign me up
Yan is the founder of Hyperliquid, a decentralized exchange (DEX) for perpetual futures that processes around $10 billion in trades per day, with DefiLlama showing $308 billion in volume in October. With more than 570,000 users and a custom-built blockchain that matches the speed and reliability of centralized platforms, Hyperliquid has quietly become a dominant player in crypto derivatives.
It has done so without hype, investor backing, or a large team — just 11 core contributors, a vision rooted in technical precision, and a relentless focus on product led by Yan.
To understand Yan’s rise, it helps to know where he came from. Raised in Palo Alto, California by Chinese immigrant parents, Yan was a physics prodigy, taking home gold at the 2013 International Physics Olympiad.
He studied mathematics and computer science at Harvard, then joined Hudson River Trading (HRT), a high-frequency trading firm known for its ultra-low-latency strategies. After a short stint at Google, he left to start his own crypto trading firm, Chameleon Trading, during the bull run of 2020–2021.
Even then, Yan stayed out of the spotlight. His bots handled the markets; he handled the infrastructure. But the collapse of FTX in late 2022 changed things. As traders fled the ruins of centralized exchanges, Yan saw an opening as the preferred alternative, decentralized finance where users custody their own funds, weren’t competing with centralized alternatives. So he set off to build something better.
From code to core infrastructure
In 2023, Yan launched Hyperliquid on a custom layer-1 blockchain, designed from scratch for one purpose: fast, decentralized derivatives. The early version looked like a developer sandbox simply showing raw performance, without financial incentives to bring in users. But it worked. Hyperliquid offered sub-second finality, on-chain order books, and a user experience close to that of Binance.
Within months, it was processing over $1 billion a day. It now sees well over $10 billion a month.
Hyperliquid data (DeFiLlama)
The secret to the platform’s success? In Yan’s words: “Our philosophy is simple: create a product that users genuinely like and are willing to use."
New features like permissionless market creation (HIP-3) and Ethereum compatibility (via HyperEVM) turned Hyperliquid into a modular financial layer, not just a trading venue. Protocols like Felix and HyperLend have since built on it, drawn by its speed and shared incentives.
What makes this more remarkable is what Hyperliquid didn’t do. It never raised outside capital as Yan bootstrapped the entire project using profits from Chameleon Trading. There was no flashy airdrop announcement, no VC allocations, and no influencer campaigns. The platform grew through word-of-mouth, organic liquidity competitions, and performance.
When Hyperliquid finally launched its token, HYPE, in late 2024, it did so on its own terms. Roughly 31% of the supply went to early users, and no venture funds received allocations. The remaining supply, over two-thirds, was reserved for future ecosystem growth, airdrops, or long-vesting team incentives. By mid-2025, HYPE had reached a near $20 billion market cap, though the crypto drawdown has since dragged that figure down.
The model sparked copycats across DeFi. It became a new norm, as Hyperliquid funneled hundreds of millions in protocol fees back to users through buybacks and burns. HYPE even has its own digital asset treasury company Hyperliquid Strategies, which has moved to raise up to $1 billion to accumulate the token.
The quiet disruption
Yan is an unlikely poster child for the 2025 DeFi boom. He doesn’t court attention: he rarely appears on podcasts, isn’t extremely vocal on social media, and his published interviews are sparse. When he does speak up, like at TOKEN2049 in Singapore, he speaks plainly and avoids hype.
But his influence is tangible. Hyperliquid has forced competitors like dYdX to speed up their infrastructure and challenged the idea that big teams and big capital are required to build at scale.
Even controversies, like criticism of Hyperliquid’s liquidation system during the October 10 crash, have led to thoughtful technical defenses. Yan has argued that his models protect users by minimizing systemic risk, not maximizing protocol revenue.
Looking ahead, the roadmap remains vague. Iterative upgrades seem to be preferred to milestone-driven hype cycles. But if HIP-3 is any indication, Hyperliquid is expanding beyond its roots and is looking to house all of the financial system, onchain.
Through it all, Yan seems unfazed. He still doesn’t talk much. But in a market that’s often loud and erratic, his quiet focus has proven magnetic. The attitude is comparable to that of Binance founder Changpeng Zhao, who prefers focusing on building long-term solutions rather than chasing short-term trends.
"Our core philosophy is: cryptocurrency will change the way finance works. Traditional finance will eventually migrate to cryptocurrency. Hyperliquid will become the basic platform for these financial activities,” Yan said in an interview last year.
For builders, he’s become the performance-obsessed founder who codes more than he tweets. For users, he’s created a system where outcomes determine value.
HyperliquidDeFiCoinDesk Most Influential 2025
More For You
Protocol Research: GoPlus Security
Commissioned byGoPlus
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
View Full Report
More For You
Most Influential 2025's Honorable Mentions
The crypto industry is ever-growing and ever-changing. It would be difficult to summarize it in 50 names. Here are a few final individuals and entities we wanted to make note of this year.
Read full story
Latest Crypto News
Most Influential 2025's Honorable Mentions
Most Influential: Hsiao-Wei Wang and Tomasz K. Stańczak
Most Influential: Luke Dashjr
Most Influential: The Solana Developers
Most Influential: Stani Kulechov
DraftKings enters prediction markets with CFTC-approved app for real-world events
Top Stories
DraftKings enters prediction markets with CFTC-approved app for real-world events
Wall Street bank JPMorgan says stablecoin market could grow to $600 billion by 2028
Bitcoin gains as yen surprisingly tumbles after BOJ rate hike: Crypto Daybook Americas
Jump Trading sued for $4 billion in connection to Do Kwon’s Terra Labs collapse: WSJ
Coinbase files lawsuits in 3 states over attempts to regulate prediction markets
Wall Street bank JPMorgan says stablecoin market could grow to $600 billion by 2028
Market Opportunity
JEFF Price(JEFF)
$0.0001867
$0.0001867$0.0001867
USD
JEFF (JEFF) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact [email protected] for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
You May Also Like
Unlocking Opportunities: Coinbase Derivative Blends Crypto ETFs and Tech Giants
BitcoinWorld Unlocking Opportunities: Coinbase Derivative Blends Crypto ETFs and Tech Giants The financial world is constantly evolving, and a groundbreaking development has just arrived for investors seeking diversified exposure. Coinbase, a leading cryptocurrency exchange, has introduced an innovative Coinbase derivative product that’s poised to redefine investment strategies. This new offering uniquely combines crypto exchange-traded funds (ETFs) with the stability and growth potential of major U.S. technology stocks. What is This Revolutionary Coinbase Derivative? Coinbase’s latest financial innovation is a derivative product designed to track the performance of two powerful market segments. It’s a game-changer because it offers something unprecedented in the U.S. market. It tracks the “Magnificent Seven,” a group of seven dominant U.S. tech companies known for their significant market influence. It also includes BlackRock’s spot Bitcoin and Ethereum ETFs, providing direct exposure to the two largest cryptocurrencies. Additionally, Coinbase’s own stock is part of this unique blend, adding another layer of exposure to the crypto ecosystem. This Coinbase derivative marks the first time a U.S.-listed product has offered direct spot exposure to both cryptocurrencies and major equities in a single package. This simplifies investment, bridging traditional finance and digital assets. Bridging the Gap: Benefits for Investors with Coinbase Derivative This new Coinbase derivative offers several compelling advantages for both seasoned and new investors looking to diversify their portfolios efficiently. Simplified Diversification: Instead of managing separate investments, investors gain exposure to both through a single product, streamlining the process. Enhanced Accessibility: For those hesitant to directly invest in cryptocurrencies, this derivative provides a regulated and more familiar pathway through an established exchange. Potential for Growth: By combining high-growth tech companies with the dynamic potential of cryptocurrencies, the product aims to capture upside from both sectors. Innovation in Finance: It integrates digital assets into mainstream financial products, reflecting evolving global markets. This product caters to a growing demand for integrated investment solutions that reflect the interconnectedness of today’s financial world. Understanding the Components: Tech Giants and Crypto ETFs in the Coinbase Derivative To appreciate this Coinbase derivative, understanding its core components is essential. The “Magnificent Seven” refers to tech powerhouses driving significant market growth. On the cryptocurrency side, BlackRock’s spot Bitcoin and Ethereum ETFs are crucial. These ETFs allow investors to gain exposure to the price movements of Bitcoin and Ethereum without directly owning the underlying digital assets. This eliminates some complexities associated with crypto custody and security. The inclusion of Coinbase’s own stock further aligns the derivative with the crypto industry’s performance. This combination provides a balanced, dynamic investment profile, capturing modern market trends. Navigating the Future: Challenges and Considerations for the Coinbase Derivative While the Coinbase derivative presents exciting opportunities, investors should also be aware of potential challenges and considerations. All investments carry risks. Market Volatility: Cryptocurrencies are known for their price fluctuations, which can impact the derivative’s performance. Even large-cap tech stocks can experience significant swings. Regulatory Landscape: The regulatory environment for cryptocurrencies is still evolving. Changes could influence the value and availability of such products. Concentration Risk: While diversified across two asset classes, the product is still concentrated in specific tech companies and two main cryptocurrencies. Understanding these factors is crucial for informed decisions. Thorough research and considering risk tolerance are paramount before engaging. Coinbase’s introduction of this unique derivative product marks a significant milestone in the financial industry. By ingeniously blending the world of leading technology stocks with the dynamic growth of spot crypto ETFs, it offers investors an unprecedented avenue for diversified exposure. This move not only simplifies access to complex markets but also underscores the growing convergence of traditional finance and digital assets. It’s an exciting time to witness such innovation, providing new tools for portfolio expansion and risk management in an ever-changing economic landscape. Frequently Asked Questions About the Coinbase Derivative Here are some common questions about this new investment product: Q1: What exactly is the Coinbase derivative? A1: It’s a new financial product launched by Coinbase that tracks the performance of both major U.S. technology stocks (the Magnificent Seven) and spot Bitcoin and Ethereum ETFs, along with Coinbase’s own stock. Q2: Why is this derivative considered unique? A2: It’s the first U.S.-listed derivative to offer direct spot exposure to both cryptocurrencies and major equities within a single product, simplifying diversification for investors. Q3: Which specific tech companies are included in the “Magnificent Seven”? A3: While the exact composition can vary slightly depending on the index, it generally refers to leading U.S. tech giants like Apple, Microsoft, Amazon, Google (Alphabet), Meta, Nvidia, and Tesla. Q4: How does this product provide exposure to cryptocurrencies? A4: It achieves this through BlackRock’s spot Bitcoin and Ethereum ETFs, which allow investors to gain exposure to the price movements of these cryptocurrencies without directly holding the digital assets themselves. Q5: What are the main benefits of investing in this Coinbase derivative? A5: Key benefits include simplified diversification across tech and crypto, enhanced accessibility to digital assets, and the potential for growth from two dynamic market sectors. What are your thoughts on this innovative blend of crypto and tech? Share this article with your network and join the conversation about the future of diversified investing! To learn more about the latest explore our article on key developments shaping crypto market institutional adoption. This post Unlocking Opportunities: Coinbase Derivative Blends Crypto ETFs and Tech Giants first appeared on BitcoinWorld.
Share
Coinstats2025/09/23 05:10
Crossmint Partners with MoneyGram for USDC Remittances in Colombia
TLDR Crossmint enables MoneyGram’s new stablecoin payment app for cross-border transfers. The new app allows USDC transfers from the US to Colombia, boosting financial inclusion. MoneyGram offers USDC savings and Visa-linked spending for Colombian users. The collaboration simplifies cross-border payments with enterprise-grade blockchain tech. MoneyGram, a global leader in remittance services, launched its stablecoin-powered cross-border [...] The post Crossmint Partners with MoneyGram for USDC Remittances in Colombia appeared first on CoinCentral.
Share
Coincentral2025/09/18 21:02
Why Peter Brandt Says The US Crypto Bill Won’t Be A Game-Changer
The post Why Peter Brandt Says The US Crypto Bill Won’t Be A Game-Changer appeared on BitcoinEthereumNews.com. Will a landmark US crypto bill send Bitcoin soaring
Share
BitcoinEthereumNews2025/12/20 08:21