This is the story of Hyperliquid, the most profitable startup per employee on earth, told from a guarded office in Singapore. Last year, its team of 11 generated $900 million in profit. It's 3 years old, has never taken a dollar of venture capital, and is beginning to change how century-old markets work. Its founder, Jeffrey Yan (@chameleon_jeff), had never taken a physics class when he picked up a textbook at 16. Two years later, he won gold at the International Physics Olympiad. In 2019, he started trading with $10,000 from a living room in Puerto Rico—working off a television because he didn't own a monitor. Within 3 years, he was running one of the largest anonymous crypto trading firms. Then he shut it down. Yan was rich and free, but he had spent years inside crypto, watching it betray itself. Bitcoin's central premise was decentralization. Yet the biggest exchanges were centralized. Crypto kept reintroducing the dependence on trust it was built to eliminate. He set out to create what should have existed. Hyperliquid is a blockchain with a trading exchange on top, and anyone can build on it. Yan's vision is to house all of finance. In 3 years, it has done over $4 trillion in volume. And in the past few months, it has begun to outgrow crypto. Markets for oil, silver, and the S&P 500 now trade on Hyperliquid around the clock, weekends included, and are growing roughly 40% week on week. When the US and Israel bombed Iran on a Saturday in February, Hyperliquid was the venue traders turned to. Hyperliquid's success has cost Yan his freedom. He works out of a secret office in Singapore and cannot travel without two bodyguards. Even the team's housekeeper doesn't know what they do. In January, @domcooke spent a week at their office. Read his profile on Yan and @HyperliquidX below.

Every chain has a memecoin that gets valued in billions. It's a rite of tradition in crypto that it must happen for every new chain that launches. Ethereum had $PEPE and $SHIB, Solana had $BONK and $WIF. One memecoin always rises to the top and ends up sitting at billions. Memes are also genuinely useful. They attract retail investors as a sort of marketing spectacle. It’s a way to onboard millions of users to a chain. And they're fun! Meme culture has generated billions of dollars in revenue for Solana and its ecosystem. Right now a lot of that culture is rotating, Solana is dying and everyone is looking for where it should go next. I think it should go to Hyperliquid, and there's a way to make it happen. It's $MAX, Jeff's dog. That's the whole thesis. It's the founder's dog and now it's a coin. A place for everyone to start trenching somewhere that isn't a graveyard. The distribution is the same logic that made $HYPE work, airdropped to other $HYPE holders and no insider allocation. A memecoin living on Hyperliquid (fairly launched) traded on-chain, with a community forming around it. If it takes off it will be the first billion dollar memecoin traded natively on an orderbook. It also makes Hyperliquid into more than a DEX. Max is, in a dumb and perfect way, proof of trenches. Every coin that trades here, every joke that catches, is activity that used to go somewhere else. The bet is simple: Hyperliquid can host a big memecoin the way solana hosted BONK. If it can, that's the clearest signal there is that the trenches have a new home. I'm not promising Max is that coin, most memecoins go to zero and this one might too. But a billion dollar runner is going to emerge on this chain eventually. There's no law saying it has to be on Solana anymore. MAX has no utility, it doesn't stake, secure, govern, or earn you a thing. It is a picture of a dog, and it was airdropped to the Hyperliquid community at a rate of 10,000 $MAX per $HYPE. Buy it if you think it's funny and you want to help drag the trenches somewhere better. That's the entire reason to own it. Every chain needs a dog coin. Hyperliquid's is MAX. app.hyperliquid.xyz/trade/MA…

I spent the past few days in Washington with @hyperliquidpc meeting with policymakers during the historic advancement of the Clarity Act. We discussed Hyperliquid, the benefits that it offers to American consumers, and the regulatory path to bring onchain derivatives markets into the United States. Some conversations were technical with an impressive baseline understanding of Hyperliquid. Discussions included how onchain trading is a financial innovation that has clear global user demand. Other conversations focused more on a first principles introduction to defi and the promise of onchain markets. It was encouraging to see bipartisan support for thoughtful regulation of crypto. I look forward to continuing discussions in DC and working hard to make American access to Hyperliquid a reality.

Excited to see everyone come together for this historic moment. AQAv2 brings the protocol-aligned stablecoin model that @Nativemarkets trail-blazed to USDC with @Coinbase and @Circle's commitment to Hyperliquid. The community no longer has to choose between liquidity and alignment. Our industry will face adversity as we continue to grow. It gives me hope seeing titans of the industry come together to build for users and bring all of finance onchain.