Hyperliquid co-founder Jeff Yan positions the platform as a liquidity infrastructure layer for all of finance, comparing it to AWS for computing resources.
DeFi & Yields ·
On July 9, 2026, Hyperliquid co-founder Jeff Yan described the platform's core function as a liquidity infrastructure layer serving all of finance, rather than operating as a traditional exchange. Speaking on the VALR podcast, Yan drew a parallel to Amazon Web Services, arguing that Hyperliquid supplies foundational support for liquidity, ledgers, and asset tokenization in the way AWS provides computing resources to startups.
Yan's thesis centers on network effects. As separate platforms route activity through this unified layer, he contends, a compounding benefit accrues across the entire system, with all participants gaining access to tighter bid-ask spreads and deeper order books. The framing positions Hyperliquid as infrastructure rather than a consumer-facing product.
What remains unclear is the timeline and mechanics for how platforms would integrate into such a layer, what barriers or incentives would drive adoption, and whether existing exchange models would need to fundamentally restructure to realize the liquidity pooling Yan describes.