Hyperliquid founder Jeff called a particular growth model used by some cryptocurrency projects unsustainable: securing backing from large market makers and then using incentives to draw trading activity. The interview report does not establish that this is a Wall Street-wide approach, or that most market participants use it.
What Jeff said about crypto projects
In an interview compiled by PANews, Jeff, identified as the founder of Hyperliquid Labs, criticized projects that prioritize token issuance, large market-maker investment and incentivized trading over building a user-first product and attracting lasting users.
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PANews’s English compilation attributes this statement to Jeff: “Most projects take shortcuts: first obtain investment from large market makers, and then attract transactions through incentive programs. This model is unsustainable in the long run.” PANews describes its page as an interview compilation, and the exact original recording was not verified, so the wording should be treated as a reported quotation rather than independently confirmed verbatim speech.
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The reported criticism concerns some crypto projects and their use of market-maker backing and trading incentives. It is not presented as a finding about Wall Street, and the interview report does not quantify how common the practices are. It provides no statistic showing that most projects—or most participants in any market—follow this model.
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For readers assessing the argument, the relevant questions are whether a project attracts recurring users, how much it depends on market-maker backing, and whether incentives are generating activity. Jeff criticizes these practices, but the report supplies no comparative project data or scoring method to determine which projects rely on them or whether the approach is sustainable in a particular case.
What Hyperliquid’s founder says the platform aims to do
PANews describes Hyperliquid as a decentralized perpetual-contract trading platform and Layer 1 project. In the interview, Jeff described goals including low fees, fast transfers, instant settlement, liquidity comparable to centralized exchanges, integration with other applications, collateralized lending, and user control of funds. These are the founder’s descriptions of the project’s aims; the interview report does not independently establish the platform’s performance.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Where the report appeared
PANews compiled the conversation with the program “When Shift Happens.” ChainCatcher republished the compilation and lists its publication timestamp as December 4, 2024, at 12:33:23. The PANews page does not show a publication date in the available report.
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