Hyperliquid founder Jeff argues that some cryptocurrency projects lean on backing from large market makers and trading incentives instead of building products that attract lasting users. He calls that approach unsustainable over the long term. The interview report does not establish that this is a Wall Street-wide model or that most market participants use it.
What Jeff criticized
PANews reports that Jeff, founder of Hyperliquid Labs, criticized projects that prioritize issuing tokens, obtaining investment from large market makers, and using incentives to attract transactions rather than developing a user-first product and acquiring genuine users. The report gives no figures for how common these practices are.
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 original recording was not verified, so the English wording should be treated as a reported quotation rather than confirmed verbatim speech. Read the PANews interview compilation.
Why he says the model is unsustainable
Jeff’s argument is about the difference between buying activity and creating a product people keep using. Market-maker backing and incentives may help a project attract liquidity or trading in the near term, but the interview report does not provide comparative data showing whether the activity lasts or whether any particular project succeeds. His claim is an opinion about the model, not a measured finding about the crypto industry as a whole.
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Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →For readers assessing a crypto platform, the practices named in the interview suggest questions to ask: Are users returning without rewards? Does the product meet a continuing need? Is activity being supported by incentives? The source offers no scoring framework or project-by-project evidence, so those questions are useful checks, not a verdict on any specific platform.
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 describes aims that include 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 goals; the interview report does not independently verify performance or establish that each aim has been achieved.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the headline gets wrong
The available interview coverage does not substantiate a claim about “Wall Street” or show that the model applies to “most participants.” It reports Jeff’s criticism of some crypto projects’ use of market-maker investment and trading incentives, without quantifying how widespread that approach is. ChainCatcher republished the PANews compilation on December 4, 2024; the PANews page does not display a publication date in the cited version. Read the ChainCatcher republication.
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