Last fall, Hyperliquid founder Jeff discussed his views on centralized exchanges in a podcast. When asked whether he envied the scale and user base of CEXs, his answer was quite interesting — not at all.

In his view, CEXs are already a relatively mature business model, but that’s precisely not what he wants to do. What truly attracts him are those features that are either nonexistent in traditional finance or currently only barely achievable on centralized platforms. For example, fully decentralized derivatives trading, transparent risk management mechanisms, and trading experiences where users truly control their assets.

He said that his motivation every day is to build things that "do not yet exist." This way of thinking actually reflects the fundamental difference of DEX innovators: not copying the functions of traditional exchanges, but leveraging blockchain’s features to create entirely new financial interactions. From liquidity and fee structures to user asset security, everything is being redefined.