‘Every single exchange’ will have to adopt public blockchain infrastructure to compete, Hyperliquid Policy Center CEO says
Jake Chervinsky said major exchanges may need to use public-blockchain infrastructure over the next decade to stay competitive, while framing Hyperliquid as infrastructure rather than a rival exchange. He also said onchain markets should move inside the U.S. regulatory perimeter, and he expects that to happen soon.
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Users and trading firms that interact with major exchanges would notice a different backend if public-blockchain infrastructure becomes part of exchange operations. The immediate effect described is not on prices or access, but on where exchange products sit in the stack: Hyperliquid is described as infrastructure that other regulated firms can build on top of.
In practice, the line between a conventional exchange and blockchain-based market plumbing looks less fixed than before. What is said to change is the architecture under exchange products, while regulated firms remain able to offer customer-facing services on top of that infrastructure.
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Has this happened before?
| When | What happened | Figure |
|---|---|---|
| 12 days ago | Hyperliquid perpetual contracts now available on Bloomberg Terminal event | 1 actors in common · 8 news media |
| 16 days ago | HYPE options activity surges ahead of October 9th expiry event | 1 actors in common · 2 news media |
| 18 days ago | Ethereum overtakes Bitcoin in open interest on Hyperliquid event | 1 actors in common · 3 news media |