TREE NEWS reports: Hyperliquid co-founder Jeff Yan said at Korea Blockchain Week that round-the-clock trading is not what distinguishes onchain venues from traditional exchanges. In a fireside chat, Yan argued crypto never needed conventional market hours because the asset class is inherently international, and that traditional exchanges have moved toward longer hours themselves. He did not name the feature he considers the real differentiator.
Hyperliquid’s Jeff Yan: 24-hour trading not onchain finance’s true edge
Yan's point cuts against a common pitch for onchain venues: that always-on markets are the innovation. If traditional exchanges keep extending hours, that advantage erodes, leaving the real differentiator elsewhere — and his refusal to name it is the telling part. The competitive question is whether onchain platforms can articulate a durable edge beyond access, or whether the case rests on features incumbents can copy.
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