Hyperliquid Co-founder responds to criticism regarding "Transparent Market Controversy"

Hyperliquid co-founder Jeff responded to community criticism, emphasizing that the "transparent order book" design, while controversial, is forward-looking. He proposed four market structure principles: opposing the misunderstanding of privacy as an execution advantage, highlighting the core role of competition in improving transaction quality, pointing out that repeated game theory helps optimize behavior, and that system-level transparency is key to achieving information symmetry. Jeff believes that Hyperliquid, through its L4 transparent order book and cancellation of priority mechanisms, has enhanced trading quality and can effectively filter "toxic flow", challenging traditional OTC and dark pool logic.