# Hyperliquid whale — X 热门讨论 (2026-09-17 11:43 UTC)
## @JayyI137 (JayyI137) · 09-16 20:19 · ♥31 ↻6 💬5 @loraclexyz is the king of Hyperliquid. Early contributor, https://t.co/T5Wtf9t6vw founder, the whale who printed eight figures on HYPE and still moves size when nobody else will.
One of his wallets just swept 200+ Project Mars plots.
That is not a scalp. Plots are the land layer of Mars: 5,000 parcels, $DRILL rigs, ore upgrades, fee share in ETH. Phase 1 is still early. Territory wars and more planets are still ahead.
When the HL king stacks land this hard, he is not farming a bounce. He is underwriting the map.
Smart money is already on Mars. The rest of you can keep watching.
NFA. Watch the plots. @projectmars_rh
@loraclexyz address 0xe2a0cc663acfe5d7a9cb82a743383297597a8ff3
If u wanna keep pace with him https://t.co/XTbyen2G0I https://x.com/JayyI137/status/2100318608320868740
## @ElNachoCrypto (Nacho) · 09-17 10:43 · ♥28 ↻1 💬6 share this with anyone who doesn't understand why @variational_io is in a league of its own
real innovation real pmf and a definable moat
explained by founders @variational_lvs & @edward_yu_var, with a little commentary/reflection from me
enjoy
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1. no order book, one counterparty
"As opposed to being an exchange, Variational is actually a broker-like model. We don't have an order book. Users trade against Variational Omni via RFQ. We also don't have external market makers. We have only one in-house system called OLP that takes the other side of every trade."
and no - variational does not trade against its users:
"It's not in the business interest of OLP to trade against our users or to provide bad execution. This is a competitive industry. People will notice that immediately. It's transparent and they'll go to all of our other competing platforms."
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2. they don't build liquidity, they aggregate
"What does Variational do differently? We just skip the queue. It's that simple. We're not rebuilding liquidity. We're aggregating."
"They're tradable [CLOB RWAs] by virtue of assembling what went from a puddle to a little bit of a pond of liquidity, and maybe oil has moved closer to a lake. But there's an ocean of liquidity out there in TradFi, and that difference is just too huge in magnitude to ignore."
"The model of order books on chain necessitates rebuilding liquidity, not porting it over, not aggregating it. That was our big structural edge."
"It's a difficult model to scale for order books. It's a turnkey connectivity problem for us."
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3. flow segmentation and access to superior execution
"The biggest difference in our model is having this single system on the other side... we have full information about who's facing us. We're getting the quantity and the size all up front."
"We're optimising for what's the best possible price we can show to retail order flow when we know that it's retail order flow."
"One of the ways I like thinking about what we're doing is democratising access to that quality of execution, which is massively usually better for the end client than having to trade directly on an order book."
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4. value doesn't leak out to external mm, instead it's retained by the protocol (and used for rewards/growth)
"Rather than leaking the value out to external market makers, we're trying to instead make it a benefit to the user."
"It's external market makers, the Jumps and the Selinis of the world. And by the way, this is kind of extractive. The revenue they generate, which is huge, is leaving the Hyperliquid ecosystem. This is part of the revenue that eventually becomes our revenue, and we keep it within the ecosystem."
"You can think of it as we're vertically integrating. We're capturing the market maker side and we're capturing the exchange side."
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5. swaps, which clobs simply can't list
"That is the systemic innovation. That is the unique advantage. No one else can pull it off. This isn't something you can do on an order book."
"Swaps by definition are a product that trades peer-to-peer, bilaterally. It's an OTC product... it's actually not something that can be traded on an order book or cleared by an exchange. This is a very interesting moat that we have."
"Swaps have been used for many years by the largest hedge funds in the world. And we said, why should these large funds be the only ones that get to benefit from swaps?"
swaps are highly incentivised. does that mean there's no pmf? i would argue no. @0xMGB even highlighted this in our recent space:
"We're not delusional. We know there's points involved. . .We've always been very conscious of what looks like real usage and what looks like farming behaviour."
"We've actually seen really really impressive conversion once people do sign up for the first time and place their first trade. They really end up being pretty sticky, and we're pretty happy about that. . .The product's just going to have to stand on its own two legs."
"I think we can be a little bit too cynical in the space sometimes. There is a ton of trading activity out there that is organic."
look how much the protocol has grown over the last year, across a range of metrics. for those that remain sceptical, the real proof will be in how sticky the products are post points
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6. direct dealer connectivity
"When I say directly to TradFi, I don't mean crypto-native dealers sitting on a little bit of TradFi liquidity through a retail broker. I mean directly to the largest dealers and prime brokerages that underpin these in the traditional markets."
"These types of tier one institutions, these are household names. Regardless of whether you could partner with them, they just don't partner with smaller startups, with smaller exchanges."
"It's not trivial to access billions of dollars in open interest capacity with dealers. I mean it's not trivial, or I would argue possible at all, for our competitors to connect to these guys in the first place. So we also consider it a big part of our moat. . .This is something that took us two quarters to solve, if not longer."
i think ppl grossly underestimate the significance of these relationships, how hard they are to cultivate and their potential impact on growth and scaling
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7. no cold start + instant access to deep liquidity
"On day one when swaps launch, by definition let's say they have zero volume in the first second. That doesn't mean these are not possible to execute at whale size. Quite the opposite."
"On a broker-like model, we solve the day one problem for liquidity and depth. We solved the day one problem for open interest."
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8. isolated collateral
"When I sign up, we deploy a new smart contract, a fresh one, a settlement pool that holds my capital. These are completely isolated. They cannot interact at all."
"If you blow up and get liquidated, or god forbid if there's ever an issue with OLP and it blows up, the capital in these smart contracts stays completely isolated. This is a very strong risk guarantee that I think is somewhat underappreciated about Variational's design."
"On an exchange you do have to worry about the solvency of the entire exchange. You can do something that's not your fault at all and the exchange blows up and everyone loses their funds. The peer-to-peer model is the exact opposite of that."
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9. zero fees, permanently, funded by the model rather than subsidised
"We built Omni to have zero trading fees, as opposed to pretty much every other platform I'm familiar with."
"For us it's an ethos as much as it is a product feature... I want fees to never be a reason why you'd leave Omni."
"Our execution costs are some of the best anywhere on Omni because we have zero fees plus very tight spreads, but we expect those to actually improve over time, mostly due to the economy of scale."
a quick word on this. zero fees does not mean zero execution costs, but if you look at the available data you'll find that variational is competitive across an extremely wide universe of markets, and offers some of the lowest execution costs and deepest liquidity for rwas (at institutional size)
with that being said, things will continue to improve over time as the platform matures
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10. the long term ambition
"Hyperliquid is an exchange. It's like CME, CBOE and NASDAQ, and we would put that in the infrastructure realm like AWS. I would put Variational as like Apple. We want to own the end client."
"The real competition that we are considering facing isn't in DeFi. It's in traditional markets. . .Who's bringing institutional trading on chain? that's a hundred trillion dollar market and that's what we're really aiming for long term."
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i'll leave you with this
"Our product looks sometimes intentionally similar to some of the other leaders in our space, because trading perps and swaps should have charts and order entry. But the underpinnings, the skeleton, the foundational technology is completely different."
is it starting to make sense anon?
gvar https://x.com/ElNachoCrypto/status/2100536142101676221