$102M revenue per employee with an 11-person team and zero VC — Jeff basically built a prop trading desk that owns its own exchange infrastructure end-to-end. But 16 validators, a foundation controlling two-thirds of HYPE supply, and manual interventions during the JELLY exploit make the "decentralized" framing hard to defend. Hyperliquid is an incredible business; whether it's an incredible protocol is a different question entirely.

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