Yan: Day-one VC insiders permanently scar a protocol's credible neutrality
Jeff Yan · Building a $10B+ DeFi Protocol with Just 11 People | Jeff Yan Joins TBPN · Oct 22, 2025 · at 4:56
Hyperliquid founder Jeff Yan discusses why bootstrap protocols cannot maintain credible neutrality after accepting early insider venture backing.
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“If there are insiders from day one, it doesn't matter how much dispersion of supply, mindshare, talent, et cetera. There is the sort of like the big bang moment will always be there and will always sort of like a scar on the record of the thing.”
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