Jeff Yan: My Early Startup Failures and What I Learned On February 19, Hyperliquid founder Jeff Yan @chameleon_jeff said in an interview with When Shift Happens that in 2018 he launched a prediction market project around the same time as Kalshi and others, but it ultimately did not succeed. He said the "off-chain matching, on-chain settlement" infrastructure direction was correct at the time, but ideas account for only a very, very small part - the real difficulty lies in achieving product–market fit. As the market shifted from bull to bear, users were no longer willing to try on-chain products. He added that the team learned a great deal through the cycle. Although the project did not succeed, he is glad to see peers from that period who persisted and are now gradually moving toward mass adoption.