🧐 Jeff Yan declined early investment interest and believed Hyperliquid could follow a Bitcoin-style organic birth path. Host: So how did Hyperliquid come onto your radar? Guest @based16z: At the time, I was looking for venture projects while also scouting on-chain gambling opportunities. When Hyperliquid first launched, I was searching for new venture opportunities and wanted to place a bet on-chain—those two goals aligned perfectly. I gave it a try, and immediately reached out to Jeff: “Whoa, this is incredible—could there be something here?” I met with Jeff. My immediate impression was: this is what a founder looks like. This guy is different. You could instantly tell he was someone with genuine vision. I went back and listened to his past podcasts about markets—he was on a completely different level from anyone else I’d encountered in crypto. I hadn’t met Vitalik yet, but he was the first truly top-tier early figure I’d ever met. It was already late 2023. I told my fund team: “We should buy in at a $1 billion valuation before it even turns a profit—this will be a massive deal.” They said, “Sure, we agree—let’s send him a term sheet.” But Jeff replied: “I like you guys, but no—I need a Bitcoin-style native birth.” At that moment, I thought: alright, then for the next year, I’ll treat grabbing airdrops as my full-time job. Looking back, it was largely a bet on the founder. Of course, everyone knows this now. I still really like the team and the product. Even today, I can’t pinpoint exactly what made Hyperliquid stand out—it’s matured now, but it’s still one of the coolest things being built in crypto.