Hyperliquid co-founder Jeff Yan said private markets that are currently gate-kept could become a major asset class for broader on-chain adoption, while arguing that round-the-clock trading is not the sector’s defining advantage. Speaking at Korea Blockchain Week 2026 in Seoul, Yan said cryptocurrencies have operated across global markets from the outset and traditional exchanges are extending their trading hours. He identified self-custody, in which users directly control and hold their funds, and blockchain transparency, which enables transactions and asset flows to be verified, as the stronger competitive benefits of on-chain finance. Yan said private shares could support broader 24-hour trading if a global price-discovery system allows users to trade them without being limited to a specific country. He also pointed to HIP-3, which lets independent teams create perpetual markets on Hyperliquid without approval from its core team and has generated meaningful volume in non-crypto assets. Hyperliquid operates with roughly 11 people, received no venture-capital funding, and distributed its HYPE token directly to users through a major airdrop in late 2024.