Jeff Yan (제프 얀), co-founder and CEO of decentralised exchange (DEX) Hyperliquid, said Wall Street’s traditional investment structure is unfavourable to retail investors and is not sustainable.

On Oct. 7, Cointelegraph reported that Yan, speaking at a Token2049 discussion in Singapore, said pre-IPO growth gains are concentrated among a small group and ordinary investors get investment opportunities only after major growth stages have passed.

He said assets such as corporate shares are closed to the public until they are listed. He said the public can trade only after a small privileged group has taken most of the profits. He added that while the structure could be a byproduct of the economic system, the current wealth-creation model is not sustainable.

Yan said Hyperliquid is expanding opportunities to participate in financial markets through blockchain and perpetual futures. He said the expansion in revenue is also the result of improving accessibility for users worldwide. He said the core goal is to provide more people with opportunities to participate in financial markets, and revenue is a result that follows.

He also cited the product structure of perpetual futures as a growth factor. Yan said the lack of expiry reduces the number of factors traders need to consider and helps prevent liquidity fragmentation. He said a structure that does not split trading by expiry contributed to user inflows and liquidity concentration.

Interest from the financial sector in the related market is also growing. Cryptocurrency asset manager Pantera said in July that perpetual futures, based on structural advantages, could establish themselves as a major trading tool in global finance. Hyperliquid was presented as an example showing blockchain infrastructure can challenge traditional markets.

Intercontinental Exchange (ICE) CEO Jeffrey Sprecher (제프리 스프레처), whose company owns the New York Stock Exchange (NYSE), also urged regulatory improvements. He said regulators should create a level playing field so that it is possible to launch 24-hour on-chain perpetual futures.

NYSE in March also began developing blockchain-based stock trading infrastructure that supports 24-hour trading and settlement in cooperation with tokenisation platform Securitize. As the on-chain derivatives market grows, traditional exchanges are also responding by changing trading hours and settlement methods.