The Furnace
The Assistance Fund. A share of trading fees goes in and comes out as $HYPE. In December 2025 validators voted to treat the roughly 37 million $HYPE inside as burned.
$HOF
Houseof AllFinance
Hyperliquid's docs say it will "ultimately house all of finance." Everyone else read a mission statement. We read a floor plan.
everything that follows really happened. the jokes are ours.
I
The fire next door
November 2022. FTX, one of the biggest houses on the street, burned down.
Customers came for their money and found out it hadn't been in the building for a while.
Watching from across the road: Jeff Yan. Harvard, then Hudson River Trading, then Chameleon Trading, one of crypto's largest market makers.
Yan stopped the trading and told the team they were building an exchange where you hold your own money.
II
Pour your own foundation
Most on-chain exchanges were apps renting space on somebody else's chain.
This team wrote its own: its own consensus, its own networking, its own chain, all built for one job.
Every order, cancel, trade and liquidation settles on-chain. In plain view of anyone who walks past.
III
No mortgage
This is usually where the investors come in. A round, a valuation, a cap table, a podcast.
Hyperliquid Labs took no outside money. Reports put the team at about a dozen people, self-funded. Nobody had a term sheet on the kitchen table, so nobody was owed a cheap slice of the house later.
IV
The housewarming
November 29, 2024. Genesis. The party starts at 07:30 UTC.
310 million $HYPE, 31% of the entire supply, goes straight to the people who had been using the place.
Fully unlocked on day one. Nothing allocated to private investors, exchanges or market makers.
Most landlords in crypto keep the deed and sell you a lease. These ones handed out keys.
V
The second floor
February 18, 2025. The crane shows up.
HyperEVM goes live: smart contracts upstairs, order books downstairs, the same HyperBFT foundation under both.
The Foundation's own words for it: a step toward "housing all finance." The contractor took notes.
VI
Then March happened
March 12. A whale opens a 50x ETH long worth over $200 million, pulls its collateral, and lets the position liquidate.
HLP, the house vault, swallows it and ends up about $4 million down. No exploit, the team says. Leverage limits get cut anyway.
March 26. A trader goes to work on JELLY, a tiny memecoin. HLP gets stuck holding a short that's more than $10 million underwater.
Validators vote, delist JELLY and settle it at $0.0095. Users, flagged wallets aside, get made whole. Plenty of people call it centralized. All of that is true at once.
VII
The storm
October 10, 2025. Crypto's biggest liquidation day on record.
Around $19 billion wiped across the market, and roughly half of it on Hyperliquid.
Auto-deleveraging fires across margin for the first time in over two years. A lot of winners were furious.
"100% uptime with zero bad debt."Jeff Yan's summary. Self-reported. We weren't in the server room.
VIII
So let's
So let's
have a look around.
It's all still standing. Mind the wiring, somebody's about to find the light switch.
The Perp Kitchen
HyperCore's main business. Open all night. Everything in here is cooked, and some of it used to be you.
The Vault
HLP. It's where anyone can deposit, and where liquidations land when nobody else will take them. Remember March. It really is the deep end.
The Order Book Room
Every book on the shelf, on-chain, in view of everyone. The docs say 200,000 orders a second, and one block to finality.
The Loft
HyperEVM. Builders live up here and plug into everything downstairs. There's a bed. They've heard good things about it.
The Annex
HIP-3, live since October 2025. Stake 500,000 $HYPE and you can add your own market. Tenants now include stocks, gold, oil and FX. Finance is moving in.
Every room. One roof.
The House of All Finance.
So we planted
a flag on the lawn.
$HOF is a meme coin about the funniest and most impressive building project in crypto. It isn't $HYPE, and it isn't a key to the house.
the inspector checked our homework
The building log
FTX collapses. Jeff Yan winds down Chameleon Trading's trading to build Hyperliquid.
sourceHYPE genesis. 31% of a 1 billion supply airdropped, fully unlocked, no investor allocation.
sourceHyperEVM goes live on mainnet, secured by HyperBFT.
sourceA 50x ETH whale leaves the HLP vault about $4M down.
sourceJELLY squeeze. Validators delist it and settle at $0.0095, and the Foundation makes non-flagged users whole.
sourceValidators award the USDH stablecoin ticker to Native Markets over Paxos, Ethena and others. Critics contest the process.
sourceAbout $19B liquidated market-wide. Yan reports 100% uptime and zero bad debt, and the ADL gets criticized.
sourceHIP-3 goes live: builder-deployed perps, later including stocks, commodities and FX.
sourceValidators vote to recognize the Assistance Fund's HYPE as burned.
source
Hyperliquid docs: "a unified platform that will ultimately house all of finance."
you've seen the house. here's the flag.
Pick up a $HOF
The deed
- Ticker
- $HOF
- Stands for
- House of All Finance
- Launchpad
- Montra
- Supply
- soon
- Contract
soon
Fake deeds will circulate. Only trust the contract printed here.
- 1
Bring HYPE
It pays the gas.
- 2
Go to Montra
Use the button below, and check the contract against the deed before you sign anything.
- 3
Buy a little $HOF
Only spend what you could watch get liquidated with a smile.
- 4
Wipe your feet
There's a mat. We just had the floors done.
takes questions. takes no responsibility.