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Founded in 2020 under the name Chameleon Trading by Jeff Yan—a Harvard-trained mathematician with experience at Hudson River Trading—Hyperlquid initially aimed to revolutionize crypto trading. Yan's disdain for venture capital funding, emphasizing building on merit and self-sustainability, shaped the platform’s ethos. Although assertions abound about Hyperlquid's independence, recent disclosures show backing by four firms: Collab Plus Currency, Infinite Capital, Optimista Capital, and Rockaway X. These investments, whether strategic or venture-like, raise questions about the true decentralization of Hyperlquid.