I. A Dusty Photo, a Living Legend A single resurfaced group picture is now ricocheting through crypto-Twitter. In the back row, wearing a light sweater and an almost shy smile, stands a young Jeff Yan—today the anonymous founder of Hyperliquid, the perpetual-swap DEX that routinely out-trades Coinbase’s entire derivatives book. The shot was taken in 2018 at the inaugural BUIDLers camp run by Binance Labs. Seven years later the apprentice has become the giant’s most stubborn competitor.II. 201...