00:00Well you heard what David said. Hyperliquid is an exchange comparable to Coinbase. But how is it different from Coinbase. How is it different from a Binance. Yeah for sure. So as we all know Coinbase and Binance their crypto exchanges sort of similar to a traditional stock exchange. They hold customers funds. They match orders internally and they they also do KYC requirements. So you know who's trading on these type of exchanges. But Hyperliquid is quite different in that way. So everything runs on Hyperliquid is
00:29on the blockchain thanks to smart contracts which are which are pieces of code that runs on the blockchain directly. So everything runs
00:37automatically like on the blockchain. I think that's also why you have like thousands of people running business at Coinbase or Binance while the core team runs Hyperliquid
00:47only has about just 11 people. Some of the numbers maybe I was associated with Hyperliquid are just staggering here. It's drawn heavyweight investors and billions in
00:55trading volume in just two years. Monthly volumes above six trillion dollars. What has made it so successful. I need to double check the number on the
01:04monthly trading volumes. But I think there are a couple of reasons that make Hyperliquid super successful. So as we said usually exchange acquires KYC process. And I think
01:14Hyperliquid because it runs on the blockchain directly as if if you know the right access to it you're able to trade it directly. So you know I think that's a huge
01:23benefit benefit benefit of that right. So you don't need to go through the traditional KYC to trade on Hyperliquid directly. So when a lot of
01:30exchanges like Binance was facing a lot of regulatory crackdown a couple of years ago people can still go to places like Hyperliquid to trade there.
01:38Another element make it super successful is that don't get me wrong. I think what they're building is nothing new. So own chain crypto exchanges.
01:46They have been like previous efforts like G.Y. D.Y. D.X. and G.M.X. For example I think what they fail to achieve is both being
01:54extremely fast and also being able to have the steep liquidity that's required on crypto exchanges. And Hyperliquid is able to achieve both.
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