The Milk Road Show How This Hyperliquid Project Is Changing the Game for Retail Investors w/ Alvin Hsia
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Sep 2, 2025 In this engaging conversation, Alvin Hsia, co-founder of Ventuals, unveils revolutionary trading strategies using Hyperliquid, allowing speculation on pre-IPO giants through crypto perp markets. He shares insights on the recent success of the platform, which has already attracted 16,000+ traders and generated over $200M in trading volume. Hsia emphasizes the importance of deep liquidity and democratized investment opportunities, showcasing how Ventuals is reshaping access to private market investments.
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Perps Won By Timing, Not Magic
- Perps grew in crypto partly due to path dependency: they arrived before a deep options market developed.
- Perps are more retail-friendly than options, so retail traders adopted them broadly in crypto.
Why Hyperliquid Surged Fast
- Hyperliquid captured volume by listing new perp pairs quickly and running an effective product and a massive fair airdrop.
- Their large airdrop and no-VC approach built a loyal community and reduced concerns about token unlock dumps.
Bootstrapping Liquidity With HLP Vaults
- Hyperliquid bootstrapped early liquidity with an HLP vault that provided market-making capital and shared exchange fees.
- That strategy attracted retail flow and later external market makers as the venue matured.