PANews reported on June 3 that Hyperliquid co-founder Jeff Yan published a long article in response to community criticism, emphasizing that the design of "transparent order book" is controversial but forward-looking. He proposed four major market structure principles: opposing the misperception of privacy as an execution advantage, emphasizing the core role of competition in improving transaction quality, pointing out that repeated games are conducive to optimizing behavior, and that system-level transparency can achieve information symmetry. Jeff believes that Hyperliquid has improved transaction quality with the help of L4 transparent order book and cancellation priority mechanism, and can effectively filter "toxic traffic", challenging the traditional OTC and dark pool logic.