Over $1 trillion of BTC sits dormant. This is a massive amount of inefficient capital. In a world where Bitcoin wins, The Mandate of Heaven is clear: turn this idle capital productive without compromising on decentralized principles.

Historically, activating BTC meant trusting centralized counterparties. The catastrophic failures of MT Gox, Cryptopia, FTX, Celsius, BlockFi (You get the point) proved that the Centralized Finance (CeFi) model is fundamentally broken. Opaque operations, without proper financial controls and centralized custody introduce existential counterparty risk.Centralized exchanges (CEXs) are black boxes. You cannot audit their risk engines, verify their solvency, or monitor their trading activities in real time. Relying on CEXs for trading or yield generation is riskier than most understand.

After 10/10, we saw that liquidity in the system is fickle and each venue has its own risks. It is worthy to note that Hyperliquid performed the best during the 10/10 crypto crash. No bad debt was created. ADL operated as intended. Most shorters got to cover at the bottom.

Sophisticated allocators demand performance, transparency, and self-sovereignty. This requires a migration to superior decentralized infrastructure.

DeFi will win.

The Hyperliquid Standard

We need infrastructure that combines CEX-level execution with the guarantees of DeFi.

Hyperliquid is a decentralized perpetuals exchange built on a custom Layer 1. It is optimized offering performance comparable to centralized venues. Hyperliquid creates an execution environment and state machine with same affordances as a CEX.

With Hyperliquid, Button can deliver on institutional grade products without compromising on DeFi principles.

‍Bitcoin + Hyperliquid = The Mandate of Heaven