At the Token 2049 Singapore conference, Hyperliquid co-founder Jeff Yan discussed the development and value of perpetual contracts (Perps). Yan emphasized that perpetual contracts represent a groundbreaking innovation in the crypto industry, laying a crucial foundation for its growth. He highlighted two main advantages: the elimination of contract fragmentation due to varying strike prices and expiration dates, which allows for concentrated liquidity and optimal pricing for large trades; and the abstraction of leverage, enabling users to trade without understanding funding rates. Yan also noted Hyperliquid's native order book and margin system as key strengths.