At TOKEN2049 Singapore 2025, Hyperliquid founder Jeff Yan expressed concerns about the potential marginalization of the DeFi platform rather than unexpected 'black swan' events. Yan emphasized that if Hyperliquid were to fail, it would likely be due to not creating value for the world rather than issues with the protocol itself. He highlighted the need for the DeFi industry to reduce reliance on off-chain assumptions like price and endorsements, advocating for a focus on on-chain coherence and long-term development. However, he noted that it remains uncertain whether the existing financial system will take DeFi seriously.