Operation NOCEX -- The Clear Path Forward Smart contracts were pioneered by Ethereum in 2015 -- while it may feel like forever ago, 10 years is not that long for what has become a globally adopted financial and technological network A lot has happened in these 10 years. We have seen ups and downs. Exploits to the likes of $ billions. Regulatory regime shifts. And innovation that makes early projects feel unrecognizable What we are left with is a system that finally feels like it can compete with its centralized counterparts. For years, this wasn't the case -- DeFi was clunky, smart contracts felt vulnerable, and interoperability was far from seamless Fast forward to today and we have DeFi products that are extremely smooth, fast, and without issues. Developers have iterated and found ways to reduce friction to the user while still providing a safe way to transact Smart contract exploits have been on the decline, and we have battle tested protocols like Aave that sit at $40B in TVL. The Lindy effect is real and trust only continues to build as the years go on I am glad to see the timeline start to pick up on how extractive centralized parties are. This is not a new either -- they have been extractive for many years, it just isn't easy to uncover given the lack of transparency of their operations, and lack of suitable alternatives For maybe the first time since the inception of blockchain, we have the ability to move nearly everything onchain Hyperliquid in particular solves the largest hole here which is offering an alternative to CEXs. Creating a DEX product which could operate as effectively as CEX, for many years, felt like an impossible task. However tall a task it was, the Hyperliquid team figured it out and has developed a solution that is neutral, decentralized, transparent, builder-aligned, and as good or better of a trading experience than the top centralized options The path forward for the industry is clear and it is to move all operations possible on chain. Transparent, verifiable ledgers are critical to protect users, as are neutral, permissionless systems. CEXs and other centralized entities served their purpose for years as decentralized systems were not battle tested enough / could not replicate the same user experience. But after years of innovation, it is finally time. It is time to move on from the extraction. And it is time to embrace the principles of what this industry was founded on Operation NOCEX begins now Hyperliquid