Hyperliquid founder Jeff Yan stated that the latest paper by Davide Barone and Fabrizio Lillo examined the trading execution effects of Hyperliquid's on-chain visible TWAP. The data shows that after on-chain TWAP orders are made public, market liquidity tends to tighten, thereby improving the average execution of TWAP orders. Jeff Yan believes that transparent trading can enhance the execution efficiency of non-toxic order flow, and this study provides data support for his viewpoint. He pointed out that compared to traditional private trading venues, transparency and fair access can lead to more efficient trade execution.
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