高流動性是一個專門從事永久期貨合約的分散交易平台，經歷了危機

Hyperliquid是一個專門從事永久期貨合約的分散交易平台，在3月26日被迫將基於Solana的Memecoin Jellyjelly遇到了危機

Decentralized trading platform Hyperliquid, which specializes in perpetual futures contracts, encountered an issue on March 26 when it was forced to delist Solana-based memecoin JELLYJELLY after a whale manipulated its price.

專門從事永久期貨合約的分散交易平台超級流動台在3月26日遇到了一個問題，當時它被迫在鯨魚操縱價格後被迫基於Solana的Memecoin Jellyjelly。

The manipulation resulted in nearly $12m in unrealized losses on Hyperliquid’s HLP(Hyperliquid Pool) vault, exposing flaws in the automated trading system. A trader initiated an 8 million dollar short position on JELLYJELLY before buying token quantities from different exchanges to inflate its market price.

該操作導致了超流利的HLP（超流液池）保險庫的近1200萬美元未實現的損失，從而在自動交易系統中暴露了缺陷。一位交易者在Jellyjelly上發起了800萬美元的短期職位，然後從不同的交易所購買代幣數量以誇大其市場價格。

As the price went up, Hyperliquid’s liquidity vault, responsible for handling trades, received a huge short position. The vault sustained severe losses because of JELLYJELLY’s skyrocketing price. The manipulation went undetected until the token reached a $50 million market capitalization point, at which time market officials executed delisting.

隨著價格上漲，負責處理交易的高級流動性保險庫獲得了巨大的職位。由於Jellyjelly的價格飛漲，該金庫造成了嚴重的損失。該操作尚未被發現，直到令牌達到5000萬美元的市值為止，這時市場官員執行了忠誠。

Centralized Exchanges Join the Fray Amid Crisis

集中式交流加入危機中的競爭

Amid the turmoil, centralized exchanges Binance and OKX listed perpetual futures for JELLYJELLY. The exchange listing of JELLYJELLY futures contracts further intensified the trading frenzy, which brought the risk of vault depletion at the platform closer.

在動盪，集中式交流二元和OKX列出了Jellyjelly的永久期貨中。 Jellyjelly Futures合同的交換清單進一步加劇了交易瘋狂，這使平台更接近了保險庫耗盡的風險。

With the rising pressure, Hyperliquid announced the suspension of JELLYJELLY trading as they planned to conduct additional research. Subsequently, they fully removed JELLYJELLY futures contracts from their platform.

隨著壓力的上升，Hyproliquid宣布暫停Jellyjelly交易，因為他們計劃進行額外的研究。隨後，他們從平台上完全刪除了Jellyjelly Futures合同。

The platform announced the exchange delisting due to market irregularities, which promised repayment except to addresses that triggered alert systems. The protocol declared plans to introduce technical enhancements to prevent such occurrences from repeating.

該平台宣布了由於市場不規則性而導致的交易所推薦，除了觸發警報系統的地址外，還承諾還款。該協議宣布計劃引入技術增強功能，以防止此類事件重複。

The incident highlighted issues with the risk management systems at the protocol as it failed to adequately address whale manipulation alongside liquidity vulnerabilities despite its resolution efforts.

該事件強調了該協議中風險管理系統的問題，因為儘管該事件無法解決，但仍無法充分解決鯨魚的操縱以及流動性脆弱性的解決方案。

Concerns Grow Over Hyperliquid’s Centralization

關注超流動的集中化

A whale previously manipulated Ether futures trading on the platform, leading to a total loss of $4 million from the platform. The centralization of the platform’s network has become a concern for industry observers after two recent incidents that occurred due to its validator set. While the platforms markets itself as a decentralized exchange, its limited number of validators has raised red flags regarding the platform’s susceptibility to manipulation by a small group of insiders.

一條鯨魚先前在平台上操縱了以太期貨交易，從該平台損失了400萬美元。由於其驗證器集引起的兩起事件，平台網絡的集中化已成為行業觀察者的關注。儘管平台以分散的交換為推銷，但其驗證者數量有限，已經為該平台一小組內部人員操縱的敏感性增加了危險信號。

#Hyperliquid may be on track to become #FTX 2.0.The way it handled the $JELLY incident was immature, unethical, and unprofessional, triggering user losses and casting serious doubts over its integrity. Despite presenting itself as an innovative decentralized exchange with a…

#Hyperliquid可能有望成為#FTX 2.0。它處理$果凍事件的方式是不成熟的，不道德的，不專業的，引發了用戶損失，並對其完整性產生了嚴重的懷疑。儘管以...

Bitget CEO Gracy Chen and other industry figures criticized the platform because they believe the platform’s actions will damage their reputation while souring DeFi’s trust. Several traders doubted the lasting effects because HYPE tokens demonstrated a minor market rebound following the incident.

Bitget首席執行官Gracy Chen和其他行業人物批評了該平台，因為他們認為該平台的行動會損害其聲譽，同時使Defi的信任酸化。幾家交易者懷疑持久的影響，因為事件發生後，炒作令牌表現出較小的市場反彈。