凱文·史密斯（Kevin Smith）剝削了超流動性

上週，Defi看到了另一個主要的利用 - 這次是針對Hyproliquid，這是最大的分散永久性期貨平台之一。

Last week saw another major exploit in the DeFi space, this time targeting Hyperliquid, one of the largest decentralized perpetual futures platforms. The attack follows a familiar pattern, previously seen in incidents like Mango Markets: exploit thin liquidity on spot and perp markets to manipulate the price of a low-liquidity token—in this case, Jelly-My-Jelly.

上週，在Defi空間中看到了另一個主要的利用，這次是針對超級流動的，這是最大的分散永久性期貨平台之一。這次襲擊遵循了一種熟悉的模式，以前在芒果市場等事件中看到：利用現場的流動性和perp市場來操縱低流動性代幣的價格 - 在這種情況下，果凍 - 瑪麗·詹利（Jelly-My-Jelly）。

What happened? On March 26, an attacker targeted Hyperliquid’s Liquidity Provider (HLP) vault by opening large positions in Jelly-My-Jelly’s perpetual futures market: one short at ~$4 million and two longs at ~$3 million.

發生了什麼？ 3月26日，一名攻擊者通過在Jelly-My-My-My-My-My-My-My-Jelly的永久期貨市場上開設大型職位來針對Hyplliquid的流動性提供商（HLP）保險庫：一個縮短了約400萬美元，左右約為300萬美元。

Jelly-My-Jelly, a Solana-native token with a modest $15M market cap, was listed on both centralized (CEXs) and decentralized (DEXs) exchanges. Its daily liquidity averaged just $72K—less than half of similar low-cap tokens like Slerf ($190K) and over 1,000 times lower than Solana’s native token, SOL.

Jelly-My-Jelly是一個固定的代幣，具有1500萬美元的市值，在集中式（CEXS）和分散的（DEX）交易所上都列出了。它的每日流動性平均僅為72,000美元，不超過SLERF（190,000美元）的類似低帽子代幣的一半，比Solana的本地代幣SOL低1000倍。

For this Hyperliquid attack, the trader undertook two coordinated actions while simultaneously opening short and long positions on the asset’s perpetual markets:

對於這種超流動性攻擊，交易者進行了兩項協調的行動，同時在資產的永久市場上開放了短期和長位置：

Within an hour, Jelly-My-Jelly’s price surged over 500%, advancing from $0.00806 to $0.0517.

在一個小時內，Jelly-My-Jelly的價格上漲了500％以上，從0.00806美元上漲至0.0517美元。

This price manipulation exposed flaws in Hyperliquid’s liquidation engine. As open interest passed key thresholds, new positions were blocked, hindering liquidators from effectively closing the liquidation of the attacker’s short position. The delay amplified losses, further deepening the predicament for the HLP vault.

這種價格操縱暴露於超級流動的清算發動機中。隨著開放興趣通過的關鍵閾值，新的位置被阻止，阻礙了清算人有效關閉攻擊者的短位置的清算。延遲放大了損失，進一步加深了HLP保險庫的困境。

Adding to the complexities, Binance and OKX listed Jelly-My-Jelly perps on the same day, following a surge in activity on Bybit, where Jelly-My-Jelly reached its highest-ever daily volume at $150M.

隨著Bybit上的活動激增，Jelly-My-Jelly的每日最高銷量以1.5億美元的價格達到了同一天的複雜性，Binance和OKX列出了Jelly-My-Jelly Perps。

Additionally, the Jellyjelly activity last week saw liquidations on either side of the market as prices gapped and whipped. Short liquidations were more prevalent early in the day, while longs were largely liquidated in the afternoon session. The biggest single liquidation on March 26 was a short position that got liquidated for around $250k.

此外，上週的果凍活動隨著價格散佈和鞭打，市場的兩邊都清算了。在當天早些時候，簡短的清算時間更為普遍，而在下午的會議中，朗卻大量清算。 3月26日最大的單次清算是一個短額，以25萬美元的價格清算。

These operations highlight the meticulous planning that went into the attack. On-chain data indicates that the attacker was already performing test transactions on Hyperliquid as early as 10 days prior to the March 26 incident.

這些操作突出了攻擊的細緻計劃。鏈上的數據表明，攻擊者早在3月26日事件發生之前的10天就已經對高流動性進行了測試交易。

Trump Media group works with Crypto.com on ETFs.

特朗普媒體集團與crypto.com合作在ETF上。

The Trump media group announced its intention to launch a range of crypto-related exchange-traded funds last week. It plans to launch funds investing in projects with a “Made in America” theme. This will include crypto assets such as BTC and CRO, the former’s price spiked following the announcement.

特朗普媒體集團宣布打算上週推出一系列與加密相關的交易所資金。它計劃以“美國製造”為主題的項目投資資金。這將包括加密資產，例如BTC和CRO，後者在宣布之後的價格飆升。

CRO is an exchange token for the Crypto.com platform. While exchange tokens had taken a hit after the FTX collapse, regulation in the U.S. has benefited these projects. However, these assets still suffer from low volume and liquidity.

CRO是Crypto.com平台的交換令牌。儘管FTX崩潰後，交易所代幣受到了打擊，但美國的監管使這些項目受益。但是，這些資產仍然遭受低量和流動性的困擾。

After the election in November saw a surge in volume in CRO markets, and again last week with the Trump media group announcement, it remains very low compared to other assets vying for ETF status.

在11月舉行的選舉中，CRO市場的數量激增，並在上週隨著特朗普媒體集團的宣布再次激增，與其他爭奪ETF狀態的資產相比，它仍然非常低。

The 2% market depth of CRO is only around $10mn on Kaiko Indices vetted exchanges. These are exchanges with USD-quoted pairs, eligible for ETF benchmark use. While this is very low and only a fraction of the liquidity available in BTC and ETH markets it does come closer to some other ETFs applying for approval at present, such as ADA and APT.

在Kaiko指數審查的交易所中，CRO的2％市場深度僅為1000萬美元。這些是與USD引用的配對的交換，有資格使用ETF基準。儘管這很低，並且僅佔BTC和ETH市場中可用的流動性的一小部分，但它確實接近了目前申請批准的其他ETF，例如ADA和APT。

Volume and liquidity conditions had been crucial in the decision-making process of the previous administration, with low liquidity seen as a deterrent to approval. But with new leadership at the SEC issuers are getting more ambitious with applications.

數量和流動性條件對於上屆政府的決策過程至關重要，流動性低是批准的威懾。但是，隨著美國證券交易委員會的新領導，發行人對應用程序變得更加雄心勃勃。

Stablecoin CVD on US markets flips positive.

美國市場上的Stablecoin CVD會呈陽性。

Last week saw heightened market volatility as both crypto and stocks rallied on Monday with tariff concerns easing, only to pull back on Friday with hotter-than-expected U.S. inflation data and renewed stagflation fears.

上週，由於加密貨幣和股票在周一集會，關稅的問題越來越緩解，因此市場波動越來越高，只是在周五以高於預期的美國通貨膨脹數據和更新的散落性恐懼而退縮。

Despite the Friday downturn, USDT-USD Cumulative Volume Delta (CVD) flipped positive over the past 15 days, signaling a potential shift in market sentiment.

儘管週五的經濟低迷，但USDT-USD累計數量達美（CVD）在過去15天中呈正變，這表明市場情緒可能發生了可能的轉變。

Historically, traders in developed markets accumulate stablecoins during bullish phases and liquidate them in downturns. In recent months, both USDT-USD and USDT-EUR CVDs remained in the negative territory, reflecting a cautious outlook.

從歷史上看，發達市場中的貿易商在看漲階段積累了穩定的穩定者，並在低迷中清算了他們。近幾個月來，USDT-USD和USDT-EUR CVD都留在負面領域，反映出謹慎的前景。

In stark contrast, we observed robust USDT accumulation in emerging markets like Turkey, Colombia, and Mexico, fueled by FX volatility.

相比之下，我們觀察到在FX波動性的推動下，在土耳其，哥倫比亞和墨西哥等新興市場中積累了強勁的USDT積累。