隨著鯨魚操縱利用平台漏洞，超流動（炒作）令牌下降20％

分散的交易平台超流動液最近面臨著重大的衰退，其本地令牌炒作在過去一周中下降了20％，一天中的炒作下降了8％。

Decentralized trading platform Hyperliquid has faced a major downturn, with its native token HYPE dropping 20% over the past week and 8% in a single day.

分散的交易平台超流動型面臨重大的衰退，過去一周的原始代幣炒作下降了20％，一天中的炒作下降了8％。

What Happened: Once seen as a promising alternative to centralized exchanges, Hyperliquid has come under scrutiny for security flaws and potential whale manipulation, which has led to instability in the HYPE token price and raised questions about the platform's sustainability.

發生的事情是：曾經被視為集中交流的有前途的替代方案，對安全缺陷和潛在的鯨魚操縱的審查已受到審查，這導致了炒作的不穩定，並提出了有關平台可持續性的問題。

This downturn follows the JELLY incident, where a trader deposited $7 million across three debts and performed leveraged trades to increase JELLY's price by 400%. This scheme pressured liquidators and led to major losses within the platform's Provider Vault (HLP), which absorbed the negative impact of liquidations.

這次下滑是在果凍事件發生後，一名交易員在三個債務中存入了700萬美元，並進行了槓桿交易，以將果凍的價格提高400％。該計劃向清算人施加壓力，並導致平台的提供商保管庫（HLP）的重大損失，該損失吸收了清算的負面影響。

After the incident, Hyperliquid delisted JELLY, citing "suspicious activity." However, the damage had already been done, and investor sentiment remained weak.

事件發生後，超級液體以“可疑活動”為主題。但是，損害已經造成，投資者的情緒仍然薄弱。

The hyperliquid price crash also unfolded as traders lost confidence in the platform's ability to protect assets. The event highlighted structural flaws in the DeFi trading models, leaving HYPE's value vulnerable to further downturns.

當交易者對平台保護資產的能力失去信心時，超流利價格崩潰也在展開。該事件強調了Defi交易模型中的結構缺陷，使Hype的價值容易受到進一步低迷的影響。

Why It's Important: The Hyperliquid price crash sparked criticism from the crypto community, with distinguished figures questioning the decentralized model.

為什麼重要的是：超流利的價格崩潰引發了加密社區的批評，傑出的人物質疑分散模型。

Bitget CEO and BitMEX co-founder Arthur Hayes expressed concerns, highlighting Hyperliquid's security weaknesses and failures of centralized exchanges in the past. Their remarks contributed to the pessimistic market sentiment, causing instability in the HYPE token's value.

Bitget首席執行官和Bitmex聯合創始人Arthur Hayes表達了擔憂，突出了超級流動性的安全弱點和過去的集中交流的失敗。他們的言論導致了悲觀的市場情緒，導致了炒作令牌價值的不穩定。

"It's no secret that I'm not the biggest fan of DeFi. I think it's fundamentally flawed, and we've seen this play out time and again with various protocols and platforms being exploited or collapsing entirely," Hayes said.

海斯說：“我不是Defi的最大粉絲，這不是秘密。我認為這是有缺陷的，我們一次又一次地看到了這種播放，隨著各種協議和平台被完全利用或崩潰。”

Investors also criticized Hyperliquid for its biased compensation policy following the incident. Reports indicate that only selected accounts are being reimbursed, raising concerns over fairness and equity in the platform's administrative procedures.

事件發生後，投資者還批評了Hyplliquid的偏見薪酬政策。報告表明，僅對選定的帳戶進行報銷，這引起了對平台管理程序中的公平性和公平性的擔憂。

This selective approach is expected to further dampen HYPE's value. The HYPE token has plummeted to $12.92, marking a 63% decrease from its all-time high of $35.02. This significant fallout underscores the urgent need for stronger DeFi governance and investor protection in the cryptocurrency domain.

這種選擇性方法有望進一步削弱炒作的價值。大肆宣傳的令牌暴跌至$ 12.92，比其歷史最高售價35.02美元下降了63％。這種重大的影響強調了對加密貨幣領域中更強大的抗議治理和投資者保護的迫切需求。

What's Next: Hyperliquid has introduced new risk-management policies to strengthen security and stability within its trading ecosystem.

接下來是：Hyperliquid引入了新的風險管理政策，以增強其交易生態系統中的安全性和穩定性。

These updates include limiting liquidator vault holdings to ensure they constitute only a small fraction of the total HLP account value, reducing the frequency of rebalancing to enhance fund stability and minimize possibilities for exploits.

這些更新包括限制清算器保管庫的持有量，以確保它們僅構成HLP總帳戶價值的一小部分，從而降低了重新平衡以增強基金穩定性並最大程度地減少利用的可能性。

Other modifications focus on more advanced liquidation mechanisms and adjustments to open-interest policies, ensuring that market prerequisites are better reflected in the platform's administrative procedures.

其他修改著重於更先進的清算機制和對開放利益政策的調整，以確保在平台的管理程序中更好地反映市場先決條件。

A major introduction is on-chain voting, which will empower validators to remove underperforming digital assets and improve governance and security within the Hyperliquid ecosystem.

主要介紹是鏈投票，這將使驗證者能夠消除表現不佳的數字資產，並改善超流動生態系統內的治理和安全性。

As these modifications are implemented, traders will be closely observing whether they can help hyperliquids recover from this crisis and restore confidence in its trading ecosystem for a sustainable recovery.

隨著這些修改的實施，交易者將密切觀察他們是否可以幫助超流動群體從這場危機中恢復，並恢復對其貿易生態系統的信心，以實現可持續恢復。