Hyperliquid在果凍果凍模因硬幣短擠壓中損失了2.3億美元

短暫的擠壓使該平台承擔負債為2.3億美元。

HyperLiquid, a decentralized exchange (DEX), has found itself in financial turmoil following a significant short squeeze on a meme coin, JELLY JELLY. The incident led to HyperLiquid assuming liabilities of around $230 million.

在模因硬幣果凍果凍（Jelly Jelly）大量短暫擠壓後，Hyproliquid是一種分散的交易所（DEX），在金融動盪中發現了自己。該事件導致超級流動性的負債約為2.3億美元。

The incident began with large traders, known as whales, manipulating the price of JELLY JELLY, a new Solana-based meme coin, which HyperLiquid listed on December 7. The price surge, driven by these traders, triggered massive losses for HyperLiquid’s liquidity pool (HLP). Notably, the price of JELLY JELLY went up by nearly 500%, a sudden and dramatic increase that caught traders and the exchange off guard.

該事件始於大型商人（稱為鯨魚），操縱了新的基於Solana的Meme Coin Jelly Jelly的價格，這是12月7日列出的Hyperliquid。由這些交易員驅動的價格飆升，造成了Hyperliquid的流動性池（HLP）的巨大損失。值得注意的是，果凍果凍的價格上漲了近500％，突然而急劇上升，使交易者和交換措施措手不及。

In response to the mounting losses, HyperLiquid delisted JELLY JELLY from its platform. This decision came after the platform was forced to absorb a substantial short position that resulted in a $12 million loss. However, this move drew criticism as it came amid a broader market downturn, rendering the exchange a target of speculation and rumors.

為了響應越來越多的損失，超級流利的果凍從其平台上脫穎而出。這項決定是在該平台被迫吸收大量短期職位後提出的，這導致了1200萬美元的損失。但是，此舉引起了批評，因為這是一個更廣泛的市場低迷，這使交易所成為猜測和謠言的目標。

The delisting decision also came amid concerns about the stability of HyperLiquid, especially given the scale of the financial damage it had sustained.

在對超流動性的穩定性的擔憂之中，這一挑剔的決定也出現了，特別是考慮到它遭受的財務損失的規模。

The incident unfolded as follows: A whale, holding 124.6 million JELLY JELLY tokens (currently valued at $4.85 million), decided to manipulate the coin’s price by dumping and then buying back the tokens. Initially, the whale sold a large amount of JELLY JELLY, causing the price to crash. This action left HyperLiquid holding a short position, which eventually led to a $12 million loss.

該事件的展開如下：一頭鯨魚，持有1.246億果凍果凍代幣（目前價值485萬美元），決定通過傾倒來操縱硬幣的價格，然後再回購代幣。最初，鯨魚出售了大量的果凍，導致價格崩潰。這一行動使超流動率保持較短的位置，最終導致了1200萬美元的損失。

However, the same whale then bought back the tokens, causing the price to surge sharply. As a result, HyperLiquid faced a setback as traders who had bet on a price drop were forced to buy back JELLY JELLY at higher prices, further propelling the token's ascent. Within a few hours, the token's market capitalization jumped from $10 million to $43 million.

但是，同一條鯨魚然後回購了代幣，導致價格急劇上漲。結果，由於價格下跌的交易者被迫以更高的價格回購果凍果凍，因此越來越多，進一步推動了代幣的上升。在幾個小時內，令牌的市值從1000萬美元躍升至4,300萬美元。

The rapid increase in market cap naturally attracted more traders, ultimately worsening HyperLiquid's losses. To worsen matters, Binance and OKX decided to list JELLY JELLY perpetual contracts. These listings contributed to an influx of market liquidity and drove the price up even more rapidly.

市值的迅速增加自然吸引了更多的交易者，最終導致了超流動性的損失。為了使事情惡化，Binance和OKX決定列出果凍果凍永久合同。這些清單導致市場流動性湧入，並更快地推動了價格。

This posed a significant challenge for HyperLiquid, which was struggling to manage its growing losses, rendering the situation more complex and intensifying the controversy surrounding the entire matter.

這對超流動性構成了重大挑戰，該挑戰正在努力管理其日益增長的損失，使情況更加複雜，並加劇了圍繞整個問題的爭議。

In essence, HyperLiquid found itself in a no-win situation. Its attempts to liquidate the position and minimize losses were hindered by the actions of the whales and the broader market trends that favored a short squeeze scenario.

從本質上講，超流動性發現自己處於無勝的局面。鯨魚的行動以及更廣泛的市場趨勢促使人們妨礙了它清算該職位並最大程度地減少損失的嘗試。

As a result of this incident, HyperLiquid is now facing scrutiny over its handling of the situation and the potential regulatory implications. The handling of JELLY_LLY liabilities by HyperLiquid also drew comparisons to past crypto collapses. Some commentators pointed out that abrupt liquidation mechanics played a role in FTX's downfall, leading to questions about whether HyperLiquid's actions could set a precedent for other exchanges facing similar crises.

由於這一事件，超流動性現在在處理情況和潛在的監管含義方面面臨審查。用超流動性處理果凍的責任也使過去的加密貨幣崩潰了。一些評論員指出，突然清算機制在FTX的倒台中發揮了作用，引發了有關Hypliquid的行動是否可以為面臨類似危機的其他交流設定先例。

Moreover, there is ongoing speculation about the extent of Binance's involvement in the situation. According to a report by blockchain researcher ZachXBT, the original whale may have been funded through Binance, which went on to list JELLY_LLY perps after HyperLiquid suffered losses. This raises further concerns about whether major exchanges are indirectly influencing market events to benefit from smaller competitors' struggles.

此外，人們一直在猜測二元介紹了這種情況的程度。根據區塊鏈研究人員Zachxbt的一份報告，原始鯨魚可能是通過Binance資助的，該鯨魚在超流動遭受損失後繼續列出了Jelly_lly Perps。這引起了人們對主要交易所是否間接影響市場事件以受益於較小競爭對手的掙扎的進一步擔憂。

Finally, HLP's 24-hour profit and loss reached 700,000 USDC, showcasing the significant financial strain that HyperLiquid is facing. Despite promising technical improvements and highlighting lessons learned, the exchange is encountering difficulties in recovering from the incident's knock-on effects. It remains unclear what impact this will have on liquidity providers who had engaged with HyperLiquid's platform.

最終，HLP的24小時損益達到了70萬美元，展示了超流動性面臨的巨大財務壓力。儘管有希望的技術改進並突出了經驗教訓，但這種交流在事件的敲門效果中恢復了困難。目前尚不清楚這將對參與Hyperliquid平台的流動性提供商產生什麼影響。