超级流动性面临以来最复杂的挑战之一，与果冻令牌和治理有关。

与果冻有关的永久合同的突然推荐引发了批评，信任丧失和市场波动的连锁反应。但是，这也成为对协议及其治理体系的深刻续签的起点。

Hyperliquid has been facing one of the most complex challenges since its inception, linked to the JELLY token and governance. The sudden delisting of perpetual contracts linked to JELLY triggered a chain reaction of criticism, loss of trust, and market volatility. But it also became the starting point for a profound renewal of the protocol and its governance system.

自从其成立以来，Hyplliquid一直面临着与果冻令牌和治理有关的最复杂挑战之一。与果冻有关的永久合同的突然推荐引发了批评，信任丧失和市场波动的连锁反应。但这也成为了对协议及其治理体系深刻续签的起点。

What happened with JELLY on Hyperliquid?

果冻在超液体上发生了什么？

Everything began with suspicious movements in the markets related to the JELLY token. In response to these anomalous dynamics, the validators of the Hyperliquid network voted for the immediate delisting of the perpetual contracts associated with the asset. A drastic decision, but deemed necessary to protect users from potential manipulations and maintain the integrity of the protocol. The removal of the contracts was approved through the internal voting mechanism of the validators, with the aim of being completed by Friday, March 17.

一切始于与果冻令牌有关的市场可疑动作。为了响应这些异常动态，超流动网络的验证者投票决定立即将与资产相关的永久合同推荐。一个艰巨的决定，但被认为是保护用户免受潜在操作并保持协议完整性的必要条件。通过验证者的内部投票机制批准了合同的删除，目的是在3月17日星期五完成。

To limit the economic damage suffered by the users involved, the Hyper Foundation has announced an automatic refund program based on on-chain data, excluding however the addresses identified as suspicious or linked to fraudulent behavior. The goal is to return the value of the deposited tokens to those who were victims of the scam.

为了限制相关用户所遭受的经济损害，超级基金会宣布了基于链数据的自动退款计划，不包括被确定为可疑或与欺诈行为相关的地址。目的是将存款令牌的价值归还给那些骗局受害者的人。

The criticisms and the comparison with FTX

批评和与FTX的比较

The intervention, although justified according to the Hyperliquid team, has raised strong criticisms in the crypto community, sparking a heated debate on transparency and the decentralization of the protocol. Among the most critical voices, stands out that of Gracy Chen, CEO of Bitget, one of the main centralized exchanges in the sector. In a tweet that went viral, Chen compared what happened on Hyperliquid to the collapse of FTX, highlighting how, even in environments that define themselves as decentralized, decision-making power is sometimes concentrated in a few hands.

该干预措施虽然根据超流动团队的说法是合理的，但在加密货币社区中提出了强烈的批评，引发了关于透明度和协议权力下放的激烈辩论。在最关键的声音中，该行业主要的集中交易所之一Bitget的首席执行官Gracy Chen脱颖而出。在传播病毒的推文中，Chen将超流动性上发生的事情与FTX的崩溃进行了比较，即使在将自己定义为分散的，决策能力的环境中，有时也会集中在几只手中。

According to Chen, the unilateral delisting action without a clear process of public consensus reflects a governance that is still immature and potentially dangerous, just like in the FTX case, where centralized decisions led to disaster. The criticism touches on a key point: how truly decentralized is a DeFi platform if crucial decisions can be made by a small number of validators without notice?

根据陈的说法，没有明确的公共共识过程的单方面提取行动反映了一种仍然不成熟且潜在危险的治理，就像在FTX案中一样，集中式决定导致了灾难。批评涉及一个关键点：如果少数验证者可以在未通知的情况下做出关键决定，则如何真正分散平台？

The responses of Hyperliquid: on-chain governance and new rules

超流动性的反应：链政治和新规则

Public pressure has pushed Hyperliquid to respond with concrete actions. A new risk management framework has indeed been introduced, with the aim of increasing transparency and strengthening decentralization. Among the main innovations of Hyperliquid and its governance

公共压力促使超流动以具体的行动做出反应。确实引入了一个新的风险管理框架，目的是提高透明度和加强权力下放。超流动性及其治理的主要创新

* On-chain voting system for delistings: every decision will be made directly on the blockchain, avoiding off-chain coordination. If a quorum of stake among validators is reached, the delisting action will be executed automatically through the HyperCore engine.

*对脱颖而出的链链投票系统：每个决定都将直接在区块链上做出，避免链链协调。如果达到验证器之间的股份法定人数，则将通过HyperCore引擎自动执行降落操作。

* Public announcement of voting intentions: in the upcoming updates, validators will be required to communicate their decisions in advance, allowing the community to prepare and express opinions.

*公开宣布投票意图：在即将到来的更新中，将需要验证者提前交流他们的决定，从而使社区能够准备和表达意见。

On March 29, a test was conducted on the delisting of MYRO to demonstrate the functionality of the new system. Validators 2, 3, 4, and 5 cast their votes, while validator 1 chose to abstain, awaiting the completion of the stake delegation program. The goal is to ensure maximum participation in the governance process.

3月29日，对Myro的推荐进行了测试，以证明新系统的功能。验证者2、3、4和5进行了投票，而验证者1选择弃权，等待蛋糕代表团计划的完成。目的是确保最大程度地参与治理过程。

The impact on the market: HYPE attempts the recovery

对市场的影响：炒作尝试恢复

The HYPE token, native to the Hyperliquid platform, reacted negatively to the incident. In the days following the delisting of JELLY, the price lost about 28% of its value. However, the situation seems to be slowly stabilizing. The bear pressure is decreasing, and a technical support zone has formed around 12.20 dollars. Open Interest has also started to rise again, which could be a sign of renewed interest from investors.

炒作令牌原产于超液体平台，对事件产生了负面反应。在果冻推荐后的日子里，价格损失了约28％的价值。但是，情况似乎正在缓慢稳定。熊压力正在降低，技术支撑区的形成约为12.20美元。开放兴趣也开始再次上升，这可能是投资者重新兴趣的标志。

If the current support holds, an attempt at trend reversal and a return of confidence in the market cannot be ruled out. The HYPE token will be closely monitored in the coming weeks to understand the potential recovery of the Hyperliquid ecosystem.

如果目前的支持成立，则不能排除趋势逆转和对市场信心回归的尝试。在接下来的几周内，将密切监测炒作令牌，以了解超流利生态系统的潜在恢复。

What to expect now from Hyperliquid?

现在，超级流动能期望什么？

Hyperliquid has already announced a series of future updates to strengthen its infrastructure. These include a public governance dashboard to follow all the decisions of the validators and on-chain audit tools, which will allow the community to verify every transaction and vote. The platform is also planning improvements to the interfaces for stake delegation, facilitating participation for less experienced users.

Hyperliquid已经宣布了一系列未来的更新，以加强其基础设施。其中包括一个公共治理仪表板，以遵循验证者和链上审计工具的所有决定，这将使社区能够验证每笔交易和投票。该平台还计划改进界面委托委托的界面，从而促进经验不足的用户的参与。

The objective is clear: to build a transparent, secure ecosystem truly controlled by its community. This integration is part of a broader strategy to decentralize critical functions of the protocol and enhance the user experience.

目标很明确：建立一个由其社区真正控制的透明，安全的生态系统。这种集成是将协议关键功能分散并增强用户体验的更广泛策略的一部分。

Reflection: real decentralization or just narrative?

反思：真正的权力下放还是只是叙述？

The episode of JELLY is yet another demonstration that decentralization is not an automatic condition, but a continuous process that requires attention, constant updates, and the willingness to truly share decision-making power. The comparison with FTX, although strong, highlights an uncomfortable truth: even in DeFi protocols, the risk of centralization exists — and it manifests precisely when decisions are made in opaque environments or without consulting the user base.

果冻的情节是另一个演示，即权力下放不是自动条件，而是需要关注，持续更新以及真正共享决策能力的持续过程。与FTX的比较虽然很强，但却突出了一个令人不安的事实：即使在Defi协议中，集中化的风险也存在 - 并且在不透明的环境中做出决策或不咨询用户群时，它会精确表现出来。

Hyperliquid has reacted proactively, but it will be its ability to maintain these commitments over

超流动性已积极反应，但它将是维持这些承诺的能力