超级流动的价格涨幅几乎造成了1200万美元的保险库损失，以索拉纳的模因硬币果冻的精神错乱

分散的交换超级流动性在巨大的价格之后将基于Solana的Meme Coin Jellyjelly（Jelly）脱颖而出后，成为头条新闻。

Decentralized exchange Hyperliquid has come under scrutiny after delisting Solana-based meme coin JELLY following a dramatic price surge that nearly caused a $12 million vault loss. The incident has sparked heated debates on market manipulation, DeFi governance, and the true nature of decentralization.

在巨大的价格涨幅几乎造成了1200万美元的保险库损失之后，分散的交换超级流动性在将基于索拉纳的模因硬币果冻中脱颖而出后，受到了审查。该事件引发了有关市场操纵，辩护治理和权力下放的真实本质的激烈辩论。

The scenario unfolded on March 26, when a trader opened a massive $6 million short position on JELLY using 20x leverage. Subsequently, the trader began buying large quantities of JELLY in the spot market, incrementally increasing the token’s price by a staggering 400–500%.

该方案于3月26日展开，当时一名交易者使用20倍杠杆在果冻上开设了600万美元的短职位。随后，交易者开始在现货市场上购买大量果冻，从而逐步将令牌的价格提高了400-500％。

This unexpected rally had dire consequences for Hyperliquid’s Hyperliquidity Provider (HLP) vault, which was left with an unrealized loss of nearly $12 million. If the price had continued to rise, it could have led to the complete liquidation of the vault, potentially bankrupting the exchange.

这次意外的集会对Hyproliquid的超流动性提供商（HLP）保险库造成了可怕的后果，该保险库留下了近1200万美元的未实现损失。如果价格继续上涨，它可能会导致保险库的完全清算，从而使交易所破产。

To avert further losses and potential liquidation, Hyperliquid’s validators intervened, voting to delist the JELLY perpetual futures contracts and perform a force-settlement at a fixed price of $0.0095 per token. This move neutralized the manipulative strategy and ultimately resulted in a net gain of $703,000 for the platform.

为了避免进一步的损失和潜在的清算，超流动的验证者进行干预，投票通过果冻永久性期货合约，并以固定价格为0.0095美元的固定价格进行武力解决。此举中和该操纵策略，最终导致该平台的净收益为703,000美元。

However, while this action ultimately saved Hyperliquid, it also brought criticism regarding the platform’s governance and decision-making process. Some traders, such as Spelli, recognized the necessity of Hyperliquid’s actions in managing risk, highlighting the fact that the actions of a few should not burden the majority.

但是，尽管这一行动最终挽救了超流动，但它也引起了对平台的治理和决策过程的批评。一些交易者，例如Spelli，认识到超流动性在管理风险方面采取行动的必要性，强调了少数人的行动不应负担大多数的事实。

Others, like Gracy Chen, CEO of cryptocurrency exchange Bitget, slammed the decision as “immature, unethical, and unprofessional.” Chen went on to criticize the actions of Hyperliquid’s validators, comparing them to those of centralized exchanges like FTX before its collapse.

其他人，例如加密货币交易所Bitget的首席执行官Gracy Chen将这一决定猛烈抨击为“不成熟，不道德和不专业”。陈继续批评超流动验证者的行为，将其与ftx这样的集中交流的验证者进行了比较。

This criticism suggests that while Hyperliquid presents itself as a decentralized platform, its decision-making process may be centralized after all.

这种批评表明，虽然超流动性将自己作为一个分散的平台，但其决策过程毕竟可能是集中的。

The incident also drew criticism from Arthur Hayes, co-founder of BitMEX, who questioned the level of decentralization within Hyperliquid. As Hayes pointed out, if validators can step in and force-settle positions at their discretion, then the platform may not be as decentralized as it claims.

该事件还引起了Bitmex联合创始人亚瑟·海斯（Arthur Hayes）的批评，他质疑超流动性内部的权力下放水平。正如海斯指出的那样，如果验证者可以自行决定介入并实行固定位置，那么该平台可能不会像声称的那样分散。

Following the incident, Hyperliquid’s native token, HYPE, saw a sharp decline of 15%, as investors reacted to the unfolding controversy. The event has brought a new perspective to the challenges that DeFi platforms face in maintaining a balance between market integrity, risk management, and the principles of decentralization.

事件发生后，由于投资者对不断发展的争议做出了反应，Hyplliquid的本地令牌炒作急剧下降了15％。该活动为Defi平台在保持市场完整性，风险管理和权力下放原则之间的平衡方面面临的挑战带来了新的观点。

This case study also highlights the risks of low-liquidity tokens being manipulated through leveraged positions. For DeFi platforms to thrive, they need stronger safeguards against such strategies while maintaining transparency and trust.

该案例研究还强调了通过杠杆位置操纵低流动性令牌的风险。为了使Defi平台蓬勃发展，他们需要在保持透明度和信任的同时，需要更强大的保护措施。

As the cryptocurrency industry continues to evolve, Hyperliquid’s handling of the JELLY incident serves as a critical case study. Whether this will erode confidence in the platform or push it toward refining its governance remains to be seen. One thing is clear: the fine line between decentralization and intervention in DeFi is becoming more complex than ever.

随着加密货币行业的不断发展，Hypliquid对果冻事件的处理是一个关键案例研究。这是否会侵蚀平台的信心，还是将其推向完善其治理尚待观察。一件事很清楚：权力下放和DEFI干预之间的细线变得比以往任何时候都变得更加复杂。