凯文·史密斯（Kevin Smith）剥削了超流动性

上周，Defi看到了另一个主要的利用 - 这次是针对Hyproliquid的，这是最大的分散永久性期货平台之一。

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.

上周，在Defi空间中看到了另一个主要的利用，这次是针对超级流动的，这是最大的分散永久性期货平台之一。这次袭击遵循了一种熟悉的模式，以前在芒果市场等事件中看到：利用现场的流动性和perp市场来操纵低流动性代币的价格 - 在这种情况下，果冻 - 玛丽·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.

发生了什么？ 3月26日，一名攻击者通过在Jelly-My-My-My-My-My-My-My-Jelly的永久期货市场上开设大型职位来针对Hyplliquid的流动性提供商（HLP）保险库：一个缩短了约400万美元，左右约为300万美元。

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是一个固定的代币，具有1500万美元的市值，在集中式（CEXS）和分散的（DEX）交易所上都列出了。它的每日流动性平均仅为72,000美元，不超过SLERF（190,000美元）的类似低帽子代币的一半，比Solana的本地代币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:

对于这种超流动性攻击，交易者进行了两项协调的行动，同时在资产的永久市场上开放了短期和长位置：

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

在一个小时内，Jelly-My-Jelly的价格上涨了500％以上，从0.00806美元上涨至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.

这种价格操纵暴露于超级流动的清算发动机中。随着开放兴趣通过的关键阈值，新的位置被阻止，阻碍了清算人有效关闭攻击者的短位置的清算。延迟放大了损失，进一步加深了HLP保险库的困境。

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.

随着Bybit上的活动激增，Jelly-My-Jelly的每日最高销量以1.5亿美元的价格达到了同一天的复杂性，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，上周的果冻活动随着价格散布和鞭打，市场的两边都清算了。在当天早些时候，简短的清算时间更为普遍，而在下午的会议中，朗却大量清算。 3月26日最大的单次清算是一个短额，以25万美元的价格清算。

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.

这些操作突出了攻击的细致计划。链上的数据表明，攻击者早在3月26日事件发生之前的10天就已经对高流动性进行了测试交易。

Trump Media group works with Crypto.com on ETFs.

特朗普媒体集团与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.

特朗普媒体集团宣布打算上周推出一系列与加密相关的交易所资金。它计划以“美国制造”为主题的项目投资资金。这将包括加密资产，例如BTC和CRO，后者在宣布之后的价格飙升。

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平台的交换令牌。尽管FTX崩溃后，交易所代币受到了打击，但美国的监管使这些项目受益。但是，这些资产仍然遭受低量和流动性的困扰。

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月举行的选举中，CRO市场的数量激增，并在上周随着特朗普媒体集团的宣布再次激增，与其他争夺ETF状态的资产相比，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指数审查的交易所中，CRO的2％市场深度仅为1000万美元。这些是与USD引用的配对的交换，有资格使用ETF基准。尽管这很低，并且仅占BTC和ETH市场中可用的流动性的一小部分，但它确实接近了目前申请批准的其他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.

数量和流动性条件对于上届政府的决策过程至关重要，流动性低是批准的威慑。但是，随着美国证券交易委员会的新领导，发行人对应用程序变得更加雄心勃勃。

Stablecoin CVD on US markets flips positive.

美国市场上的Stablecoin CVD会呈阳性。

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.

上周，由于加密货币和股票在周一集会，关税的问题越来越缓解，因此市场波动越来越高，只是在周五以高于预期的美国通货膨胀数据和更新的散落性恐惧而退缩。

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

尽管周五的经济低迷，但USDT-USD累计数量达美（CVD）在过去15天中呈正变，这表明市场情绪可能发生了可能的转变。

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.

从历史上看，发达市场中的贸易商在看涨阶段积累了稳定的稳定者，并在低迷中清算了他们。最近几个月，USDT-USD和USDT-EUR CVD都保持在负面的领域，这反映了谨慎的前景。

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

相比之下，我们观察到在FX波动性的推动下，在土耳其，哥伦比亚和墨西哥等新兴市场中积累了强劲的USDT积累。