在巨大的短职位引发了市场范围内的震动之后，高流动性[Hype]在果冻（Jellyjelly（Jelly）期货中脱颖而出。

一名交易员开设了一个600万美元的短缺，并以20倍的杠杆作用，然后购买了果冻现场以强制清算。价格飙升了400-500％，将清算人保险箱推向未实现的损失。

On March 26, Hyperliquid [HYPE] delisted JELLYJELLY (JELLY) Futures after a massive short position triggered a market-wide shakeout, leaving the liquidator vault with a $12 million unrealized loss and a potential for total liquidation if JELLY’s price continued to rise.

3月26日，超级流动性的[炒作]在巨大的短职位引发了市场范围内的震动之后，使Jellyjelly（Jelly）的期货脱颖而出，如果果冻的价格继续上涨，则清算人保管库造成了1200万美元的未实现损失，并有可能进行全面清算。

However, the validator committee intervened quickly, performing a forced settlement of JELLY at $0.0095, which resulted in a net gain of $703,000 for the vault from the $10.63 million loss that was initially reported.

但是，验证者委员会迅速介入，强迫定居果冻的果冻为0.0095美元，从最初报道的1,063万美元亏损中，保险库的净收益为703,000美元。

This move saved the liquidator vault from potential bankruptcy, which would have occurred if the token's price reached a level that integrated a $150 million market cap for JELLY.

这一举动使清算人保管库免于潜在的破产，如果令牌的价格达到了为果冻的1.5亿美元市场上限整合的水平，那将会发生这种情况。

Follow the DeFi Harvest on Twitter for more crypto news and updates.

在Twitter上关注Defi Harvest，以获取更多加密新闻和更新。

As the vault bled, another wallet, 0x20e8, entered a long position worth $8.2 million as the liquidations unfolded and exited within minutes, securing $8 million in profit.

随着金库的流血，另一个钱包0x20E8进入了一个长位置，价值820万美元，因为清算在几分钟内展开并退出，获得了800万美元的利润。

This pattern isn't new, as a similar exploit occurred with BERA in February.

这种模式并不是什么新鲜事物，因为二月份的贝拉（Bera）发生了类似的利用。

According to Arkham, wallet 0xde95 sold JELLY spot to exert upward pressure, incrementally driving the vault deeper into risk.

根据阿卡姆（Arkham）的说法，钱包0xde95出售了果冻斑点以施加向上的压力，从而逐渐将保险库带入风险。

Since March 22, five wallets linked to the attacker have acquired 10% of the token's supply, which in some way hints at on-chain patterns that suggest deliberate coordination.

自3月22日以来，与攻击者相关的五个钱包已经收购了令牌供应的10％，这在某种程度上暗示了暗示有意协调的链子模式。

At the beginning of the year, JELLY's market cap hovered between $10 and $20 million, rendering it susceptible to manipulation with even modest capital.

在今年年初，果冻的市值徘徊在10到2000万美元之间，使其容易受到以谦虚资本的操纵。

To put it in perspective, shifts of $4-8 million in the token's spot price altered the market cap by over 400%.

从角度来看，代币的现货价格的转移增加了4-800万美元，使市值增加了400％以上。

Data from Birdeye shows that trading volume on the platform surged by 1,852%, reaching $170 million for the day, while transaction count jumped by 997%, with 272,000 trades recorded.

Birdeye的数据表明，该平台的交易量飙升了1,852％，当天达到1.7亿美元，而交易数量跃升了997％，并记录了272,000个交易。

Active trader count also saw a significant increase of 961%, and liquidity remained stable at $2.99 million.

积极的交易者数量也显着增加了961％，流动性稳定为299万美元。

However, sell volume outweighed buy volume by a slight margin, with $85 million in sells compared to $84 million in buys, which suggests manipulation rather than organic demand.

但是，卖出数量超过买入数量的略微利润率，售价为8500万美元，而购买量为8400万美元，这表明操纵而不是有机需求。

On-chain links revealed that five wallets connected to the original whale now hold 10% of JELLY's total supply, which equates to approximately $1.9 billion in tokens acquired between March 22 and the day of the incident.

链上的链接显示，与原始鲸鱼相关的五个钱包现在占Jelly总供应量的10％，这相当于3月22日至事件当天获得的代币约为19亿美元。

Beyond the direct wallet connections, the activity on the JELLY token page showcases a massive explosion in transaction counts and volume, which is an indicator of the market activity that went into the price movements.

除了直接的钱包连接之外，果冻代币页面上的活动展示了交易数量和数量的巨大爆炸，这是价格变动中市场活动的指标。

This level of market activity cannot occur by chance, especially not within a single day.

这种水平的市场活动不能偶然发生，尤其是在一天之内。

This incident has brought to light the speed at which Hyperliquid's validator committee can respond to pressing issues, which in turn raises further questions about the governance model of the exchange.

该事件揭示了超流动验证者委员会可以回应紧迫问题的速度，这反过来又提出了有关交易所治理模型的进一步问题。

Critiquing Hyperliquid's decision-making process, Gracy Chen, CEO of cryptocurrency exchange Bitget, expressed her views on X.

加密货币交易所Bitget的首席执行官Gracy Chen批评了Hypliquid的决策过程，他对X表示了看法。

Despite presenting itself as an innovative decentralized exchange with a bold vision, Hyperliquid operates more like an offshore centralized exchange.

尽管以大胆的愿景为创新的分散交流，但Hyplyid的运作更像是离岸集中式交易所。

— Gracy Chen (@GracyChen__)

- Gracy Chen（@gracychen __）

Drawing comparisons to past collapses, Chen warned that Hyperliquid may be on track to become FTX 2.0.

陈的比较与过去崩溃的比较，警告说，超流动可能会成为FTX 2.0。

Her comments followed a post by an X user, who highlighted the rapid changes in the HYPE token price, which dropped by 22% as validators voted on the proposal to delist JELLY.

她的评论在X用户的帖子之后，该帖子强调了炒作代币价格的快速变化，随着验证者对Delist Jelly的提案进行投票，该帖子下降了22％。

Chen further criticized the decision to force-settle JELLY as immature, unethical, and unprofessional, highlighting the long-term consequences of undermining market trust.

Chen进一步批评了将果冻强迫为不成熟，不道德和不专业的决定，强调了破坏市场信任的长期后果。

The decision to close the $JELLY market and force-settle positions at a favorable price sets a dangerous precedent. Trust—not capital—is the foundation of any exchange … and once lost, it’s almost impossible to recover. A truly decentralized exchange would prioritize community consensus.

决定以优惠的价格关闭$果冻市场和固定位置的决定设定了危险的先例。信任 - 不是资本 - 是任何交流的基础……一旦迷失，几乎不可能恢复。真正的分散交流将优先考虑社区共识。

— Gracy Chen (@GracyChen__)

- Gracy Chen（@gracychen __）

Clearly, the validator vote mirrored actions taken by centralized exchanges when faced with extreme market pressure or a large-scale liquidation that threatens the stability of the exchange.

显然，验证者的投票反映了集中式交易所所采取的行动，面对极端的市场压力或威胁交易所稳定的大规模清算。

Arthur Hayes, on the other hand, focused on the contradiction between the protocol's branding and its actions.

另一方面，亚瑟·海斯（Arthur Hayes）着重于协议的品牌及其行动之间的矛盾。

"DeFi dreamers will say it’s the best thing since sliced bread. I’m not so sure. Hyperliquid is a so-called ‘decentralized exchange’ or DEX, and it's designed to be

“ Defi Dreamers会说这是自切面包以来最好的事情。我不确定。超流动是所谓的'分散交流'或DEX，它的设计为