随着鲸鱼操纵利用平台漏洞，超流动（炒作）令牌下降20％

分散的交易平台超流动液最近面临着重大的衰退，其本地令牌炒作在过去一周中下降了20％，一天中的炒作下降了8％。

Decentralized trading platform Hyperliquid has faced a major downturn, with its native token HYPE dropping 20% over the past week and 8% in a single day.

分散的交易平台超流动型面临重大的衰退，过去一周的原始代币炒作下降了20％，一天中的炒作下降了8％。

What Happened: Once seen as a promising alternative to centralized exchanges, Hyperliquid has come under scrutiny for security flaws and potential whale manipulation, which has led to instability in the HYPE token price and raised questions about the platform's sustainability.

发生的事情是：曾经被视为集中交流的有前途的替代方案，对安全缺陷和潜在的鲸鱼操纵的审查已受到审查，这导致了炒作的不稳定，并提出了有关平台可持续性的问题。

This downturn follows the JELLY incident, where a trader deposited $7 million across three debts and performed leveraged trades to increase JELLY's price by 400%. This scheme pressured liquidators and led to major losses within the platform's Provider Vault (HLP), which absorbed the negative impact of liquidations.

这次下滑是在果冻事件发生后，一名交易员在三个债务中存入了700万美元，并进行了杠杆交易，以将果冻的价格提高400％。该计划向清算人施加压力，并导致平台的提供商保管库（HLP）的重大损失，该损失吸收了清算的负面影响。

After the incident, Hyperliquid delisted JELLY, citing "suspicious activity." However, the damage had already been done, and investor sentiment remained weak.

事件发生后，超级液体以“可疑活动”为主题。但是，损害已经造成，投资者的情绪仍然薄弱。

The hyperliquid price crash also unfolded as traders lost confidence in the platform's ability to protect assets. The event highlighted structural flaws in the DeFi trading models, leaving HYPE's value vulnerable to further downturns.

当交易者对平台保护资产的能力失去信心时，超流利价格崩溃也在展开。该事件强调了Defi交易模型中的结构缺陷，使Hype的价值容易受到进一步低迷的影响。

Why It's Important: The Hyperliquid price crash sparked criticism from the crypto community, with distinguished figures questioning the decentralized model.

为什么重要的是：超流利的价格崩溃引发了加密社区的批评，杰出的人物质疑分散模型。

Bitget CEO and BitMEX co-founder Arthur Hayes expressed concerns, highlighting Hyperliquid's security weaknesses and failures of centralized exchanges in the past. Their remarks contributed to the pessimistic market sentiment, causing instability in the HYPE token's value.

Bitget首席执行官和Bitmex联合创始人Arthur Hayes表达了担忧，突出了超级流动性的安全弱点和过去的集中交流的失败。他们的言论导致了悲观的市场情绪，导致了炒作令牌价值的不稳定。

"It's no secret that I'm not the biggest fan of DeFi. I think it's fundamentally flawed, and we've seen this play out time and again with various protocols and platforms being exploited or collapsing entirely," Hayes said.

海斯说：“我不是Defi的最大粉丝，这不是秘密。我认为这是有缺陷的，我们一次又一次地看到了这种播放，随着各种协议和平台被完全利用或崩溃。”

Investors also criticized Hyperliquid for its biased compensation policy following the incident. Reports indicate that only selected accounts are being reimbursed, raising concerns over fairness and equity in the platform's administrative procedures.

事件发生后，投资者还批评了Hyplliquid的偏见薪酬政策。报告表明，仅对选定的帐户进行报销，这引起了对平台管理程序中的公平性和公平性的担忧。

This selective approach is expected to further dampen HYPE's value. The HYPE token has plummeted to $12.92, marking a 63% decrease from its all-time high of $35.02. This significant fallout underscores the urgent need for stronger DeFi governance and investor protection in the cryptocurrency domain.

这种选择性方法有望进一步削弱炒作的价值。大肆宣传的令牌暴跌至$ 12.92，比其历史最高售价35.02美元下降了63％。这种重大的影响强调了对加密货币领域中更强大的抗议治理和投资者保护的迫切需求。

What's Next: Hyperliquid has introduced new risk-management policies to strengthen security and stability within its trading ecosystem.

接下来是：Hyperliquid引入了新的风险管理政策，以增强其交易生态系统中的安全性和稳定性。

These updates include limiting liquidator vault holdings to ensure they constitute only a small fraction of the total HLP account value, reducing the frequency of rebalancing to enhance fund stability and minimize possibilities for exploits.

这些更新包括限制清算器保管库的持有量，以确保它们仅构成HLP总帐户价值的一小部分，从而降低了重新平衡以增强基金稳定性并最大程度地减少利用的可能性。

Other modifications focus on more advanced liquidation mechanisms and adjustments to open-interest policies, ensuring that market prerequisites are better reflected in the platform's administrative procedures.

其他修改着重于更先进的清算机制和对开放利益政策的调整，以确保在平台的管理程序中更好地反映市场先决条件。

A major introduction is on-chain voting, which will empower validators to remove underperforming digital assets and improve governance and security within the Hyperliquid ecosystem.

主要介绍是链投票，这将使验证者能够消除表现不佳的数字资产，并改善超流动生态系统内的治理和安全性。

As these modifications are implemented, traders will be closely observing whether they can help hyperliquids recover from this crisis and restore confidence in its trading ecosystem for a sustainable recovery.

随着这些修改的实施，交易者将密切观察他们是否可以帮助超流动群体从这场危机中恢复，并恢复对其贸易生态系统的信心，以实现可持续恢复。