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Bullish
#Hyperliquid : The Decentralized Mask is Torn Apart
The situation with Hyperliquid has confirmed that decentralized, on-chain exchanges can be manipulated and intervened by humans, shattering the beautiful fantasy.
The narrative of decentralization has collapsed, and one might consider positioning short positions. Tonight, a whale is opening a jelly hedge position on Hyperliquid, with someone artificially inflating the coin price causing short positions to get liquidated while long positions absorb the risk fund.
A common response is for the exchange to recognize losses, delist and fix the vulnerabilities, but Hyperliquid discovered this bug two weeks ago and has yet to fix it, forcibly closing positions without compensation and settling at a high price.
The ability to intervene manually, delist, and freeze accounts makes this on-chain exchange no different from a centralized one. Once thought to be formidable, Hyperliquid now appears to be a paper tiger. The expectations for decentralization have been dashed, and it may be powerless to fix the bug. In light of this, decentralized exchanges exist in name only; they are merely a shell, still subject to human intervention. #Hype
The situation with Hyperliquid has confirmed that decentralized, on-chain exchanges can be manipulated and intervened by humans, shattering the beautiful fantasy.
The narrative of decentralization has collapsed, and one might consider positioning short positions. Tonight, a whale is opening a jelly hedge position on Hyperliquid, with someone artificially inflating the coin price causing short positions to get liquidated while long positions absorb the risk fund.
A common response is for the exchange to recognize losses, delist and fix the vulnerabilities, but Hyperliquid discovered this bug two weeks ago and has yet to fix it, forcibly closing positions without compensation and settling at a high price.
The ability to intervene manually, delist, and freeze accounts makes this on-chain exchange no different from a centralized one. Once thought to be formidable, Hyperliquid now appears to be a paper tiger. The expectations for decentralization have been dashed, and it may be powerless to fix the bug. In light of this, decentralized exchanges exist in name only; they are merely a shell, still subject to human intervention. #Hype
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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