First of all, Binance's decision to launch the JELLYJELLY contract is quite controversial. Recently, JELLYJELLY has come under scrutiny for alleged market manipulation, particularly related to the drastic fluctuations associated with the decentralized exchange Hyperliquid. Some large whales, through high leverage trading and price manipulation, have caused Hyperliquid's liquidity providers (HLP) to incur millions of dollars in losses, ultimately forcing Hyperliquid to delist the JELLYJELLY perpetual contract. Shortly after this incident, Binance swiftly announced the launch of the USD-margined perpetual contract for JELLYJELLY (with up to 50x leverage), which inevitably raises questions about their motives. There are voices in the community suggesting that this may be a strategy for centralized exchanges (CEX) to exploit Hyperliquid's predicament, attracting trading volume and consolidating market position.

Secondly, from a market impact perspective, the listing of JELLYJELLY on Binance futures could further amplify its price volatility. Posts on X show that since the announcement, the open interest in JELLYJELLY contracts surged in a short period, even tripling. This injection of secondary liquidity, combined with high leverage options, is likely to lead to significant price fluctuations. For short-term traders, this may be an opportunity, but it also comes with extremely high risks, especially considering that the token has previously been questioned for manipulation behavior. Combining current data and the movement of main funds, some have pointed out that short positions are still increasing, suggesting that the market may not have bottomed out yet, and investors should operate cautiously.

Finally, this incident reflects the increasingly tense competitive relationship between centralized and decentralized exchanges. Hyperliquid, as an emerging DEX, had gained attention for its innovation and efficiency, but this incident has exposed its vulnerability in the face of whale manipulation. Binance's move may be interpreted as a 'counterattack' against DEXs, aimed at preserving the overall interests of CEXs.

In summary, Binance's launch of the JELLYJELLY contract may bring a trading frenzy and speculative opportunities in the short term, but it also comes with potential market risks and ethical controversies. For ordinary investors, it is essential to closely monitor the movement of main funds, set strict stop-losses, and be wary of the uncertainties brought by high leverage. #币安合约将上线JELLYJELLY