hyperliquid

#Hyperliquid #AsterDEX #lighter $

1. Contract Manipulation and Trust Crisis
In early 2025, HYPE maintained a relatively stable trend around 20u. By the end of March, the famous JELLYJELLY manipulation incident erupted. Someone opened a short position of about 6 million USD, which led to a significant increase in the JELLY price on the on-chain spot market (from 0.0095u to 0.06u), causing their position to be forcibly liquidated and transferring the losses to liquidity provider HLP (Hyperliquidity Provider). This incident threatened the safety of the HLP fund pool, and the validator network of Hyperliquid forcibly delisted the JELLY perpetual contract through on-chain voting, fixing the settlement price at 0.0095u (instead of the market price of 0.50u). This intervention triggered a severe credibility crisis at the time, with the market questioning the authenticity of its decentralization, leading to the coin price plummeting from its peak to 9u. Generally, intervention often signifies the bankruptcy of the exchange's credibility, resulting in a prolonged slump in coin prices.