Hyperliquid, a decentralized exchange, has delisted the perpetual futures listed on its Decentralized exchange. SolanaCoin based on a meme JELLYJELLY The company described the decision as crucial to maintaining its network’s integrity in the face of an imminent liquidation crisis.
Hyperliquid’s blockchain is a high-speed, proprietary technology. Ethereum Layer-2 network ArbitrageIn a statement, the project announced that “decisive actions” had been taken by its validators in order to implement their networks. Post by Twitter is now called on X.
Hyperliquid’s user had opened a 6 million dollar 20x leveraged JELLYJELLY, which became toxic with the rise in price. On X, spectators Speculations It is possible that the user has tried to deliberately liquidate the bad bets, forcing the decentralized trading exchange to assume control as they spiral out of hand.
The validator group met and decided to remove JELLY offenders from the list after observing suspicious activity on the market.
Hyper Foundation will reimburse all users except for addresses flagged. The Hyper Foundation will automatically do this in the coming weeks based on data from onchain. There is no…
— Hyperliquid (@HyperliquidX) March 26, 2025
The crypto data provider reported that JELLYJELLY rose to a price of $0.043 on Thursday. CoinGecko. It was trading around $0.023, a 73% increase in price over the previous day, at 2:30 pm Eastern Time.
Hyperliquid claimed that the delisting of JELLYJELLY had been a collective decision. However, this move was met with criticism from traders and observers in the industry who argued it went against decentralized finance or DeFi, norms.
$HYPE cannot handle the $JELLY
Stop pretending that hyperliquid is centralised
Then stop pretending that traders are actually caring about fuck.
In a short time, $HYPE may be back to the place where it began because degens will degen.
— Arthur Hayes (@CryptoHayes) March 26, 2025
Arthur Hayes is the co-founder of BitMEX and the former CEO. You can also read about the importance of this in our article Please click on X.
Hyperliquid stated in a blog post that users who had JELLYJELLY position on the platform will be “made entire from the Hyperliquid foundation” at a future date. Hyperliquid is responsible for the overall direction of this project through its Hyperliquid Foundation, a separate entity.
The Hyperliquidity provider (HLP), a vault owned by a local community, temporarily suffered a setback as the decentralized exchange started unwinding toxic JELLYJELLY.
According to Hyperliquid, the vault’s total profits have dropped by 11 million dollars. Users can use it as a pool of funds, and earn potential returns while HLP trades and collects platform fees. You can find out more about this website at. These losses have been reversed.
However, it was enough to spooky the HYPE market. Hyperliquid’s native currency, the cryptocurrency, has seen its value drop by nearly 14 % in just one day. It is currently trading at $13.85.
Hyperliquid’s Thursday drama echoed the aforementioned a $4 million loss HLP has suffered in recent months. An HLP user who liquidated their own position on the exchange decentralized made $1.8 million, but instead sold to another party.
An investor who uses leverage is borrowing funds in order to be able to hold a position larger than what they would otherwise have been able. This position can often be secured with collateral that an exchange will automatically sell to recover losses when a leveraged wager goes bad.
Hyperliquid had announced that earlier in the month it was reducing how much leverage traders can access. Bitcoin Ethereum. It also announced that it would raise the maintenance margin requirement for bets on leveraged markets nearing liquidation.
Hyperliquid’s validaters delisted JELLYJELLY, settling $3.7million in JELLYJELLY trades at $0.0095 per JELLYJELLY token.
Doug Colkitt is the founder of Ambient Finance, a decentralized trading protocol. You can also read about the importance of this in our article X override JELLYJELLY’s so called Oracle Price left the attacker “with a minor loss.”
Binance, OKX and other crypto exchanges launched JELLYJELLY futures contracts on Thursday. These allow their users the opportunity to speculate in this meme coin. launched As part of a campaign to promote a podcasting app, months ago.
The exchange listing of these meme coins can cause a significant price jump. Some X users You can also see our suggested articleWithout providing any evidence, the crypto exchanges claimed that they were trying to “bury” a rival amid the drama surrounding the liquidation.
Experts are divided on the issue of centralizing Hyperliquid’s networks. raised Concerns arose after North Korean wallets began using the platform as early as December. At that time, there were only four validators on the network.
Binance and OKX didn’t immediately reply to our request for a comment. Decrypt.
Andrew Hayward is the editor
