The Hyperliquid platform has rolled out updates to its blockchain infrastructure, introducing fully decentralized voting mechanisms before assets are delisted.
New Asset Delisting Features
Hyperliquid announced a blockchain update featuring fully decentralized validator voting for asset delisting. This enables a quorum of validator stakes to autonomously make decisions on asset removals directly on-chain, without the need for off-chain coordination.
Centralization Criticism
The platform faced criticism from the crypto community for its handling of the JELLY incident. Community members pointed out issues related to limited transparency and restricted participation. Gracy Chen from Bitget commented on the immaturity of the company's actions, adding that it resembles FTX 2.0.
Response to JELLY Incident
On March 26, 2025, Hyperliquid experienced trading manipulation with JELLY, leading to significant financial impact on the Hyperliquidity Provider (HLP) vault. In response, the exchange closed the market with the token priced around $0.0095, turning potential losses into over a $700,000 profit.
As a result of the incident, the native HYPE token's price dropped by 11%. Hyperliquid has assured reimbursements to affected users and promised network improvements, noting that the events will serve as lessons to strengthen their infrastructure.
