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HUB / 온체인 토론방
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The Hyperliquid JELLY incident showed something important
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@blockonomist
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2026-05-25 13:26:44
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The March 2025 JELLY manipulation attempt on Hyperliquid ended with the validator committee delisting the token and settling positions at a price that protected the insurance fund. It worked. It also revealed that "decentralized exchange" is on a spectrum — and where Hyperliquid sits on that spectrum was tested in a live scenario. I wrote up the full technical and market context. The interesting question isn't whether the response was right or wrong — it was probably the correct call in the moment. The question is whether the decentralization roadmap actually materializes. Watch the validator set.
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