Hyperliquid removes the eternal futures tied to the jelly token after recognizing “evidence of weak -suspected market activity” involving trading instruments, the Blockchain Network said.
The Hyper Foundation, Hyperliquid’s Ecosystem nonprofit, will reward most affected users for any incident -related losses, Hyperliquid Says In a post of March 26 on the Platform of X.
“All users besides the turned addresses will make it intact from the Hyper Foundation,” Hyperliquid said. “This will be done automatically in the coming days based on Onchain data.”
Heriquid added that the Perpetuals Exchange’s main pool pool, HLP, clocks a positive net income of nearly $ 700,000 in the past 24 hours.
This incident is the latest to highlight the growing hyperliquid pain as it becomes the most popular web3 platform for leveraged eternal trading.
Eternal futures, or “perps,” are -in -linen contracts with futures with no expiration date. Traders deposited margin collateral, such as the USDC (USDC)to secure open positions.
Source: Hyperliquid
Related: Hyperliquid’s Mystery Mystery 50x Eth Whale now at the link
Jelly’s Pabagu -new performance
In January, Venmo co-founder Iqram Magdon-Imail Jelly Token launched as part of a Web3 social media project called Jellyjelly.
The Jelly Token initially climbed a market capitalization of approximately $ 250 million before retreating lows in lows in single-digit millions, According to to data from dexscreener.
It traces a market cap of approximately $ 25 million to March 26, the data is displayed.
The incident began when an entrepreneur “opened a massive $ 6M short position in Jellyjelly” and then “deliberately self-liquid by pumping the Jellyjelly On-chain price,” Abhi, founder of the Web3 Company AP Collective, Says In an x post.
If Hyperliquid does not close the position, the Perpetuals Exchange may face “full extermination if Jellyjelly reaches $ 150m MCAP,” Abi added.
On March 14th, the hyperliquid increased margin requirements for entrepreneurs After the pool’s liquidity lost millions of dollars during a massive ether (ETH) destruction.
Two days before, a whale businessman intentionally fluids at about $ 200 million long position of ETH, causing a loss of $ 4 million during the HLP.
Since March 15, Hyperliquid has asked entrepreneurs to maintain a collateral margin by at least 20% in some open positions to “reduce the systematic impact of large positions with an impact on the hypothetical closure market.”
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