Jeff

Hyperliquid

The cryptocurrency market experienced a major crash late Friday. According to Coinglass data, more than 1.6 million crypto investors were liquidated in a single day on Friday, bringing the total liquidations to $19.1 billion.
However, it has been stated that the liquidation amount could be much higher. On this point, the founder of Hyperliquid, the most popular decentralized exchange of recent times, made important statements.
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Hyperliquid (HYPE) co-founder Jeff Yan also took aim at centralized exchanges, particularly Binance, regarding the liquidations.
Jeff Yan criticized some centralized exchanges for significantly underreporting liquidation data.
Yan noted that even if thousands of purges occur in a single second, only one of them is reported and shown to the public.
In contrast, Yan noted that while Hyperliquid allows for all data to be verified on-chain in real-time and transparently, exchanges like Binance only reflect one liquidation per second in their data feeds, and even if thousands of liquidation orders are executed simultaneously, they are not actually reported. This, he said, can result in underreporting by up to a factor of 100.
Yan argued that the on-chain systems that Hyperliquid also uses allow anyone to verify transactions, orders, and liquidations in real-time, thus guaranteeing transparency and fairness for users.
Yan also cited Binance as an example, saying, “Some CEXs publicly document that they significantly underreport user liquidations.”
“Hyperliquid’s purely on-chain liquidations are not comparable to under-reported CEX liquidations.
Hyperliquid is a blockchain where every order, transaction, and liquidation occurs on-chain. Anyone can verify the execution of the chain without permission, including all liquidations and fair execution for all users.
Additionally, anyone can verify the solvency of the entire system in real time. Transparency and neutrality are key reasons why Defi, which operates entirely on-chain, is an ideal infrastructure for global finance.
Some CEXs have publicly documented significant underreporting of user liquidations. For example, even if thousands of liquidation orders occur simultaneously on Binance, only one is reported. Because liquidations occur so suddenly, under some circumstances, this could easily amount to a 100x underreporting. We hope the industry sees transparency and neutrality as key features of the new financial system, and others will follow suit.
<h2 id="cz-highlighted-bnb-s-strength">CZ Highlighted BNB's Strength!</h2>
While CZ didn't explicitly respond to the Hyperliquid founder, it was reported that he did respond indirectly. Experts believe CZ's latest BNB post was a response to Jeff Yan.
CZ began his post by saying, “Some are asking why BNB is so strong?” He continued, “While others tried to ignore, hide, shift blame, or attack competitors, key players in the BNBChain ecosystem (Binance, Venus, and others) spent hundreds of millions of dollars out of their own pockets to PROTECT USERS.”
While CZ ended his post with the words “different value systems,” it was interpreted that these words were a reference to Hyperliquid's comments.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/hyperliquid-the-most-popular-exchange-of-all-time-targets-binance-for-the-recent-crash-here-are-the-accusations/" rel="noopener noreferrer nofollow">Hyperliquid, the Most Popular Exchange of All Time, Targets Binance for the Recent Crash! Here Are the Accusations…</a>

Hyperliquid, the Most Popular Exchange of All Time, Targets Binance for the Recent Crash! Here Are the Accusations…

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