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cryptonews 2025-01-08 16:17:21

Hyperliquid Faces Backlash Over Decentralization Flaws

Concerns over Hyperliquid’s centralization surfaced on Tuesday, as validators highlighted issues such as limited transparency, restricted participation, and API access limitations. Hyperliquid’s Decentralization Flaws Under Fire X user @KamBenbrik criticized the validator structure in an X post, describing it as “restrictive and overly centralized, creating unnecessary barriers to wider participation.” https://t.co/ip0GQWE69W — Kam (@KamBenbrik) January 7, 2025 Critics outside the testnet participants reportedly face difficulties entering the system. In response to these criticisms, Hyperliquid defended its practices , emphasizing the role of testnet performance in validator selection. Hyperliquid is constantly iterating and improving, all in service of its mission to bring all finance onchain. The community has played a crucial role in the ecosystem’s growth, and feedback is taken seriously. Recently, some misconceptions have emerged regarding validators.… — Hyperliquid (@HyperliquidX) January 8, 2025 Hyperliquid clarified that validator roles were awarded based on testnet performance. The company emphasized, “Claims otherwise undermine the efforts of the validators who dedicated time and effort to understanding the system.” To address decentralization concerns, Hyperliquid announced the Foundation Delegation Program to include more validators as the network matures. The company also stated that its API server does not limit access and that any server can point to any node. Additionally, it promised to open-source its node code once development stabilizes to ensure transparency and security. Hyperliquid Token Faces Pressure Amid Market Concerns These concerns have triggered a sharp 15% drop in the price of the HYPE token, trading at $21.05 as of writing . Despite the decline, the HYPE token has risen by 64% over the past 30 days, with trading volume for Hyperliquid Futures reaching $7.45 billion. Hyperliquid also reported a surge in its daily trading volume in 2024 , which hit an all-time high of $15 billion, while its total value locked (TVL) climbed to $2.1 billion. @HyperliquidX surged to $15B ATH daily trading volume, $2.1B TVL, and 300K users in 2024, driven by staking and token innovations. #Blockchain #DeFi https://t.co/w642Voq8eF — Cryptonews.com (@cryptonews) January 7, 2025 While Hyperliquid has achieved notable milestones, it has also faced challenges, including allegations of North Korean hacker involvement . Tay Monahan, a security researcher at Metamask, claimed that hackers linked to the DPRK had exploited the platform since October, prompting heightened scrutiny and substantial fund withdrawals. In response, Hyperliquid reiterated its commitment to preventing the black market trade of testnet tokens. The company is working on improving onboarding processes to create a fairer and more inclusive ecosystem. The post Hyperliquid Faces Backlash Over Decentralization Flaws appeared first on Cryptonews .

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