Hyperliquid подробно объясняет прозрачный механизм на блокчейне, по пунктам отвечает на критические замечания таких как Sierra Kile и другие

On December 22, Hyperliquid officials provided a detailed response to recent questions about the platform’s operating mechanisms, emphasizing its core competitive advantage as a perpetual futures platform—complete on-chain verifiability.

The official statement pointed out that every fund flow on the platform is traceable, with no “black box” operations. Regarding critics’ claims that the system is missing $362 million, officials clarified that this understanding contains a discrepancy. The funds are actually stored in HyperEVM USDC and are fully trackable.

Hyperliquid addressed several common misconceptions one by one: various testnet functionalities are limited to the test environment only and are completely inapplicable in the mainnet environment; the platform has no privileged accounts or fee waiver mechanisms; CoreWriter functionality has been over-interpreted—this tool cannot arbitrarily mint tokens or move user funds, and its functional scope is strictly limited.

As a rare fully state-transparent perpetual futures platform on the market, Hyperliquid allows anyone to run validation nodes to monitor on-chain states. Every order, every trade, every liquidation exists in real-time verifiable form on the blockchain. This level of transparency is difficult for other mainstream exchanges in the industry to achieve. The platform believes that this mechanism design itself is the best response to external concerns—any data can be verified through on-chain verification to obtain definitive answers.

Analysts such as Sierra Kile’s attention to the platform mechanism reflects users’ reasonable concerns about trading security. Hyperliquid stated that it welcomes the community to verify all its commitments by running nodes and examining data.