#数字货币市场洞察 Hyperliquid founder Jeff recently responded to the community’s concerns about the protocol’s revenue model. He used the events of October 10 as an example: on that day, the ADL (Auto-Deleveraging) mechanism was in full swing, closing profitable short positions at favorable prices and directly saving traders hundreds of millions of dollars.

The underlying logic here is quite interesting. If even more positions were closed, HLPs (Hyperliquid Liquidity Providers) could theoretically recoup more of their losses. But here’s the catch—doing so would expose HLPs to an absurdly high level of risk. That’s why the ADL operates by shifting both potential profits and risks to users: users earn money on one hand, while the protocol’s risk exposure shrinks on the other. In the end, it’s a win-win for both sides.

Regarding ADL queuing rules, Hyperliquid is similar to mainstream CEXs, mainly focusing on two factors: users’ leverage configurations and unrealized P&L status. Jeff also specifically thanked the community for their feedback, emphasizing that the simpler the mechanism, the better—it makes things easier to understand for users and strengthens system stability.

Still, the team isn’t resting. They’re exploring whether it’s worthwhile to introduce more complex improvements, weighing how much real benefit added complexity would bring. Overall, this mechanism has struck a solid balance between protecting user interests and maintaining protocol robustness.